Vertical Spread Calculator
Evaluate bull call, bear put, bull put and bear call vertical spreads using strike prices and option premiums. The calculator converts the legs into defined maximum profit, defined maximum loss and the expiration breakeven.
Net debit$200.00
Max profit$300.00
Max loss$200.00
Breakeven$102.00
Enter strikes and premiums consistent with the selected strategy. This tool assumes a 1:1 vertical spread.
How this tool works
Spread width is the difference between strikes. For debit spreads, max profit = width − debit. For credit spreads, max loss = width − credit.
Example
A 5-point bull put spread sold for a $1.25 credit has $125 maximum profit and $375 maximum loss per contract before fees.
Common questions
Can I use unequal contract quantities?
This calculator assumes a standard 1:1 vertical spread.
Does it model early assignment?
No. Results are expiration values and do not model early exercise or assignment risk.