How are DISK bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the DISK bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 71.10%), the computed maximum profit is $107.50 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DISK bear put spread?

The breakeven for the DISK bear put spread priced on this page is roughly $37.08 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DISK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.38%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DISK implied volatility affect this bear put spread?

Current DISK ATM IV is 71.10%; IV rank context is unavailable in the current snapshot.

DISK Bear Put Spread Strategy

DISK (TEMA MEMORY ETF), in the Communication Services sector, (Telecommunications Services industry), listed on AMEX.

DISH Network Corporation is a connectivity company that has been a disruptive force in driving innovation and value for consumers since 1980. Through its subsidiaries, the company provides television entertainment and award-winning technology to millions of customers with its satellite DISH TV and streaming SLING TV services. In 2020, the company became a nationwide U.S. wireless carrier through the acquisition of Boost Mobile and is building the nation's first cloud-native, OpenRAN-based 5G broadband network.

DISK (TEMA MEMORY ETF) trades in the Communication Services sector, specifically Telecommunications Services, with a market capitalization of approximately $8.7M, a beta of 0.00 versus the broader market, a 52-week range of 28.35-50.46, average daily share volume of 447K, a public-listing history dating back to 2026, approximately 14K full-time employees. These structural characteristics shape how DISK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates DISK has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bear put spread on DISK?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

DISK snapshot

As of August 14, 2026, spot at $38.34, ATM IV 71.10%, expected move 20.38%. The bear put spread on DISK below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this bear put spread structure on DISK specifically: IV rank is unavailable in the current snapshot, so regime-based timing for DISK is inferred from ATM IV at 71.10% alone, with a market-implied 1-standard-deviation move of approximately 20.38% (roughly $7.82 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DISK expiries trade a higher absolute premium for lower per-day decay. Position sizing on DISK should anchor to the underlying notional of $38.34 per share and to the trader's directional view on DISK stock.

DISK bear put spread setup

The DISK bear put spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With DISK at $38.34 on that close, the first option leg uses a $38.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DISK chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 DISK shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$38.00	$2.98
Sell 1	Put	$36.00	$2.05

DISK bear put spread risk and reward

Net Premium / Debit: -$92.50
Max Profit (per contract): $107.50
Max Loss (per contract): -$92.50
Breakeven(s): $37.08
Risk / Reward Ratio: 1.162

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

DISK bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on DISK. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$107.50
$8.49	-77.9%	+$107.50
$16.96	-55.8%	+$107.50
$25.44	-33.7%	+$107.50
$33.91	-11.5%	+$107.50
$42.39	+10.6%	-$92.50
$50.87	+32.7%	-$92.50
$59.34	+54.8%	-$92.50
$67.82	+76.9%	-$92.50
$76.29	+99.0%	-$92.50

When traders use bear put spread on DISK

Bear put spreads on DISK reduce the cost of a bearish DISK stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

DISK thesis for this bear put spread

The market-implied 1-standard-deviation range for DISK extends from approximately $30.52 on the downside to $46.16 on the upside. A DISK bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on DISK, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Communication Services name, DISK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DISK-specific events.

DISK bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. DISK positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DISK alongside the broader basket even when DISK-specific fundamentals are unchanged. Long-premium structures like a bear put spread on DISK are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current DISK chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on DISK?: A bear put spread on DISK is the bear put spread strategy applied to DISK (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With DISK stock at $38.34 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed DISK chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DISK bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the DISK bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 71.10%), the computed maximum profit is $107.50 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DISK bear put spread?: The breakeven for the DISK bear put spread priced on this page is roughly $37.08 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DISK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.38%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on DISK?: Bear put spreads on DISK reduce the cost of a bearish DISK stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current DISK implied volatility affect this bear put spread?: Current DISK ATM IV is 71.10%; IV rank context is unavailable in the current snapshot.