INTU Bear Put Spread Strategy
INTU (Intuit Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Intuit Inc. provides financial management, payments and capital, compliance, and marketing products and services in the United States. The company operates in four segments: Global Business Solutions, Consumer, Credit Karma, and ProTax. The Global Business Solutions segment provides QuickBooks services, which include financial and business management online services, desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, checking accounts, and financing services for small and mid-market businesses; and Mailchimp, a marketing automation and customer relationship management. This segment also offers QuickBooks online services and desktop software solutions comprising QuickBooks Online, QuickBooks Live, QuickBooks Online Advanced, QuickBooks Self-Employed, QuickBooks Solopreneur financial and business management offerings, QuickBooks Online Payroll, QuickBooks Checking, QuickBooks Desktop software subscriptions, and QuickBooks Assisted Payroll. The Consumer segment provides do-it-yourself and assisted TurboTax income tax preparation products and services. The Credit Karma segment offers consumers with a personal finance platform that provides recommendations for credit card, home, auto, and personal loan, and insurance products; online savings and checking accounts; and access to its credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, and tools.
INTU (Intuit Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $73.23B, a trailing P/E of 16.12, a beta of 0.96 versus the broader market, a 52-week range of 252.84-813.7, average daily share volume of 4.9M, a public-listing history dating back to 1993, approximately 18K full-time employees. These structural characteristics shape how INTU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.96 places INTU roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. INTU pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bear put spread on INTU?
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.
Current INTU snapshot
As of June 29, 2026, spot at $265.94, ATM IV 53.71%, IV rank 70.44%, expected move 15.40%. The bear put spread on INTU below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 32-day expiry.
Why this bear put spread structure on INTU specifically: INTU IV at 53.71% is rich versus its 1-year range, which makes a premium-buying INTU bear put spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 15.40% (roughly $40.95 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated INTU expiries trade a higher absolute premium for lower per-day decay. Position sizing on INTU should anchor to the underlying notional of $265.94 per share and to the trader's directional view on INTU stock.
INTU bear put spread setup
The INTU bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With INTU near $265.94, the first option leg uses a $265.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INTU chain at a 32-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 INTU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $265.00 | $15.90 |
| Sell 1 | Put | $255.00 | $11.10 |
INTU bear put spread risk and reward
- Net Premium / Debit
- -$480.00
- Max Profit (per contract)
- $520.00
- Max Loss (per contract)
- -$480.00
- Breakeven(s)
- $260.20
- Risk / Reward Ratio
- 1.083
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.
INTU bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on INTU. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$520.00 |
| $58.81 | -77.9% | +$520.00 |
| $117.61 | -55.8% | +$520.00 |
| $176.41 | -33.7% | +$520.00 |
| $235.21 | -11.6% | +$520.00 |
| $294.01 | +10.6% | -$480.00 |
| $352.81 | +32.7% | -$480.00 |
| $411.61 | +54.8% | -$480.00 |
| $470.41 | +76.9% | -$480.00 |
| $529.21 | +99.0% | -$480.00 |
When traders use bear put spread on INTU
Bear put spreads on INTU reduce the cost of a bearish INTU stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
INTU thesis for this bear put spread
The market-implied 1-standard-deviation range for INTU extends from approximately $224.99 on the downside to $306.89 on the upside. A INTU bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on INTU, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current INTU IV rank near 70.44% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on INTU at 53.71%. As a Technology name, INTU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INTU-specific events.
INTU 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. INTU positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INTU alongside the broader basket even when INTU-specific fundamentals are unchanged. Long-premium structures like a bear put spread on INTU 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 INTU chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on INTU?
- A bear put spread on INTU is the bear put spread strategy applied to INTU (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 INTU stock trading near $265.94, the strikes shown on this page are snapped to the nearest listed INTU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INTU 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 INTU bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 53.71%), the computed maximum profit is $520.00 per contract and the computed maximum loss is -$480.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a INTU bear put spread?
- The breakeven for the INTU bear put spread priced on this page is roughly $260.20 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current INTU market-implied 1-standard-deviation expected move is approximately 15.40%; 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 INTU?
- Bear put spreads on INTU reduce the cost of a bearish INTU 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 INTU implied volatility affect this bear put spread?
- INTU ATM IV is at 53.71% with IV rank near 70.44%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.