---
title: "Bear Put Spread — options strategy"
type: "options-strategy"
topic: "Options strategies (Indian markets)"
category: "Spread"
outlook: "Bearish"
complexity: "intermediate"
risk: "defined"
slug: "bear-put-spread"
url: "https://learn-derivatives.tapetide.com/strategies/bear-put-spread"
markdown_url: "https://learn-derivatives.tapetide.com/strategies/bear-put-spread.md"
source: "DeltaDesk by Tapetide"
---

# Bear Put Spread

> **In plain English:** The mirror of a bull call spread, for a fall. You buy a put and sell a lower put to cut the cost. You profit if the price drops to your target, with a known maximum loss.

**Category:** Spread · **Market view:** Bearish · **Complexity:** intermediate · **Risk:** Defined

## Structure

- Buy ATM put
- Sell ATM-3 strikes put

## Summary

Buy a put and sell a lower-strike put — a defined-risk bearish play.

## When to use it

Moderately bearish with a downside target.

## Profit & loss

- **Max profit:** Capped at (spread width − net debit).
- **Max loss:** Limited to the net debit paid.

## Net Greeks profile

Net negative delta, reduced vega vs a naked long put.

## Margin

Light (net debit paid).

## Common mistakes

- Paying too much net debit relative to the width.

## India example

Buy ATM BANKNIFTY put, sell the put 3 strikes lower.

---

**Build it live in the [DeltaDesk Strategy Lab](https://learn-derivatives.tapetide.com/tools/strategy-lab)** — tune strikes and see payoff + net Greeks update instantly.

*Educational content only — nothing here is investment advice. Derivatives carry significant risk of loss. Tapetide is not a SEBI-registered research analyst or investment adviser.*