Option Profit Sim
SPY Cash Secured Put Calculator
Calculate max profit, max loss, breakeven and probability of profit for a SPDR S&P 500 ETF (SPY) cash secured put. Adjust the strike and premium and the payoff chart updates instantly.
Open the SPY Cash Secured Put calculator →Pre-loaded with SPY and the cash secured put — ready to edit.
Illustrative example on a ~$548 share price and a 6-week expiration. Open the calculator for live pricing and to edit the strikes, premium and expiration.
SPY Cash Secured Put: the essentials
- Max profit: capped at the premium you collect for selling the put, kept in full if the stock stays above the strike at expiration.
- Breakeven: the strike price minus the premium you collected.
- Outlook: neutral-to-bullish — you're paid to agree to buy the shares lower and keep the premium as long as they stay above your breakeven.
Cash Secured Put FAQ
Educational overview of how the strategy works — not financial advice.
What is a cash-secured put on SPY?
You sell a put on SPDR S&P 500 ETF (SPY) and set aside enough cash to buy 100 shares at the strike if you're assigned. You're paid a premium to agree to buy SPY at a lower price — a way to generate income or enter a stock at a discount.
How much can I make and lose on a SPY cash-secured put?
Max profit is the premium, kept in full if SPY stays above the strike at expiration. Max loss is defined: (strike − premium) × 100 if the stock fell to $0. In practice, a loss means you own the shares at a net cost below the strike.
What is the breakeven on a SPY cash-secured put?
The strike minus the premium collected — which is also your effective purchase price on the shares if you're assigned.
What happens if SPY falls below the strike?
You're assigned and buy 100 shares at the strike, using the cash you already reserved. Your cost basis is reduced by the premium, so you effectively bought SPDR S&P 500 ETF at a discount to the strike. Many traders sell cash-secured puts specifically to get paid while waiting to enter.
How much capital do I need for a SPY cash-secured put?
The full strike × 100 in cash — that's what "cash-secured" means. Selling the same put on margin (a "naked" put) ties up less but adds risk and margin calls. The calculator above shows the exact collateral for your strike.
Other SPY strategies
Cash Secured Put for other tickers
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Figures are theoretical estimates for education only — not financial advice. Options involve risk.
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