CFA - Buying a Put

a. determine the value at expiration, profit, maximum profit, maximum loss,
breakeven underlying price at expiration, and general shape of the graph of the
strategies of buying puts, and indicate the market outlook
of investors using these strategies;

Maximum loss limited to the premium paid.

The maximum gain that it can produce is the exercise price (less the premium paid) as the stock price cannot fall below zero.

Breakeven point = X - p

Buyer of a put (naked put) requires a bearish outlook on the stock underlying the put.