Spot price 160 150

Strike price gap 10

Long Put SP 165

Long Put Pr 9.7
100
Long Put Lot 1

Short Put SP 155

Short Put Pr 5.4
Short Put Lot 1 50

0
60 70 80 90 100 110 120 130 140 150 160

-50

-100

Stock position Underlying Price Long Put Payoff

60 95.3
70 85.3
80 75.3
90 65.3
100 55.3
110 45.3
120 35.3
130 25.3
140 15.3
150 5.3
160 -4.7
170 -9.7
180 -9.7
190 -9.7
200 -9.7
210 -9.7
220 -9.7
230 -9.7
240 -9.7
250 -9.7
260 -9.7
 Short Put Payoff

00 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250 260

Short Put Payoff Strategy Payoff

-89.6 5.7
-79.6 5.7
-69.6 5.7
-59.6 5.7
-49.6 5.7
-39.6 5.7
-29.6 5.7
-19.6 5.7
-9.6 5.7
0.4 5.7
5.4 0.7
5.4 -4.3
5.4 -4.3
5.4 -4.3
5.4 -4.3
5.4 -4.3
5.4 -4.3
5.4 -4.3
5.4 -4.3
5.4 -4.3
5.4 -4.3
Short Put Payoff