Bear put spread screener

Supported filters

% from 200-day SMA (%)

Percent above or below the 200-day moving average. The Bear Put Spreads Below the 200-Day preset requires a maximum of 0, so every result is a stock already under its long-term trend line.

% from 50-day SMA (%)

Percent from the 50-day moving average. A maximum of 0 alongside the 200-day filter requires the short-term trend to point down as well.

New 52w low within

Stocks that made a new 52-week low inside the last N days. It narrows a downtrend scan to names still making lower lows.

RSI (14d)

Fourteen-day RSI. A minimum of 35 to 40 avoids buying puts on stocks that are already deeply oversold and prone to sharp rebounds.

Return on risk (%)

Max profit divided by the debit. The preset sorts by it. Returns above 150% usually mean an out-of-the-money long put with lower odds; 80% to 150% is closer to the money.

Probability of profit (%)

Model-estimated probability the stock closes below the breakeven. Pair a floor of 30% to 40% with the return filter so a high payout does not hide long odds.

Return at -1 ATR move (%)

Return at expiration if the stock falls one expected move. A floor of 50% keeps spreads that pay meaningfully on an ordinary decline rather than needing a crash.

Return at +1 ATR move (%)

Return if the stock rises one expected move instead. For a hedge this is the cost of being wrong; most spreads show -100% here, which is the debit.

Distance to breakeven (%)

Distance to the breakeven in percent, regardless of direction. For a buyer, a smaller figure is better; a 4% maximum keeps the target close.

Delta (anchor leg)

Absolute delta of the long put. Around 0.50 is at the money. For a hedge, 0.35 to 0.45 is cheaper protection that starts a little below the price.

Max loss ($)

The debit per spread. For a hedge, cap it at what you are willing to spend on protection; for a directional trade, at your per-trade risk.

Exclude ETFs

Leave this off to include index and sector funds, which is where portfolio hedges usually go. Turn it on to screen individual companies only.

Days to expiration (days)

Days to expiration. The preset uses 20 to 60 days, which gives a downtrend time to extend without paying for months of time value.

Earnings

A report inside the window can produce the drop you want or a rebound that ends the trade. Exclude it for a trend trade, or require one if the report is the thesis.

Total option volume

Total option volume across the chain. Liquid chains keep both legs close to the mid, on entry and when you close.

Bid-ask spread ($) ($)

Maximum bid-ask spread on the wider leg in dollars. Put markets widen quickly in a sell-off, so a tight spread at entry matters.

Screening walkthrough

1. 1. Start below the 200-day

   Bear Put Spreads Below the 200-Day screens put debit spreads on stocks trading under their 200-day moving average, 20 to 60 days out, with liquid chains, sorted by return on risk. It is intentionally broad; the next steps narrow it to trades you would actually place.

2. 2. Confirm the downtrend is still moving

   Add percent from the 50-day average with a maximum of 0 so the short-term trend agrees, or new 52-week low within 10 days for stocks still making lower lows. Add an RSI minimum of 35 to avoid chasing names that have already fallen hard and often bounce.

3. 3. Stop sorting by return alone

   The preset's return sort surfaces the biggest payouts, which are mostly cheap, far out-of-the-money spreads. Add a probability of profit floor of 35% and a breakeven distance cap of 4%, or switch the sort to expected value, and the list shifts toward spreads the stock can reach.

4. 4. Make sure an ordinary decline pays

   Add return at a -1 ATR move with a floor of 50%. Spreads that pass earn at least half the debit back as profit if the stock falls by one expected move. Spreads that fail need more than a normal move to work.

5. 5. For a hedge, screen the fund or stock you hold

   Add the symbol to your watchlist, set the universe to watchlist, and leave funds included. Set max loss to your hedge budget and delta to 0.35 to 0.50 on the long put. The return at +1 ATR column shows the hedge cost if the market rises instead.

Limitations and risks

• Profit is capped at the width. A collapse far below the short strike pays no more than a close just below it, which limits a bear put spread as crash protection.
• Before expiration, an in-the-money spread is usually worth less than the width because the short put still has time value. The max profit figure is the value at expiration.
• The short put can be assigned early when it is deep in the money with little time value left. The long put covers the position, but you need to act.
• Being below the 200-day average describes the trend so far. It does not forecast further declines, and the model's probability of profit does not know about moving averages.
• Quotes are refreshed intraday and are a snapshot, not a live feed. In a fast market, put quotes can move well away from the snapshot.
• This is a screening tool. It does not know which positions you are hedging, how many spreads a hedge needs, or place orders.

Frequently asked questions

Is a bear put spread a debit spread?

Yes. Buying the higher-strike put and selling a lower-strike put costs a net debit, which is the most you can lose. The bull call spread is the bullish debit spread; both have their own screener pages.

Can I use this screener to find hedges?

Yes. Put the stock or fund you want to protect on your watchlist, set the universe to watchlist, leave funds included, and cap max loss at your hedge budget. The spread offsets losses between the long and short strikes only, so pick strikes that cover the decline you are worried about.

Why does the preset sort by return on risk?

To surface the spreads with the largest payout per dollar first. Those tend to be further out of the money with lower odds, so add a probability of profit floor or sort by expected value if you want likelier trades at the top.

What is the difference between a bear put spread and a bear call spread?

A bear put spread is bought for a debit and needs the stock to fall past the breakeven. A bear call spread is sold for a credit and only needs the stock to stay below the short strike. The put spread pays more on a real decline; the call spread wins more often on small moves.

Does the delta filter apply to the long or the short put?

The long put. For debit strategies the anchor leg is the one you buy, so delta and distance out of the money describe the long put's strike.

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