Interactive Brokers Bull Put Spread: Execution Guide

By Bruno Nalon · October 13, 2026 · 5 min read

Placing a bull put spread at Interactive Brokers takes a few minutes once you know the steps: build both legs as one combo, submit it as a limit order at a net credit, and let IBKR treat it as a single defined-risk position instead of a naked put. This guide walks through each step, plus margin, fees and what happens at expiration. Menus change between versions of TWS and the IBKR apps, so use the names below as a map rather than exact clicks.

How to build the spread in IBKR

Open the option chain for the stock and use IBKR's strategy tools (in TWS, Strategy Builder in the option chain window) to create a vertical spread. Choose the expiration, then sell the higher-strike put and buy the lower-strike put. Both legs go into one combo order.

Before you send anything, read the risk graph IBKR shows for the combo. The flat line on the left is your max risk: the width of the spread minus the credit. The flat line on the right is your max profit: the credit itself. Breakeven is the short strike minus the net credit. If those numbers do not match what your plan or trade alert called for, the strikes or expiration are wrong - and it is far cheaper to catch that here than after a fill.

Which order type to use

Use a combo limit order at a net credit. Because both legs are one order, they fill together or not at all, so you never end up holding just the short put.

A market order on a spread accepts whatever prices are showing, and on thinly traded options that can cost several cents per leg on a trade worth only cents of premium. A limit order caps the worst price you will accept; if the market does not meet it, the order simply does not fill.

Start near the mid-price of the combo. If the order sits unfilled, move the limit a cent or two toward the bid. You can modify a working order without re-entering it.

Day orders expire at the close. If you place an order before work and want it to keep working, use GTC (good till canceled) or GTD (good till date) and set a reminder to review it.

How IBKR calculates margin for a bull put spread

Because the long put caps your loss, IBKR does not margin the spread like a naked put. In a standard Reg T margin account, the requirement is the max loss: the strike width minus the net credit. That is why a $5-wide spread needs far less capital than selling the same put uncovered.

Example: sell the $100 put, buy the $95 put and collect $1.00 ($100). The requirement is $500 of width minus the $100 credit, or $400 per spread - which is also your max risk.

Reg T is the standard margin type. Portfolio Margin uses risk-based calculations and can lower requirements, but it requires an account of more than $100,000, so it rarely applies to small accounts.

Fees and commissions

IBKR charges per contract on each leg, so a two-leg spread pays commission on both legs; there is no extra fee for sending it as a combo. On the IBKR Pro Fixed plan, US options cost about $0.65 per contract with a minimum per order. On the Tiered plan, the base rate is lower but exchange, clearing and regulatory fees are added.

For small accounts placing a few spreads a month, the difference between plans is usually a few dollars. Rates change, so check IBKR's current pricing page before choosing, and remember to count commissions to close as well as to open.

Expiration and assignment

US stock options are American-style, so the short put can be assigned before expiration. It is most likely when the put is deep in the money and has little time value left. If that happens, you buy 100 shares per contract at the short strike while your long put stays open, leaving you with stock plus a protective put. Check your positions daily once the stock is near the short strike.

At expiration, options that finish in the money by $0.01 or more are exercised automatically unless instructed otherwise. If both puts finish in the money, they offset. But if the stock lands between the strikes, only the short put is in the money and you can wake up with 100 shares per contract and no offsetting long - this is pin risk.

The simplest fix is to close the spread in the final week, especially if the short strike is threatened. Paying a few cents to buy it back beats a surprise stock position.

How to close or roll the spread

To close, select the position and choose to close it: IBKR builds a buy-to-close combo for both legs, so you exit as one unit. Closing a credit spread means paying a debit, so your limit is the most you are willing to pay. Start near the mid-price and let it work.

The simplest roll is two steps: close the current spread as a combo, then open a new bull put spread at a later expiration in a separate combo. IBKR can also build both in one multi-leg order, but it is harder to price and easier to misconfigure, so use two combos for your first rolls.

Avoid closing leg by leg. If one side fills and the other does not, you are temporarily holding a naked short put. If a combo will not fill, adjust the limit in small steps instead of splitting the legs.

Executing an EasyTrade signal at IBKR

An alert gives you a ticker, two strikes, an expiration and a credit target. Before you build anything, check that the trade fits your account and risk tolerance - an alert cannot know your account size, your fill or your exit plan.

Enter the stock, select the expiration from the alert, sell the short-strike put and buy the long-strike put. Confirm the credit IBKR shows matches the alert; if it differs by more than a few cents, the market has moved since the alert was sent.

Size the trade to your account. Max risk is the strike width minus the credit, per contract: a $5-wide spread with a $1.00 credit risks $400. EasyTrade suggests keeping each trade under 20% of your capital, so on a $2,000 account that spread is one contract at most - or a pass.

How EasyTrade fits an IBKR workflow

EasyTrade sends defined-risk signals, including bull put spreads, with max profit, max risk and a numbered execution guide you can follow inside Interactive Brokers. It is built for beginners with small accounts and full-time jobs who want to know exactly what to trade without watching tickers all day.

Where it falls short for IBKR users: EasyTrade does not send signals to Interactive Brokers today. You read the signal, build the combo in IBKR and manage fills and expiration yourself. Direct signal sending and automatic closing at 5 days to expiration are available on the Diamond plan for tastytrade accounts.

See a real signal for yourself

Every EasyTrade signal shows the max risk, max profit, EasyScore and a step-by-step execution guide before you trade. Try it free for 30 days - no credit card required.

Try free for 30 days View a sample signal

Frequently asked questions

Can you trade bull put spreads at Interactive Brokers with a small account?

Yes, as long as your account has options approval for spreads. One contract of a $5-wide spread risks $500 minus the credit. Keep each trade under about 20% of your capital and skip trades that do not fit.

Does IBKR charge extra for spread orders?

No extra fee for combo orders. You pay the normal per-contract commission on each leg, so a two-leg spread costs roughly double a single-leg order.

What happens if my short put is assigned early at IBKR?

You buy 100 shares per contract at the short strike while your long put stays open, so you hold stock plus a protective put. Your loss is still capped by the long put; you can sell the shares and the long put, or exercise the long put.

Is the margin for a bull put spread lower than for a naked put?

Yes, substantially. The requirement is the strike width minus the net credit: sell the $100 put, buy the $95 put for $1.00, and the requirement is $400 per spread.

Can EasyTrade send signals straight to my IBKR account?

Not today. With Interactive Brokers, you build and manage each trade yourself using the signal's execution guide. Sending signals straight from the app is available on the Diamond plan for tastytrade accounts.

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Educational content only - not financial advice. Options trading involves significant risk and is not suitable for all investors. Past results do not guarantee future returns.