Bull put spread screener

Supported filters

Max loss ($)

Width minus credit, per spread. This is the width control: capping it at $250 on a $60 stock limits results to narrow spreads, while $1,500 lets wider ones through.

Return on risk (%)

Credit divided by max loss. On bull put spreads with the short put 20 to 30 delta, 15% to 35% is a typical range; much higher usually means the short strike is close to the stock.

Probability of profit (%)

Model-estimated probability the spread finishes with at least a one-cent gain, which means the stock closes above the breakeven. The oversold preset uses a 70% floor; the trend preset accepts 60%.

Delta (anchor leg)

Absolute delta of the short put. The screener builds spreads with the short put roughly 0.10 to 0.45 delta; narrowing that to 0.15 to 0.30 is the common premium-seller band.

Breakeven distance (ATRs) (x)

Distance from the stock to the breakeven divided by the daily average true range. It compares cushion across a slow utility and a fast chip stock on the same scale.

Return at -1 ATR move (%)

The spread's return at expiration if the stock falls one expected move. A floor of 0% keeps only spreads that still make money on a normal down move, which usually means a lower credit.

RSI (14d)

Fourteen-day RSI. A maximum of 30 finds stocks that have sold off hard, the setup behind the oversold preset.

New 52w high within

Stocks that made a new 52-week high inside the last N days. Selling a put spread beneath fresh strength is the other common bull put setup.

% from 200-day SMA (%)

Percent above or below the 200-day moving average. A minimum of 0 limits oversold scans to pullbacks within a longer-term uptrend rather than stocks in a downtrend.

IV rank

Credit spreads pay more when implied volatility is high relative to its year. A 20 minimum, which the trend preset uses, drops chains where the credit is thin for the width.

Earnings

Exclude earnings before expiration. The oversold preset does; a pullback that continues on a bad report goes straight through the long strike.

Days to expiration (days)

Days to expiration. The oversold preset uses 14 to 45 days and the trend preset 7 to 30, a shorter window for a momentum view.

Market cap ($)

Company size floor. Oversold large caps are more likely to be overdone selling than a broken business.

Open interest

Open interest on the less-held leg. The long put is often the thinner one; a floor keeps both legs tradeable if you need to close early.

Bid-ask spread ($) ($)

Maximum bid-ask spread on the wider leg in dollars. On a $0.45 credit, a $0.20 market on either leg is a large share of the income.

Screening walkthrough

1. 1. Pick the setup: pullback or breakout

   Open Bull Put Spreads on Oversold Stocks if you want to sell put spreads under large caps with RSI at or below 30, a 70% probability floor, a 10% return floor, max loss up to $1,500, and no earnings before expiration. Open Bull Put Spreads at 52-Week Highs if you prefer to sell under strength: new highs in the last 7 days, IV rank of 20 or more, a 60% probability floor, 20% to 500% return on risk, and max loss up to $500. Both sort by expected value.

2. 2. Choose the width with max loss

   The same short put appears paired with several long puts. Narrow versions show a higher return on risk because the max loss is small; wider ones collect more credit and push the breakeven a little further out. Set max loss to what you would accept losing on one spread and let that choose the width for each stock's price.

3. 3. Decide how much of a normal decline the trade must survive

   Add return at a -1 ATR move. A spread that shows -100% there loses its full max loss if the stock falls one expected move by expiration. Requiring 0% or better keeps only spreads whose breakeven sits beyond a typical move, at the cost of a smaller credit. On an oversold stock, where further selling is plausible, this filter matters more than on a breakout.

4. 4. Place the short strike by delta, then check the cushion

   Set short-put delta to 0.15 to 0.30, then add breakeven distance in ATRs. Two or more is a common floor. If a result has a high return but under one ATR of cushion, one ordinary down day reaches the breakeven.

5. 5. Confirm the legs are really tradeable

   Open a result to see both legs quoted. If the credit disappears under conservative pricing (sell at the bid, buy at the ask), the mid was optimistic. Save the scan that survives this check.

Limitations and risks

• Max loss is the worst case at expiration. Before expiration a spread can be marked worse than width minus credit when the long put's market is wide, although it cannot settle for more than the width.
• If the stock closes between the strikes at expiration, the short put can be assigned while the long put expires worthless, leaving you long 100 shares. Close or roll spreads near the short strike on expiration day.
• Oversold readings can stay oversold. RSI below 30 describes recent selling; it does not forecast a bounce, and the model's probability of profit does not know the RSI.
• Probability of profit and expected value are model estimates derived from option prices. They are not forecasts and ignore scheduled events unless you filter for them.
• Quotes are refreshed intraday and are a snapshot, not a live feed. Crossing two bid-ask spreads makes conservative pricing the more realistic figure.
• The scanner returns candidates only. It does not know your buying power or your broker's spread requirements, and it does not place orders.

Frequently asked questions

Is a bull put spread the same as a put credit spread?

Yes. Selling a higher-strike put and buying a lower-strike put in the same expiration collects a credit and profits if the stock stays above the short strike. The screener lists it as the bull put spread strategy.

How do I control the width of the spread?

With the max loss filter. There is no separate width filter; since max loss is width minus credit, a cap in dollars limits the width for each stock's price. The trade column shows both strikes so you can read the width directly.

What does return at a -1 ATR move tell me that probability of profit does not?

Probability of profit is one number for the whole distribution. Return at -1 ATR tells you how badly the spread does on one specific, ordinary decline: the daily ATR times the square root of days to expiration. Two spreads with similar probabilities can lose very different amounts on the same move.

Should I sell bull put spreads on oversold stocks or on stocks at new highs?

They are different bets. Oversold entries bet the selling is overdone and usually pay more because implied volatility is elevated. New-high entries bet on trend continuation, with less premium and less chance of a falling knife. There is a preset for each.

How is this page different from the credit spread scanner?

The credit spread scanner covers bull put and bear call spreads together. This page is only about put credit spreads: choosing the width, surviving a normal decline, and picking between pullback and breakout entries.

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