Buy a put and sell a lower-strike put, same expiry. A defined-risk bearish position: cheaper than a bare put, with profit capped at the lower strike.
Premiums start as Black-Scholes model values — overwrite them with your broker’s real quotes for exact numbers.
| price | today | +4d | +8d | +11d | +15d | +19d | +23d | +26d | expiry |
|---|---|---|---|---|---|---|---|---|---|
| 130.0 | -285 | -285 | -285 | -285 | -285 | -285 | -285 | -285 | -285 |
| 125.0 | -284 | -284 | -285 | -285 | -285 | -285 | -285 | -285 | -285 |
| 120.0 | -280 | -282 | -283 | -284 | -285 | -285 | -285 | -285 | -285 |
| 115.0 | -267 | -272 | -277 | -280 | -283 | -284 | -285 | -285 | -285 |
| 110.0 | -232 | -242 | -253 | -260 | -270 | -278 | -283 | -285 | -285 |
| 105.0 | -150 | -165 | -181 | -195 | -215 | -237 | -261 | -277 | -285 |
| 100.0 | 0 | -12 | -26 | -39 | -60 | -87 | -124 | -162 | -285 |
| 95.0 | 212 | 212 | 212 | 212 | 212 | 212 | 212 | 212 | 215 |
| 90.0 | 434 | 447 | 462 | 476 | 498 | 525 | 562 | 600 | 715 |
| 85.0 | 600 | 614 | 630 | 643 | 662 | 681 | 700 | 711 | 715 |
| 80.0 | 682 | 689 | 697 | 702 | 708 | 712 | 714 | 715 | 715 |
| 75.0 | 707 | 709 | 711 | 712 | 713 | 714 | 714 | 715 | 715 |
| 70.0 | 711 | 712 | 712 | 713 | 713 | 714 | 714 | 715 | 715 |
Dollar P&L for the whole position. Pre-expiry cells are model values (constant IV); real marks will differ with volatility and skew.
An options position is a view on the company underneath. Our SEC-grounded verdicts, quality scores and filings coverage are free for every US-listed name.
Educational model, not trade advice. Options involve substantial risk and are not suitable for every investor — read the OCC’s Characteristics and Risks of Standardized Options. Model values use Black-Scholes with your inputs (constant volatility, European exercise, no dividends) and will differ from live market prices.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.