Credit Spread Breakeven Calculator

Instantly calculate your breakeven price, max profit, max loss, and return on risk for any credit spread trade.

Spread Parameters
Spread Type
Short Strike (Sold)
$
Enter a valid short strike price
Higher strike put (sold)
Long Strike (Bought)
$
Enter a valid long strike price
Lower strike put (bought)
Net Premium Received
$
Enter a valid net premium received
Net credit per share
Number of Contracts
Enter at least 1 contract
1 contract = 100 shares
Results
Breakeven Price at Expiration
—
Max Profit
—
If expires worthless
Max Loss
—
If fully against you
Credit Received
—
Total across contracts
Return on Risk
—
Max profit ÷ max loss
Spread Width
—
Per share
How Credit Spreads Work
Bull Put Spread
  • Sell a put at the higher strike (collect premium)
  • Buy a put at the lower strike (pay for protection)
  • Profit if the stock stays above your short strike
  • Breakeven = Short Strike − Net Premium Received
Bear Call Spread
  • Sell a call at the lower strike (collect premium)
  • Buy a call at the higher strike (pay for protection)
  • Profit if the stock stays below your short strike
  • Breakeven = Short Strike + Net Premium Received
Risk Disclaimer

This calculator is provided for educational and informational purposes only and does not constitute financial, investment, or trading advice. Options trading involves significant risk and is not appropriate for all investors. Past performance is not indicative of future results. You may lose some or all of your invested capital. Always consult a qualified financial advisor before making any investment decisions. OptionBots does not guarantee the accuracy or completeness of any calculations. Trading decisions should not be based solely on the output of this tool.

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