![](http://www.cbot.com/cbot/docs/69064.jpg)
![](http://www.cbot.com/cbot/docs/69064.jpg)
STRATEGY | Bear Put Spread |
MARKET OPINION | Bearish |
MARKET POSITION | Sell a lower strike price put and buy a higher strike price put on the same commodity with the same expiration date |
OPTION STRATEGY | Net debit [premium received is less than premium paid] |
PROFIT POTENTIAL | Limited to the [difference between the strike prices] minus the net debit |
PROFIT POINT | Any futures price above the [higher strike price minus net debit]; Maximum profit point is any futures price at or below the lower strike price |
LOSS POTENTIAL | Limited to the net debit |
LOSS POINT | Any futures price above the [higher strike price minus net debit]; maximum loss point is any futures price at or above the higher strike price |
BREAK-EVEN-POINT | Higher strike price - net debit |
MARGIN REQUIRED | No |
DELTA | [Delta of put bought]-[Delta of put sold] |
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