When implementing a credit spread trade the premium that you paid is less than the premium of the sold option, thus producing a net credit. If the price of the stock stays above or below the short anchor strike before expiration, depending on your strategy, then you get to keep the premium. That's how credit spreads make money.  Maximum Profit = Premium Received Maximum Loss =  Width of Strikes - Premium Received For the example trade above, the max profit is $0.30 ($30). The max loss is $1.70 ($170). A put credit spread would be a complete losing trade if, at expiration, both legs of the spread expired in-the-money. If DOW stays above $48 at expiration (the strike price of the short put) then the spread will be a full winner.