Bear Put Spread — Bearish Với Chi Phí Thấp Hơn Long Put

Bear Put Spread là chiến lược 2-leg cho traders có moderate bearish view — bạn tin stock sẽ giảm, nhưng không đến mức crash. Nó là phiên bản ngược của Bull Call Spread: giảm cost của long put, defined risk, cap upside.

Với trader Việt có view bearish short-term (earnings miss, technical breakdown, sector weakness), Bear Put Spread là cách an toàn hơn và rẻ hơn so với pure Long Put hoặc risky short call strategies.

Tóm Tắt Nhanh

Bear Put Spread Là Gì?

Bear Put Spread (còn gọi là "Long Put Vertical" hoặc "Debit Put Spread") là:

1. BUY 1 Put tại strike higher (gần ATM, expensive)
2. SELL 1 Put tại strike lower (further OTM, cheaper)

Both puts, same expiration, same stock.

Net debit paid. Debit = max loss. Max profit = width of spread - debit.

Logic: Stock giảm đến lower strike → max profit. Stock đi ngang hoặc tăng → loss (capped at debit). Profit zone = between strikes moving toward lower strike.

Cấu Trúc Lệnh

Leg 1: BUY 1 Put (long leg)
       Strike: Higher (ATM or slightly OTM)
       
Leg 2: SELL 1 Put (short leg)
       Strike: Lower (further OTM)
       
Both: Same expiration, same stock
Result: Net debit

Ví dụ:

Stock: QQQ @ $500
Bear put spread (35 DTE):
  BUY 1 QQQ 495 Put @ $6.00
  SELL 1 QQQ 485 Put @ $3.00
  
Net debit: $6.00 - $3.00 = $3.00
Cost: $300 per spread
Spread width: $495 - $485 = $10
Max profit: $10 - $3 = $7 = $700
Max loss: $300
Breakeven: $495 - $3 = $492
R/R: $700 / $300 = 2.33:1

Khi Nào Dùng Bear Put Spread?

Use Case 1 — Moderate Bearish View

You expect 3-10% decline, not a crash. Bear Put Spread cheaper than Long Put, enough reward.

Use Case 2 — High IV Environment

Pre-earnings or during VIX spike. Short leg offsets high IV cost of long leg.

Use Case 3 — Technical Breakdown

Stock breaks key support. Enter bear put spread targeting next support level.

Use Case 4 — Sector Weakness

Entire sector rotating out. Bet against sector ETF (XLE, XLF, etc.) with spread.

Khi KHÔNG Nên Dùng

• Strongly bearish / expecting crash — use Long Put for unlimited downside
• Strong uptrend — against the current, hard to win
• Very low IV — short leg doesn't contribute enough
• Illiquid options — slippage costs significant portion of debit

Ví Dụ Thực Tế Chi Tiết

Scenario: TSLA ở $285, technical breakdown, you expect test of $260 support within 30 days.

Setup:
Stock: TSLA @ $285
Thesis: Break support, test $260
Timeframe: 30 days

Trade:
BUY 1 TSLA 285 Put (30 DTE) @ $8.00
SELL 1 TSLA 265 Put (30 DTE) @ $3.00

Net debit: $8.00 - $3.00 = $5.00
Total cost: $500
Spread width: $285 - $265 = $20
Max profit: $20 - $5 = $15 = $1,500
Max loss: $500
Breakeven: $285 - $5 = $280
R/R: 3:1

4 Outcomes Tại Expiration

Outcome 1 — TSLA @ $260 (Max Profit)

Long 285 Put: $25 intrinsic
Short 265 Put: $5 intrinsic (you pay)
Net value: $25 - $5 = $20
Credit at close: $2,000
Cost: $500
Profit: $1,500 (+300%)

Max profit at any price ≤ $265.

Outcome 2 — TSLA @ $275 (Partial Profit)

Long 285 Put: $10 intrinsic
Short 265 Put: $0 (OTM)
Net value: $10
Credit: $1,000
Cost: $500
Profit: $500 (+100%)

Outcome 3 — TSLA @ $280 (Breakeven)

Long 285 Put: $5 intrinsic
Short 265 Put: $0
Net value: $5
Credit: $500
Cost: $500
Profit: $0

Outcome 4 — TSLA @ $290 (Max Loss)

Both puts OTM, expire worthless
Credit: $0
Cost: $500
Loss: -$500 (-100%)

Max loss at any price ≥ $285 (higher strike).

Max Profit / Max Loss / Breakeven

Max Profit:

Max Profit = (Width - Net Debit) × 100

Với TSLA:

Max Profit = ($20 - $5) × 100 = $1,500

Max Loss:

Max Loss = Net Debit × 100

Với TSLA:

Max Loss = $5 × 100 = $500

Breakeven:

Breakeven = Higher Strike - Net Debit

Với TSLA:

Breakeven = $285 - $5 = $280

Greeks Behavior

Delta — Âm

• Long put: delta âm (~-0.50)
• Short put: delta dương (~+0.30, offsetting)
• Net delta: ~-0.20

Position bearish but less sensitive than pure long put.

Theta — Nhỏ

• Long put: theta âm
• Short put: theta dương
• Net theta: slightly negative

Less theta drag than pure long put.

Vega — Nhỏ Dương

• Long put: vega dương
• Short put: vega âm
• Net vega: slightly positive

Less IV sensitivity than pure long put.

Gamma — Dynamic

Maximum gamma in middle of spread, changes as stock moves.

Ưu Điểm

• Cheaper than Long Put — 30-50% cost reduction
• Defined risk — know max loss upfront
• Reduced theta — short leg offsets decay
• Reduced vega — less IV crush risk
• Good R/R possibility — can achieve 2-3:1 with right strikes
• Works in high IV — short leg benefits

Nhược Điểm

• Capped upside — won't catch massive crashes fully
• Multi-leg complexity — 2 legs to manage
• Commission 2x — trading costs higher
• Slippage on both legs — wide spreads hurt
• Not ideal for crashes — Long Put better for expected big moves

Lỗi Người Mới Hay Mắc

Lỗi 1 — Spread Too Narrow

$2 spread width = limited max profit, cost not much less than long put. Defeats purpose.

Fix: Minimum $5 spread width for meaningful R/R improvement.

Lỗi 2 — Wrong Direction Bias

Selling bear put spread on stock in uptrend. Trend is your friend, don't fight it.

Fix: Only enter bear put spreads on confirmed weakness (breakdown, bearish momentum, technical failure).

Lỗi 3 — Hold Past Breakeven

Stock moving against you. You hold "hoping." Losses mount.

Fix: Defined exit — close at -50% of debit loss. Don't wait for max loss.

Lỗi 4 — Chase After Big Move

Stock already crashed 10%, you enter bear put spread hoping for more. Often the bottom is near.

Fix: Enter early in the move, not after. If you missed, wait for retest/bounce then enter.

Lỗi 5 — Ignore Earnings Timing

Entering bear put spread just before earnings. Earnings beat → stock gaps up → max loss.

Fix: Know earnings dates. Either avoid or enter with reduced size.

Exit Management

Profit Target Rules

• 50% of max profit → consider closing
• 75% of max profit → strong close signal
• 90% of max profit → definitely close (last 10% not worth it)

Loss Management

• 50% of max loss → consider closing
• 75% of max loss → close (don't wait for max)

Time-Based

• 21 DTE with spread near entry price → close and re-evaluate
• Theta accelerates in final weeks, R/R deteriorates

Comparison: Bear Put Spread vs Long Put vs Bear Call Spread

Pre-Trade Checklist

☐ Moderate bearish thesis?
☐ Target price identified (= short strike)?
☐ Technical breakdown or bearish catalyst?
☐ IV not too low?
☐ Width gives 2:1+ R/R?
☐ Position size ≤ 2% account?
☐ Exit rules defined?

Chiến Lược Liên Quan

• Long Put — Pure bearish without cap
• Bear Call Spread — Credit spread alternative
• Bull Call Spread — Bullish version

Học Vertical Spreads Với Dan Steel

Bear Put Spreads hoàn thành toolset cho directional trading với defined risk. Dan Steel dạy cách select strikes và manage spreads in both directions.

👉 Dự live session với Dan Steel

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