Strategies · Lesson 04 of 14 · Lab
Bear put spread
A bear put spread buys a put and sells a lower one, capping both cost and gain. On 22 September 2026 the NIFTY 23,450/23,350 spread cost ₹22.20 against a maximum gain of ₹77.80, with breakeven at 23,428. The index closed at 23,329 and the spread settled at its maximum, returning ₹78.00.
NIFTY weekly expiry, 22 September 2026 · MarketCue one-minute option-chain capture
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A chain that actually traded, priced at the open. Click once to buy, twice to sell, a third time to clear.
Prices captured at the open on Tuesday, 22 September 2026. NIFTY spot at the open: 23,460. The highlighted row is nearest the money.
NIFTY closed at 23,329, down 131 points from the open. Sold 23,350 PE at ₹12.65 → settled ₹20.95. Bought 23,450 PE at ₹34.85 → settled ₹121.15. Net gain of ₹78.00 per unit, or +351% of what was put up. This was the expiry, so those closing prices are settlement values.
The structure that paid on this session
Buying the 23,450 put cost ₹34.85 and selling the 23,350 put returned ₹12.65, for a net ₹22.20. The sold leg caps the gain once the index passes 23,350, which on a 131-point session it comfortably did.
The index closed at 23,329, below both strikes, so the structure reached its ceiling: the bought put settled at ₹121.15 and the sold put at ₹20.95, a net ₹100.20 against ₹22.20 paid.
What the cap cost
The naked preset shows the comparison directly. The 23,450 put alone cost ₹34.85 and settled at ₹121.15, returning ₹86.30 — more in absolute rupees than the spread’s ₹78.00.
The spread returned less because the sold leg surrendered everything below 23,350, and the index finished 21 points under it. It also required ₹12.65 less to open. Which of those mattered is a question about the position size a reader chose, not about the structures, and this page does not answer it for them.
Common questions
What is a bear put spread?
A downward position with its cost trimmed by a written put underneath it. That lower leg pays for part of the entry and gives away everything below its own strike, which on 22 September meant ₹78.00 returned where an unhedged put returned ₹86.30.
Why sell the lower put at all?
It reduces the cost of the position in exchange for capping the gain below its strike. On 22 September 2026 that trade-off cost ₹22.20 instead of ₹34.85 to open, and returned ₹78.00 instead of ₹86.30.
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How these figures are produced
Every price on these pages was traded on the exchange and is read from our own option-chain capture, which records the NIFTY and SENSEX chains once a minute through the session. Each page names the session its figures come from.
Figures that a model produced rather than the market — the Greeks, implied volatility — are labelled as model outputs wherever they appear, and never presented beside traded prices without saying which is which. The pricing is checked against published reference values on every change.
Where our own data cannot support a claim, the page says so instead of generalising. MarketCue is not a registered investment adviser, research analyst or broker under SEBI regulations.