Debit Spread Calculator
Max profit, max loss, breakeven and risk/reward for bull call and bear put debit spreads. Free, no signup.
What is Vertical Debit Spread?
Vertical Debit Spread is a defined-risk directional trade where you buy one option and sell a further out-of-the-money option of the same type and expiration. A bull call spread bets up; a bear put spread bets down. The short leg lowers your cost and caps your profit.
This calculator shows the net debit, capped profit and breakeven for either direction.
Load real prices (optional)
Pick a ticker, a target expiration and a setup, and the legs fill from the live chain. After that, every strike box offers the real strikes, and picking one loads its price. Free for AAPL, SPY, QQQ and 10 more tickers.
Premiums are estimated with Black-Scholes at the IV above. Type a premium or an IV on any leg to use your own.
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Start Free Trial or try AAPL free, no signupProfit and loss by stock price
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Profit and loss by price and date
Rows are stock prices, columns are dates up to expiration. Green cells make money, red cells lose it.
The table fills in when the calculator runs.
How the Debit Spread Calculator Works
A vertical debit spread pairs a long option with a short option of the same type further from the money. The short leg's premium reduces what you pay, so the trade is cheaper and less exposed to time decay and IV crush than a single long option — but your max profit is capped at the width between the strikes.
The calculator computes the net debit (long premium − short premium), then your two defined outcomes. Max profit = (strike width − net debit) × 100 per contract. Max loss = the net debit. Risk/reward compares the two.
Breakeven for a bull call spread is the long call strike + net debit; for a bear put spread it's the long put strike − net debit. The stock must travel past breakeven before expiration for the spread to turn a profit.
Example: a $5-wide bull call spread bought for a $2.00 net debit has a max profit of ($5 − $2) × 100 = $300 per contract, and a max loss of the $200 debit paid.
Frequently Asked Questions
What is a debit spread calculator?
A tool that computes the net debit, max profit, max loss, breakeven and risk/reward for a vertical debit spread — a bull call spread or a bear put spread.
How is max profit calculated?
Max profit = (width between the strikes − net debit) × 100 per contract. Max loss is the net debit you paid. The profit is capped because the short leg gives back gains beyond its strike.
What is the breakeven?
Bull call spread: long call strike + net debit. Bear put spread: long put strike − net debit. The stock must move past that price for the spread to profit at expiration.
Debit spread or a single long option?
A debit spread is cheaper and less sensitive to IV crush and time decay, but caps your upside. Use it when you have a target price in mind. A single long option keeps unlimited upside but costs more and bleeds faster. Compare against a credit spread if you'd rather collect premium than pay it.
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