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Vertical spread calculator: max profit, max loss and break-even

Pick a vertical spread, enter the two strikes and the net premium, and see the maximum profit, maximum loss, break-even price and reward-to-risk at expiry.

How to use it

  1. Pick the spread type (bull put, bear call, bull call or bear put).
  2. Enter the lower and upper strikes and the number of contracts.
  3. Enter the net premium per share (credit or debit).
  4. Read max profit, max loss, break-even and reward to risk.
Credit spread: max profit = credit, max loss = width − credit. Debit spread: max loss = debit, max profit = width − debit.
Example. Bull put spread, strikes 540 / 545, credit 1.20, 1 contract: max profit $120, max loss (5 − 1.20) × 100 = $380, break-even 543.80.

About this calculator

A vertical spread combines a long and a short option of the same type and expiry at two strikes, so profit and loss are both capped. Credit spreads (bull put, bear call) collect premium up front; debit spreads (bull call, bear put) pay it. Results are at expiry and ignore commissions and early assignment. See the strategy pages for how each structure behaves.

Frequently asked questions

How do you calculate max loss on a credit spread?
Subtract the credit from the width between strikes and multiply by 100 per contract. A 5-wide spread for a 1.20 credit risks 3.80 per share, or $380.
Where is the break-even on a bull put spread?
Short strike minus the credit received. With strikes 540 and 545 and a 1.20 credit, break-even is 543.80.
Does this include fees?
No. Commissions and slippage change real results.

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Informational calculator for reference only. Outputs are arithmetic, not quotes, recommendations or trade signals. LiquidityLevels provides educational market commentary, not financial advice.