How are TIGO 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 TIGO bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 44.90%), the computed maximum profit is $210.00 per contract and the computed maximum loss is -$290.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TIGO bear put spread?

The breakeven for the TIGO bear put spread priced on this page is roughly $77.10 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 TIGO market-implied 1-standard-deviation expected move is approximately 12.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

TIGO ATM IV is at 44.90% with IV rank near 29.33%, 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.

TIGO Bear Put Spread Strategy

TIGO (Millicom International Cellular S.A.), in the Communication Services sector, (Telecommunications Services industry), listed on NASDAQ.

Millicom International Cellular S.A. provides cable and mobile services in Latin America and Africa. The company offers mobile services, including mobile data and voice; short message service; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance. It also provides cable and other fixed services, including broadband, content, fixed voice, and pay-TV to residential consumers; and fixed, managed services, cloud and security solutions, and value-added services to small, medium, and large businesses, as well as governmental entities. As of December 31, 2021, the company served 44.9 million mobile customers; and 12.7 million cable homes. It markets its products and services under Tigo and Tigo Business brands. The company was founded in 1990 and is headquartered in Luxembourg.

TIGO (Millicom International Cellular S.A.) trades in the Communication Services sector, specifically Telecommunications Services, with a market capitalization of approximately $13.74B, a trailing P/E of 11.13, a beta of 0.88 versus the broader market, a 52-week range of 34.91-85.26, average daily share volume of 1.4M, a public-listing history dating back to 2019, approximately 14K full-time employees. These structural characteristics shape how TIGO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.88 places TIGO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 11.13 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. TIGO 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 TIGO?

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 TIGO snapshot

As of May 15, 2026, spot at $79.41, ATM IV 44.90%, IV rank 29.33%, expected move 12.87%. The bear put spread on TIGO 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 126-day expiry.

Why this bear put spread structure on TIGO specifically: TIGO IV at 44.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a TIGO bear put spread, with a market-implied 1-standard-deviation move of approximately 12.87% (roughly $10.22 on the underlying). The 126-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TIGO expiries trade a higher absolute premium for lower per-day decay. Position sizing on TIGO should anchor to the underlying notional of $79.41 per share and to the trader's directional view on TIGO stock.

TIGO bear put spread setup

The TIGO 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 TIGO near $79.41, the first option leg uses a $80.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TIGO chain at a 126-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 TIGO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$80.00	$8.80
Sell 1	Put	$75.00	$5.90

TIGO bear put spread risk and reward

Net Premium / Debit: -$290.00
Max Profit (per contract): $210.00
Max Loss (per contract): -$290.00
Breakeven(s): $77.10
Risk / Reward Ratio: 0.724

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.

TIGO bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on TIGO. 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%	+$210.00
$17.57	-77.9%	+$210.00
$35.12	-55.8%	+$210.00
$52.68	-33.7%	+$210.00
$70.24	-11.6%	+$210.00
$87.79	+10.6%	-$290.00
$105.35	+32.7%	-$290.00
$122.91	+54.8%	-$290.00
$140.47	+76.9%	-$290.00
$158.02	+99.0%	-$290.00

When traders use bear put spread on TIGO

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

TIGO thesis for this bear put spread

The market-implied 1-standard-deviation range for TIGO extends from approximately $69.19 on the downside to $89.63 on the upside. A TIGO bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on TIGO, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TIGO IV rank near 29.33% 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 TIGO at 44.90%. As a Communication Services name, TIGO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TIGO-specific events.

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

Frequently asked questions

What is a bear put spread on TIGO?: A bear put spread on TIGO is the bear put spread strategy applied to TIGO (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 TIGO stock trading near $79.41, the strikes shown on this page are snapped to the nearest listed TIGO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TIGO 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 TIGO bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 44.90%), the computed maximum profit is $210.00 per contract and the computed maximum loss is -$290.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TIGO bear put spread?: The breakeven for the TIGO bear put spread priced on this page is roughly $77.10 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 TIGO market-implied 1-standard-deviation expected move is approximately 12.87%; 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 TIGO?: Bear put spreads on TIGO reduce the cost of a bearish TIGO 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 TIGO implied volatility affect this bear put spread?: TIGO ATM IV is at 44.90% with IV rank near 29.33%, 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.