← Back to Playbook
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 |
|---|---|---|---|---|---|
| TSLA | 96% | +$97 | 6.3 | 83 | 21 |
| ZS | 96% | +$98 | 6.5 | 83 | 14 |
| GS | 94% | +$94 | 6.1 | 57 | 21 |
| SNOW | 94% | +$101 | 7.2 | 57 | 21 |
| BLK | 94% | +$95 | 6.1 | 57 | 21 |
| REGN | 94% | +$114 | 7.0 | 57 | 21 |
| LULU | 94% | +$101 | 6.5 | 57 | 21 |
| HD | 93% | +$18 | 4.0 | 53 | 33 |
| INTU | 92% | +$99 | 5.9 | 84 | 14 |
| NET | 92% | +$77 | 4.6 | 84 | 14 |
| LLY | 91% | +$84 | 7.3 | 41 | 30 |
| ABBV | 91% | +$66 | 7.1 | 41 | 30 |
| AMAT | 91% | +$82 | 6.6 | 41 | 30 |
| MDB | 91% | +$93 | 7.4 | 41 | 30 |
| ASML | 91% | +$96 | 6.3 | 41 | 30 |
| ADBE | 91% | +$103 | 6.7 | 41 | 30 |
| KLAC | 91% | +$79 | 5.7 | 41 | 30 |
| HUM | 91% | +$85 | 6.9 | 41 | 30 |
| ULTA | 91% | +$82 | 7.1 | 41 | 30 |
| NOC | 91% | +$95 | 6.1 | 41 | 30 |
| TMO | 91% | +$92 | 6.1 | 41 | 30 |
| COIN | 91% | +$106 | 8.7 | 40 | 30 |
| DASH | 91% | +$89 | 7.0 | 40 | 30 |
| VRTX | 91% | +$87 | 6.4 | 40 | 30 |
| SYK | 91% | +$90 | 5.8 | 40 | 30 |
| MA | 91% | +$97 | 6.0 | 40 | 30 |
| V | 91% | +$83 | 5.8 | 40 | 30 |
| META | 91% | +$104 | 6.8 | 39 | 45 |
| SE | 91% | +$89 | 6.0 | 57 | 21 |
| NOW | 91% | +$90 | 5.4 | 57 | 21 |
| CHTR | 91% | +$112 | 5.8 | 57 | 21 |
| EQIX | 91% | +$151 | 5.4 | 57 | 21 |
| ISRG | 91% | +$95 | 5.4 | 57 | 21 |
| UVXY | 91% | +$118 | 6.9 | 57 | 21 |
| SQQQ | 91% | +$97 | 5.4 | 57 | 21 |
| DDOG | 91% | +$84 | 4.7 | 57 | 21 |
| CEG | 89% | +$78 | 4.6 | 49 | 21 |
| NBIS | 88% | +$155 | 5.3 | 45 | 8 |
| BA | 88% | +$89 | 4.6 | 57 | 21 |
| MAR | 88% | +$79 | 4.3 | 57 | 21 |
| GOOG | 88% | +$70 | 3.5 | 57 | 21 |
| LIN | 88% | +$74 | 3.6 | 57 | 21 |
| CAT | 87% | +$94 | 5.8 | 41 | 30 |
| PH | 87% | +$129 | 5.3 | 41 | 30 |
| DE | 87% | +$151 | 5.0 | 41 | 30 |
| AFRM | 87% | +$87 | 6.0 | 41 | 30 |
| SOXL | 87% | +$107 | 8.0 | 41 | 30 |
| BKNG | 87% | +$67 | 4.1 | 41 | 30 |
| XYZ | 87% | +$88 | 5.1 | 41 | 30 |
| APP | 87% | +$79 | 4.9 | 41 | 30 |
Backtested results are not a guarantee of future performance.