# Bear Put Spread

> Is the lower strike a realistic downside target inside this expiration?

| Property | Value |
| --- | --- |
| Market phase | Topping out, or a quiet downward drift, Clear downtrend or an outright crash |
| Driver | Delta - you get paid because price moves your way |
| Direction | bearish |
| Max profit | the spread width minus the debit paid |
| Max loss | the debit paid |
| Risk defined | Yes |
| Legs | +1 Put @K_high; -1 Put @K_low |
| Approval level | 3 (Defined-risk spreads) |
| Experience | Beginner |

## Formulas

```text
Break-even: K_high - D
Max profit: W - D
Max loss: D
```

## Legs

1. +1 Put @K_high
2. -1 Put @K_low

[Read this strategy on the web](https://www.mindtrajour.com/en/academy/strategies/bear-put-spread)