{"id":175927,"date":"2021-02-26T15:02:00","date_gmt":"2021-02-26T20:02:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/trading-lessons\/bear-market-long-put\/"},"modified":"2026-06-30T11:30:25","modified_gmt":"2026-06-30T15:30:25","slug":"bear-market-long-put","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/bear-market-long-put\/","title":{"rendered":"Bear Market \u2013 Long 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&#038;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&#038;url=%2FUniversal%2FApplication\" target=\"_blank\" rel=\"noreferrer noopener\">Open Account<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n \u00a0\n\n<p class=\"wp-block-paragraph\">A put option allows an investor to pay a fixed premium for the right, but not the obligation, to sell an asset at a predetermined price until expiration.&nbsp; The&nbsp;long&nbsp;put&nbsp;strategy might be useful for an investor who is bearish on either the market or the price of a specific stock.&nbsp;Investors going long puts&nbsp;may profit&nbsp;if the price of the underlying shares falls below the combined value of the strike price and the net cost of the option.&nbsp;The payoff from a&nbsp;long put&nbsp;position is substantial, increasing point for point with the stock\u2019s decline if the price of the underlying shares&nbsp;moves lower.&nbsp; The loss potential is limited to the initial cost of the option.&nbsp; Investors face a maximum loss of the premium at any point at or above the strike price, below which point losses diminish.&nbsp; The value of a&nbsp;long put&nbsp;option&nbsp;is hurt by the passage of time and benefits from increases in&nbsp;volatility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Long Put Example:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Underlying XYZ stock price:\u00a0$36.25<\/li>\n\n\n\n<li>Put strike price:35<\/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: 35-$2.00=$33.00 (Strike price minus premium paid for put option)<\/li>\n\n\n\n<li>Profit potential: Limited, but substantial as the stock price falls. However, the profit potential is limited by the fact that the stock cannot trade below zero.<\/li>\n\n\n\n<li>Potential profit: @$30.00 \u2013 The put option is worth $3.00 to a buyer who paid $2.00, since profit = strike price\u00a0minus\u00a0underlying price at expiration\u00a0less\u00a0the premium paid, or $35.00 \u2013 30.00 -$2.00 = $3.00.<\/li>\n\n\n\n<li>Maximum loss:\u00a0Defined by the premium paid of $2.00. Occurs at the strike price and all points above.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Market Outlook &#8211; Bearish<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Volatility View &#8211; Premium increases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Time Erosion &#8211; Premium decays<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dividends &#8211; Premium increases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interest Rate &#8211; Premium decreases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Profit Potential &#8211; Limited<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Loss Potential &#8211; Limited<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Components &#8211; Buy put option<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Underlying Stock<\/td><td>&nbsp;$&nbsp;&nbsp; 36.25<\/td><td><\/td><td><\/td><td>Underlying Stock<\/td><td>Profit &amp; Loss<\/td><\/tr><tr><td>Long Put Strike<\/td><td>&nbsp;$&nbsp;&nbsp; 35.00<\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,300.00<\/td><\/tr><tr><td>Premium<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2.00<\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,300.00<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800.00<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300.00<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200.00)<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80<\/td><td>&nbsp;$&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 long put option position when the share price or market is expected to decline.<\/p>\n","protected":false},"author":850,"featured_media":221418,"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-175927","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 v28.2) - 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 long put option position when the share price or market is expected to decline.\" 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