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Bull Put Credit Spread
BEGINNER income Capped lossDefined-risk bullish income.
When to use it
Bullish but you want capped risk and less capital than a CSP. Sell a put near the money, buy a lower put as a wing. ~45 DTE, exit ~75% max profit.
Max profit
Net credit received.
Max loss
Spread width − net credit.
Payoff at expiry
illustrative shape — not to scale
■ profit zone
■ loss zone
X axis = stock price at expiry →
How it's built
Strikes shown low→high. Sell = collect premium · Buy = pay premium for protection or upside.
Hermes-evaluated setups
High-conviction per-ticker applications — setups with a confidence-adjusted win rate ≥ 80% over ≥20 backtested trades (95% lower bound — honest for the sample size, never a raw 100%). Avg P/L is the mean profit/loss per one-contract position.
| Ticker | Win Rate | Avg P/L / contract | Sharpe | Trades | DTE |
|---|---|---|---|---|---|
| LNG | 85% | +$141.00 | 3.5 | 43 | 21 |
| CASY | 89% | +$83.00 | 15.9 | 31 | 30 |
| PANW | 81% | +$78.00 | 1.5 | 42 | 21 |
| GE | 84% | +$59.00 | 3.1 | 42 | 21 |
| CI | 81% | +$55.00 | 2.7 | 43 | 21 |
| STRL | 85% | +$45.00 | 3.9 | 43 | 21 |
Backtested results are not a guarantee of future performance.