# Long Put

> Does price fall fast enough and far enough below your break-even?

| Property | Value |
| --- | --- |
| Market phase | Clear downtrend or an outright crash |
| Driver | Delta - you get paid because price moves your way, Gamma / realised vol - you get paid on the size of the move, whichever way it goes, Vega - you get paid on a change in implied volatility |
| Direction | bearish |
| Max profit | the strike minus the debit paid |
| Max loss | the debit paid |
| Risk defined | Yes |
| Legs | +1 Put @K |
| Approval level | 2 (Long calls and puts, cash-secured puts) |
| Experience | Beginner |

## Formulas

```text
Break-even: K - D
Max profit: K - D
Max loss: D
```

## Legs

1. +1 Put @K

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