Member tool
Ratio Spread Visualizer
Buy one put, sell two cheaper puts below it. You collect cash up front and get a free shot at a perfect pin — but a deep crash hurts twice as fast.
Your trade
Type in the numbers from your broker screen. Everything updates as you type.
What the stock is trading at right now.
Enter a stock price above zero.
The higher strike — one contract.
Enter a strike above zero and above the short strike.
The lower strike — two contracts. Must be below the long strike.
Enter a strike above zero and below the long strike.
What you collect for the whole 1x2 position, per share — the two short puts' bids minus what you pay for the long put (×100).
Enter a credit of zero or more.
Profit / loss at expiry
Per 1x2 spread, depending on where the stock finishes on expiry day.
How the math worksEvery formula, in one line each
Ratio Spread Visualizer: questions
Straight answers about the trade this tool maps.
What is a 1x2 put ratio spread?
You buy one put and sell two cheaper puts at a lower strike, usually for a net credit. Above the long strike you keep the credit; the best case is the stock pinning at the short strike. Our put ratio spread guide covers how it behaves on index futures.
Where is the maximum profit?
At the short strike on expiry day. There the long put is worth the full width between the strikes and both short puts expire worthless, so you keep the credit plus that width. The tool marks this sweet spot on the chart.
What is the downside risk?
Below the short strike you are short two puts for every one you own, so each extra dollar down costs you two. There is one downside breakeven: twice the short strike, minus the long strike, minus the credit. The tool shows the loss at a total crash — size the trade like that risk.
What happens if the stock rises?
Above the long strike all three puts expire worthless and you keep the net credit you collected at entry. That is why the trade is often opened for a credit: a rally is a small win rather than a loss.
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