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NIFTY bull put spread margin

A bull put spread sells a put and buys a cheaper put at a lower strike, on the same expiry. You keep the net premium if NIFTY stays above the sold strike; the most you can lose is the gap between the strikes less that premium.

Open in calculator All margins

Margin for this trade

Margin data as of (NSE file)

Expiry

  • Sell ATM put, buy put 4 strikes lower NSE F&O file of 30 Oct 2026
    • Sell NIFTY 23,050 PE, 1 lot (65 units)
    • Buy NIFTY 22,850 PE, 1 lot (65 units)
    SPAN
    ₹8,032
    Exposure
    ₹29,969
    Option value
    ₹4,761
    Premium
    ₹3,513
    Stocks, minimums and 5% buffer
    ₹2,138
    Total
    ₹48,414
  • Sold put alone NSE F&O file of 30 Oct 2026
    • Sell NIFTY 23,050 PE, 1 lot (65 units)
    SPAN
    ₹1,29,173
    Exposure
    ₹29,969
    Option value
    ₹8,274
    Premium
    ₹0
    Stocks, minimums and 5% buffer
    ₹8,371
    Total
    ₹1,75,788

≈ approximate Per basket, at the exchange’s reference prices, on the nearest expiry all legs share. Option value is the value of sold options less the credit for bought ones. The 5% buffer rounds the estimate up.

Margined one by one, these legs would need ₹1,79,301: together they need ₹1,30,887 less.

That is ₹1,27,374 less than sold put alone.

Worked out from the margin files NSE, BSE and MCX publish each day (SPAN, VaR and exposure rates), then rounded up by 5% to stay on the safe side. Your broker can ask for more: ad hoc or delivery margins, its own intraday leverage, or a higher figure during peak-margin checks. Use it to plan a trade, and check the order window before you place it.

How this margin works

Because the loss is capped, SPAN charges far less than for the sold put on its own. In the scenarios where the index falls, the bought put gains what the sold put loses below its strike. Exposure margin applies to the sold put only, and the bought put’s premium is paid in full.

The table uses the nearest expiry, the put closest to the money and a protective put four listed strikes lower. A wider gap between the strikes raises both the potential loss and the margin. The comparison row shows the sold put alone, so the difference is what the hedge saves. The mirror trade above the market, a bear call spread, is margined the same way.

The figures follow the calculator’s method: SPAN and exposure from the clearing corporation’s files, option value and premium, and a 5% buffer.

NIFTY bull put spread questions

How much margin does a bull put spread save?

Usually most of the short-put margin, because the bought put caps the loss at the strike gap. The saving in the exchange files this page is dated with is the difference between the two rows of the table.

Should I buy the lower put before selling the higher one?

It helps: margin is checked on what you hold, so selling first blocks the full short-put margin until the hedge is in. Placing both legs together as a basket avoids it.

Sources

Figures updated . Method and text reviewed by the Cirrus team on .

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