How are FSM 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 FSM bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 55.30%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FSM bear put spread?

The breakeven for the FSM bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 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 FSM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

FSM ATM IV is at 55.30% with IV rank near 43.61%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

FSM Bear Put Spread Strategy

FSM (Fortuna Mining Corp.), in the Basic Materials sector, (Gold industry), listed on NYSE.

Fortuna Silver Mines Inc. specializes in the procurement, prospecting, and mining of precious and base metals. The company conducts its operations across five countries: Argentina, Burkina Faso, Mexico, Peru, and Côte d'Ivoire. Its portfolio comprises several key properties, such as the Caylloma mine in southern Peru, which produces silver, lead, and zinc; the San Jose silver and gold mine located in southern Mexico; Argentina's Lindero gold project; the Yaramoko gold mine in southwestern Burkina Faso; and the Séguéla gold mine, also found in southwestern Côte d'Ivoire. Founded in 1990, the firm initially operated under the name Fortuna Ventures Inc., before officially changing to Fortuna Silver Mines Inc. in June 2005. The company's headquarters are located in Vancouver, Canada.

FSM (Fortuna Mining Corp.) trades in the Basic Materials sector, specifically Gold, with a market capitalization of approximately $2.67B, a trailing P/E of 8.81, a beta of 2.12 versus the broader market, a 52-week range of 7.9-13.85, average daily share volume of 5.3M, a public-listing history dating back to 2007, approximately 4K full-time employees. These structural characteristics shape how FSM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.12 indicates FSM has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 8.81 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.

What is a bear put spread on FSM?

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.

FSM snapshot

As of November 13, 2026, spot at $9.10, ATM IV 55.30%, IV rank 43.61%, expected move 15.85%. The bear put spread on FSM below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.

Why this bear put spread structure on FSM specifically: FSM IV at 55.30% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 15.85% (roughly $1.44 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FSM expiries trade a higher absolute premium for lower per-day decay. Position sizing on FSM should anchor to the underlying notional of $9.10 per share and to the trader's directional view on FSM stock.

FSM bear put spread setup

The FSM bear put spread below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FSM at $9.10 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FSM chain at a 63-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 FSM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$9.00	$0.78
Sell 1	Put	$9.00	$0.78

FSM bear put spread risk and reward

Net Premium / Debit: $0.00
Max Profit (per contract): $0.00
Max Loss (per contract): $0.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

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.

FSM bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on FSM. 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	-99.9%	$0.00
$2.02	-77.8%	$0.00
$4.03	-55.7%	$0.00
$6.04	-33.6%	$0.00
$8.05	-11.5%	$0.00
$10.06	+10.6%	$0.00
$12.08	+32.7%	$0.00
$14.09	+54.8%	$0.00
$16.10	+76.9%	$0.00
$18.11	+99.0%	$0.00

When traders use bear put spread on FSM

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

FSM thesis for this bear put spread

The market-implied 1-standard-deviation range for FSM extends from approximately $7.66 on the downside to $10.54 on the upside. A FSM bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on FSM, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current FSM IV rank near 43.61% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on FSM should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, FSM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FSM-specific events.

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

Frequently asked questions

What is a bear put spread on FSM?: A bear put spread on FSM is the bear put spread strategy applied to FSM (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 FSM stock at $9.10 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed FSM chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FSM 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 FSM bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 55.30%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FSM bear put spread?: The breakeven for the FSM bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 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 FSM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.85%; 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 FSM?: Bear put spreads on FSM reduce the cost of a bearish FSM 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 FSM implied volatility affect this bear put spread?: FSM ATM IV is at 55.30% with IV rank near 43.61%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.