Boeing (NYSE: BA) continued to underperform the broader market, closing Tuesday near its session low in a bearish-looking pattern. If the decline continues, traders may consider put spreads, though the outcome will depend on how far and how quickly the shares move before expiration.
Boeing shares remain under pressure
As of October 14, 2026, Boeing was still lagging the overall market. Shares ended Tuesday close to the day’s low, with buyers unable to drive a meaningful rebound. For options traders, that kind of price action can prompt a reassessment of downside protection or bearish positions.
One structure under consideration is a bear put spread, a debit strategy that requires an upfront options premium. It involves buying a put at a higher strike and selling another put at a lower strike with the same expiration. The short put helps reduce the cost of the position compared with buying a put outright, while also capping the potential gain.
The $180 and $175 strikes define the trade
The Boeing spread uses a $180 put as the long leg and a $175 put as the short leg, both expiring on December 18, 2026. With each options contract covering 100 shares, the cost to open the spread is about $190.
The maximum potential gain is about $310 if Boeing shares fall to the lower strike or below by expiration. Reaching that cap would require the stock to decline about 5% from its current level by December 18. The trade therefore depends not only on the direction of the move, but also on its size and timing.
Breakeven is $178.10
The spread’s breakeven price is $178.10, calculated by subtracting the $1.90 per-share premium from the higher, $180 strike. An earlier decline could allow the spread to show a profit before expiration even while shares remain above the expiration breakeven price. The result would also be affected by time remaining, implied volatility and the bid-ask spread.
If Boeing is above $180 at expiration, neither put will have intrinsic value and the spread will expire worthless, leaving the trader with a loss equal to the initial premium. As the stock approaches or falls below $175, the spread moves closer to its capped maximum gain. The actual profit or loss depends on the entry price, Boeing’s share price at expiration and the options’ market quotes.