How are FIGR 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 FIGR bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 77.29%), the computed maximum profit is $47.50 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIGR bear put spread?

The breakeven for the FIGR bear put spread priced on this page is roughly $30.48 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 FIGR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

FIGR ATM IV is at 77.29% with IV rank near 11.26%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

FIGR Bear Put Spread Strategy

FIGR (Figure Technology Solutions, Inc. Class A Common Stock), in the Financial Services sector, (Financial - Capital Markets industry), listed on NASDAQ.

Figure Technology Solutions, Inc. specializes in creating and operating advanced blockchain-based platforms, primarily serving the consumer finance industry. The company provides a comprehensive suite of distributed ledger technology solutions designed to facilitate various marketplace activities, including lending, trading, and investing. Founded in 2018, Figure Technology Solutions is based in Reno, Nevada. The entity was formerly known as FT Intermediate, Inc., adopting its current name in August 2025.

FIGR (Figure Technology Solutions, Inc. Class A Common Stock) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $5.60B, a trailing P/E of 37.11, a beta of -0.02 versus the broader market, a 52-week range of 24.11-78, average daily share volume of 3.8M, a public-listing history dating back to 2025, approximately 602 full-time employees. These structural characteristics shape how FIGR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.02 indicates FIGR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 37.11 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a bear put spread on FIGR?

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.

FIGR snapshot

As of August 14, 2026, spot at $31.34, ATM IV 77.29%, IV rank 11.26%, expected move 22.16%. The bear put spread on FIGR 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 28-day expiry.

Why this bear put spread structure on FIGR specifically: FIGR IV at 77.29% is on the cheap side of its 1-year range, which favors premium-buying structures like a FIGR bear put spread, with a market-implied 1-standard-deviation move of approximately 22.16% (roughly $6.94 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIGR expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGR should anchor to the underlying notional of $31.34 per share and to the trader's directional view on FIGR stock.

FIGR bear put spread setup

The FIGR 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 FIGR at $31.34 on that close, the first option leg uses a $31.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIGR chain at a 28-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 FIGR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$31.00	$2.68
Sell 1	Put	$30.00	$2.15

FIGR bear put spread risk and reward

Net Premium / Debit: -$52.50
Max Profit (per contract): $47.50
Max Loss (per contract): -$52.50
Breakeven(s): $30.48
Risk / Reward Ratio: 0.905

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.

FIGR bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on FIGR. 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%	+$47.50
$6.94	-77.9%	+$47.50
$13.87	-55.8%	+$47.50
$20.80	-33.6%	+$47.50
$27.72	-11.5%	+$47.50
$34.65	+10.6%	-$52.50
$41.58	+32.7%	-$52.50
$48.51	+54.8%	-$52.50
$55.44	+76.9%	-$52.50
$62.37	+99.0%	-$52.50

When traders use bear put spread on FIGR

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

FIGR thesis for this bear put spread

The market-implied 1-standard-deviation range for FIGR extends from approximately $24.40 on the downside to $38.28 on the upside. A FIGR bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on FIGR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current FIGR IV rank near 11.26% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on FIGR at 77.29%. As a Financial Services name, FIGR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGR-specific events.

FIGR 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. FIGR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIGR alongside the broader basket even when FIGR-specific fundamentals are unchanged. Long-premium structures like a bear put spread on FIGR 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 FIGR chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on FIGR?: A bear put spread on FIGR is the bear put spread strategy applied to FIGR (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 FIGR stock at $31.34 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FIGR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FIGR 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 FIGR bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 77.29%), the computed maximum profit is $47.50 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIGR bear put spread?: The breakeven for the FIGR bear put spread priced on this page is roughly $30.48 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 FIGR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.16%; 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 FIGR?: Bear put spreads on FIGR reduce the cost of a bearish FIGR 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 FIGR implied volatility affect this bear put spread?: FIGR ATM IV is at 77.29% with IV rank near 11.26%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.