Options Theory / Explore strategy

Long put option

Theory ↗

SPY · Teaching example

Reference price $500. All strikes and premiums are illustrative, not live quotes or a trade recommendation.

Explore the outcome

Underlying price at expiration500

Simulated profit / loss-$500

Moving the slider only changes the scenario, not the contracts.

Maximum profit$49,500

Maximum loss-$500

Net premium-$500

Expiration model · Fees excluded

Breakeven prices at expiration$495.00

Edit the contracts

Premiums are per share. Each standard contract represents 100 shares.

Expiration dateStrategy sets

Save to your account and continue in your workspace.

Illustrative prices, before fees. Expiration payoffs exclude early assignment and changes in time value or volatility. Editing strikes keeps the entered premiums; no market quotes are fetched.