Value-Trades

Bull Put Spread Strategy: Shopify Real-World Example


Shopify Bull Put Spread Example (July 2025)

A bull put spread is a popular options strategy for traders who want to generate income with limited risk when moderately bullish on a stock. In this guide, we'll walk through how a real trade was executed using Shopify (SHOP), and what you can learn from it.

  • Stock: Shopify (SHOP)
  • Outlook: Neutral to moderately bullish
  • Setup: Sell 1 SHOP $70 Put @ $2.00; Buy 1 SHOP $65 Put @ $1.00
  • Net Credit: $1.00 ($100 per contract)
  • Max Profit: $100
  • Max Loss: $400
  • Breakeven: $69.00

Outcome: If SHOP stays above $70 by expiration, you keep the full $100 premium.

Why Use a Bull Put Spread?

  • Generate premium income
  • Lower risk than selling a naked put
  • Defined maximum loss
  • Great in sideways-to-slightly-bullish markets

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