{"id":175924,"date":"2021-02-19T20:28:00","date_gmt":"2021-02-20T01:28:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/trading-lessons\/bull-market-short-put\/"},"modified":"2026-06-30T11:25:10","modified_gmt":"2026-06-30T15:25:10","slug":"bull-market-short-put","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/bull-market-short-put\/","title":{"rendered":"Bull Market \u2013 Short Put"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Already an Interactive Brokers Client?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taBasicOptStratRTP&amp;url=%2Fsso%2Fresolver%3Faction%3DAccountSettings%26config%3DTradingPermissions\" target=\"_blank\" rel=\"noreferrer noopener\">Request Trading Permissions<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>New to Interactive Brokers?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taBasicOptStratAcc&amp;url=%2FUniversal%2FApplication\" target=\"_blank\" rel=\"noreferrer noopener\">Open Account<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">An investor selling a put option receives a fixed premium and gives another investor the right but not the obligation to sell an asset at a predetermined price until expiration.\u00a0\u00a0A\u00a0Short Put\u00a0strategy might be considered by a risk-tolerant trader with the opinion that a stock\u2019s price\u00a0is likely to increase\u00a0and\/or volatility is likely to decrease.\u00a0 The put\u00a0seller benefits\u00a0from the passage of time and decreasing dividends.\u00a0\u00a0\u00a0The maximum gain is the premium received, which occurs at any price\u00a0above\u00a0the strike price.\u00a0 The gain diminishes as the price of the underlying falls below the strike price.\u00a0 Breakeven occurs at the sum of the strike price less the premium received.\u00a0 At any price below that, the short put seller begins to lose money penny-for-penny as the underlying price decreases.\u00a0 Loss potential is substantial.\u00a0 Short put sellers must ensure that they are sufficiently capitalized to deliver any required shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Short Put Example:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Underlying XYZ stock price:&nbsp;$60.25<\/li>\n\n\n\n<li>Put strike price:57.50<\/li>\n\n\n\n<li>Put option premium:$2.00<\/li>\n\n\n\n<li>Days to expiration:90<\/li>\n\n\n\n<li>Breakeven: 57.50-$2.00=$55.50 (Strike price minus premium received for put option)<\/li>\n\n\n\n<li>Profit potential: Limited to the premium received from the sale of the put option at any price at and above the strike price.<\/li>\n\n\n\n<li>Potential profit: @$60.00 \u2013 The put option is&nbsp;out-the-money&nbsp;at expiration and worth zero to someone who sold it for $2.00.<\/li>\n\n\n\n<li>@$57.50 \u2013&nbsp;The put option is&nbsp;at-the-money&nbsp;at expiration but has zero intrinsic value and is still worthless to someone who sold it for $2.00.<\/li>\n\n\n\n<li>@54.00 &#8211; The put option is&nbsp;in-the-money&nbsp;at expiration and has intrinsic value.<\/li>\n\n\n\n<li>Its&nbsp;worth is $3.50 and creates a loss to someone who sold it for $2.00 of $1.50. ($54.00 &#8211; 57.50 +$2.00 = -$1.50)<\/li>\n\n\n\n<li>Maximum loss:&nbsp;Limited by the fact that the stock can only fall to zero. However, the investor starts to lose money at the strike price less the premium received (57.50 minus $2.00 = $55.50) and continues to lose penny-for-penny as the share price declines further.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Market Outlook &#8211; Bull<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Volatility View &#8211; Premium decreases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Time Erosion &#8211; Premium decays<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dividends &#8211; Premium decreases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interest Rate &#8211; Premium increases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Profit Potential &#8211; Limited<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Loss Potential &#8211; Substantial<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Components- Sell put option<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Underlying Stock<\/td><td>&nbsp;$&nbsp;&nbsp; 60.25<\/td><td><\/td><td>Underlying Stock<\/td><td>Profit &amp; Loss<\/td><\/tr><tr><td>Short Put Strike<\/td><td>&nbsp;$&nbsp;&nbsp; 57.50<\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (4,550.00)<\/td><\/tr><tr><td>Premium<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2.00<\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (3,550.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (3,050.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (2,550.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (2,050.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (1,550.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (1,050.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (550.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55.00<\/td><td>&nbsp;$&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (50.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.50<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200.00<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200.00<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200.00<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200.00<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>An investor might use a short put option position when the share price or market is expected to rise.<\/p>\n","protected":false},"author":850,"featured_media":221421,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13126,13128,13132],"class_list":["post-175924","trading-lessons","type-trading-lessons","status-publish","has-post-thumbnail","contributors-categories-interactive-brokers","traders-academy-intermediate-trading","traders-academy-level","traders-academy-trading-lesson"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | IBKR Campus<\/title>\n<meta name=\"description\" content=\"An investor might use a short put option position when the share price or market is expected to rise.\" 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