Strategies · Lesson 02 of 14 · Lab
Bull put spread
A bull put spread sells a put and buys a lower one, collecting a credit that it keeps if the index stays above the sold strike. On 22 September 2026 the NIFTY 23,400/23,300 spread paid ₹13.10 against a maximum loss of ₹86.90, with breakeven at 23,387. The index closed at 23,329 and the spread lost ₹57.70.
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. Bought 23,300 PE at ₹7.65 → settled ₹0.05. Sold 23,400 PE at ₹20.75 → settled ₹70.85. Net loss of ₹57.70 per unit, or −440% of what was put up. This was the expiry, so those closing prices are settlement values.
A credit structure with a directional view
Selling the 23,400 put collected ₹20.75. Buying the 23,300 put cost ₹7.65 and placed a floor under the loss. The net ₹13.10 is received at the outset and is the most the structure can make.
The risk asymmetry is the whole character of the position: ₹13.10 to win against ₹86.90 to lose. A structure with those proportions has to win far more often than it loses simply to break even, which is a property of the shape rather than of this particular session.
What it did
Breakeven was 23,387 — the sold strike less the credit. The index closed at 23,329, 58 points below it.
The sold 23,400 put settled at ₹70.85 and the bought 23,300 put at ₹0.05, so the position gave back ₹57.70 of the ₹86.90 it had at risk. The bought leg was never reached and contributed nothing except the certainty that the loss could not grow beyond ₹86.90.
Compare this against the bull call spread preset, which took the same directional view for a debit. Both lost. The put version lost less, because it had less to lose.
Common questions
What is a bull put spread?
An upward view expressed through puts rather than calls, and taken for money received rather than money paid. You write a put, buy a cheaper one beneath it as a floor, and keep the difference while the index holds above the written strike — ₹13.10 on 22 September, against ₹86.90 exposed.
Is a bull put spread better than a bull call spread?
They express the same direction with different cash flows — one receives a credit, the other pays a debit — and different risk-reward proportions. On 22 September 2026 both lost, the put version ₹57.70 and the call version ₹104.00, because they had different amounts at stake.
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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.
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