CFA - Selling a Put

75 a (iv)
a. determine the value at expiration, profit, maximum profit, maximum loss,
breakeven underlying price at expiration, and general shape of the graph of the
strategy of selling puts, and indicate the market outlook
of investors using this strategy.

Maximum loss = X -p

Maximum gain is the premium received

Breakeven point = X - p

Writer of a put requires moderately bullish outlook for the stock underlying the put.