---
name: skill-bull-put-credit-spread
description: Defined-risk put credit spread for a bullish or neutral thesis. Use for short and long strikes, credit, and max loss.
skill_family: options-strategy
last_updated: 2026-09-30
---

# Bull put credit spread

## When to use

- The thesis is that price holds above a chosen put strike.
- A naked short put is not acceptable. Risk has to be capped.

## Setup

- Sell the higher-strike put. Buy the lower-strike put. Same expiry.
- Net credit. Max profit is the credit. Max loss is the strike width minus the credit.
- Breakeven is the short strike minus the credit.

## Rules of thumb

- Size from the max loss, not from the credit.
- State what happens if price trades through the short strike before expiry.
- The long put is the hedge. Do not describe the trade as cash-secured unless the full cash is actually reserved.

## Pitfalls

- Widening the strikes to collect more credit without raising the loss budget.
- Short strike placed on top of a level the thesis needed to hold.
- Early close rules missing, so a small credit becomes a full-width loss.

## Disclaimer

Options involve risks and are not suitable for everyone. Read *Characteristics and Risks of Standardized Options* at OptionsEducation.org, or from your broker or the Options Clearing Corporation, before using this structure. Examples omit commissions, fees, margin, interest, and taxes. This is a structured playbook for education. It is not a signal, a recommendation, a solicitation, or a broker order.