OptionsGyanSearch
All lessonsStrategiesP&L ToolsGlossarySearchEN · हिं
Strategy library · Intermediate

Bear Put Spread

View: Halka bearish. Poora teaching Lesson 22, Vertical spreads: defined risk, defined reward mein hai. Yeh page reference card hai.

Illustration, not a recommendation. The strikes and premiums on this page are fixed teaching figures, not live quotes, and no strategy suits every account or every market. Read the full disclaimer.
Read this card in
EnglishHinglish

Aapko kya maanna padega

NIFTY ek aise level ki taraf gire jise aap naam de sako (yahan lagbhag 24,800) expiry tak. Wahi tay risk wala tark jo bull call spread mein tha, bas neeche ki taraf, aur kaam ITM wala anchor karta hai.

Position kaise banti hai

25,200 PE ₹255 par kharido (200 point ITM), 24,800 PE ₹90 par becho. Net debit ₹165 per unit: ₹10,725 per lot.

Buy 25,200 PE ₹255, sell 24,800 PE ₹90 (net ₹165)+₹13,559+₹2,275−₹9,009₹0 · break even line24,30024,65025,00025,35025,700NIFTY at expiryBE 25,035worst case −₹10,725−₹10,725

Entry se pehle ke numbers

  • Max nuksan: ₹10,725, expiry par 25,200 ke upar
  • Max profit: ₹15,275, yaani 400 ki chaudai minus debit, 24,800 ke neeche
  • Breakeven: 25,035, spot se bilkul neeche: ITM long leg pehle se aage shuru karta hai
  • Margin: sirf debit

Greeks ka profile

Net short delta, halka long gamma, entry par theta lagbhag neutral (ITM leg mein time value kam hai; becha hua OTM leg kiraya deta hai), aur vega lagbhag chapta.

Sach mein kya expect karein

ITM se shuru karna breakeven ko spot ke paas le aata hai: kuch paane ke liye market ko sirf rally nahi karni hai. Us aaram ka daam yeh hai ki rally aa gayi to bada debit daanv par tha. Sikke se thoda behtar odds par 3:2 se thoda kam payout, yahi iski imaandar shakal hai.

Position sambhalne ke rules

  • Short strike par profit le lo; 24,800 ke neeche aur kuch kamaya hi nahi ja sakta
  • Jis level ne aapko bearish banaya tha, uske upar band hone par nikal jao
  • Beche hue leg ka skew se mota premium dekhte raho: woh toll ka achha khaasa hissa wapas kar deta hai

Doosri strategies ke saath

  • Portfolio ke bachav ke taur par yeh protective put ka budget bhai hai: poore farsh wale kharche ke ek hisse mein cap kiya hua insurance (Lesson 8)
  • Iske upar ek bear call credit spread bearish premium ki dhaara dugni kar deta hai: ek mein paise diye, ek mein liye, ek hi raay do baar
  • IV rank iske aur credit version ke beech chunta hai: mota IV ho to yeh kharidne ki jagah call spread bechna behtar hai
  • Collar aur wheel wali book mein yeh assign hue stock ko kisi khaas darawni khidki ke aar paar hedge karta hai, bina shares chhode

Aam galtiyan

  • Sasta laga isliye sirf OTM wala version kharidna aur breakeven ke liye bhi crash ka intezaar karna
  • "Neeche to aana hi hai" keh kar squeeze mein pura debit pakde rehna
  • Yeh bhoolna ki ITM leg ki size is trade ko dikhne se bada ticket bana deti hai

Published 20 Jul 2026. Last updated 28 Aug 2026.

← Back
The strategy library
OptionsGyan
Education only. Not investment advice. Options Gyan is not SEBI registered and recommends nothing: no tips, no calls, no telegram group, free forever. F&O trading involves a substantial risk of loss, and selling options can lose you more than you put in. Read SEBI’s risk disclosure before trading.
Prices, lot sizes and expiry days in the lessons are illustrative teaching figures, not live quotes: confirm the current ones with your broker. Not affiliated with NSE, BSE, SEBI or any broker. NIFTY is a trademark of NSE Indices Ltd.
Who writes thisCourse Hinglish mein padhoDisclaimer, risk and privacyFound a mistake? Tell us →