Calculate Max Profit, Max Loss & Probability of Success
Confused by put spread math? Can't figure out your max profit and breakeven? Our calculator shows your complete risk/reward picture—max profit, max loss, both breakeven points, probability of success, and assignment risk—instantly.
✅ Simple Max Profit / Max Loss Summary
✅ One Clear Breakeven Point
✅ Assignment Probability at Expiration
✅ Greeks on the Complete Spread
✅ Scenario Analysis — Stock drops 10%? IV spikes?
✅ Risk/Reward Ratio — Is this trade worth it?
Master credit spreads with our comprehensive guides. Learn optimal DTE selection, risk management, and how to choose between call and put spreads.
Bullish strategy using put credit spreads
Bearish strategy using call credit spreads
Compare credit spread strategies side by side
Data analysis: 30, 45, and 60-day credit spread performance
Strike selection, DTE, and adjustment rules for bearish spreads
Short put strike (what you're selling) and long put strike (your protection floor)
What you collected from short put and paid for long put, plus DTE
See max profit, max loss, breakeven, and whether the risk/reward ratio is worth it
Max Profit
$100
Max Loss
$400
Breakeven Price
$574
Probability of Profit
72%
Bullish strategy using put credit spreads
Bearish strategy using call credit spreads
Compare credit spread strategies side by side
Data analysis: 30, 45, and 60-day credit spread performance
You sell a put option (collect premium) and buy a lower-strike put (pay premium, cap your loss). Why? You want income but limited risk if stock crashes too much.
Short strike ($240) is where you get assigned. Breakeven ($239) is where you start making profit. You collected $1 premium, so breakeven is $1 below your short strike.
How likely your short put gets assigned (stock falls below your short strike). 20% = 1 in 5 times. Most traders target 20-30% (balanced risk).
Yes, until your breakeven. If stock drops below, your long put protects you and you can still profit.
Many traders close at 50-75% max profit to free up capital and reduce risk. The calculator shows when rolling makes sense.
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