One Trader Remains Concerned as a Successful NDX Put Spread Hedge Rolled to May

A trader entered a Feb NDX put spread on Dec 29, 2025: bought 355 Feb 24700 puts at 349.80 and sold 355 Feb 23700 puts at 157.40 for a net debit of 192.40 per contract. The strikes are 1,000 points apart, so maximum payoff per contract is 1,000 - 192.40 = 807.60; total max profit ≈ 355 * 807.60 = 286,698 and maximum loss (premium paid) ≈ 355 * 192.40 = 68,302. Position signals a bearish/downside-focused hedge or directional bet sized at 355 contracts but is unlikely to move broad markets.

Analysis

A trader entered a Feb NDX put spread on Dec 29, 2025: bought 355 Feb 24700 puts at 349.80 and sold 355 Feb 23700 puts at 157.40 for a net debit of 192.40 per contract. The strikes are 1,000 points apart, so maximum payoff per contract is 1,000 - 192.40 = 807.60; total max profit ≈ 355 * 807.60 = 286,698 and maximum loss (premium paid) ≈ 355 * 192.40 = 68,302. Position signals a bearish/downside-focused hedge or directional bet sized at 355 contracts but is unlikely to move broad markets.