How to place a put order on Robinhood
To buy a put on Robinhood, open the app, search for the stock or ETF you want to trade options on, tap the Options button, select Put, choose your strike price and expiration date, enter the number of contracts, and review the order before submitting it. The entire process takes about two minutes once you have options trading turned on in your account.
Robinhood requires you to have options trading enabled before you can place any options order. If you have not done this yet, go to your Account settings, select Investing, then Options Trading, and choose the level of access you want. Robinhood offers three levels: Level 1 allows covered calls and cash-secured puts; Level 2 adds spreads; Level 3 adds long calls and puts without collateral requirements.
Once options trading is enabled, the Options button appears on every stock and ETF detail page. Tapping it shows you the options chain — a table of all available puts and calls for that security, organized by strike price and expiration date.
Key Takeaways
- You must enable options trading in your Account settings before you can buy any put, and Robinhood offers three levels of access depending on your account type and experience.
- The options chain shows every available put for a stock, organized by strike price and expiration date, and you select the specific contract you want to buy.
- Robinhood displays the bid-ask spread, last price, and Greeks (delta, gamma, theta, vega) for each put so you can see what you are paying and how the contract behaves.
- Your put order goes into the market as a limit order by default, meaning it only fills if the price drops to your bid or lower, and you can change it to a market order if you want when ready execution.
- Puts require cash or buying power in your account equal to the strike price times 100, minus the premium you receive from selling the put, so a $50 put costs roughly $5,000 in collateral.
Understanding the options chain and selecting a contract
When you tap Options on a stock detail page, Robinhood shows you the options chain for that security. The chain is a grid where each row is a different strike price, and columns show the put and call for that strike at a single expiration date. At the top of the screen, you choose which expiration date to view — Robinhood typically shows expirations from the next trading day out to several months.
Each put in the chain displays the bid price (what buyers are offering), the ask price (what sellers are asking), the last price (the most recent trade), and the Greeks. The bid-ask spread is the gap between these two prices — a narrow spread means the put is liquid and straightforward to trade, while a wide spread means fewer traders are interested. Robinhood also shows implied volatility, which tells you how much the market expects the stock to move before expiration.
To buy a put, tap the put row for the strike price and expiration date you want. This opens a detail screen showing the bid, ask, last price, and Greeks in larger text. Below that is a slider or input field where you enter the number of contracts. One contract represents the right to sell 100 shares, so if you enter 5, you are buying the right to sell 500 shares at that strike price.
Placing your order and understanding order types
After you select the number of contracts, Robinhood shows you the estimated cost and asks you to choose between a limit order and a market order. A limit order sets a maximum price you are willing to pay — Robinhood defaults to the current bid price, but you can change it. Your order sits in the market until someone sells at your price or lower, or until you cancel it. A market order fills when ready at the current ask price, which is usually higher than the bid.
For most traders, a limit order is safer because you control the price. If you set your limit at the current bid and no one sells at that price, your order does not fill — but you do not overpay. A market order guarantees a fill but may cost you more, especially if the bid-ask spread is wide or the stock is moving fast.
Once you choose your order type and price, Robinhood shows a summary: the strike price, expiration date, number of contracts, order type, and estimated total cost. Review this carefully — the cost shown is the premium you pay upfront, not the full collateral requirement. Tap Confirm to send the order to the market.
Collateral requirements and cash management
Buying a put requires cash or buying power in your account. The amount depends on the strike price and whether you are using margin. For a cash account, Robinhood reserves the strike price times 100 minus the premium you paid. For example, if you buy a $50 put and pay $2 per contract, Robinhood holds roughly $4,800 in collateral ($5,000 strike minus $200 premium).
If you have margin enabled, the collateral requirement is lower — typically 20% of the strike price times 100. The exact amount varies based on the stock and market conditions. You can see your available buying power in your Account tab; Robinhood updates this in real time as your orders fill.
If your account does not have enough cash or buying power, your order will be rejected. You can deposit more cash, close other positions to free up buying power, or reduce the number of contracts you are trying to buy.
Monitoring your put position after purchase
Once your put order fills, it appears in your Positions tab. Robinhood shows the strike price, expiration date, number of contracts, your entry price (the premium you paid), the current price of the put, and your unrealized gain or loss. The Greeks update throughout the day so you can see how the put is behaving as the stock price and time change.
As expiration approaches, the put loses time value — this is reflected in theta, which shows how much the put loses per day. If the stock price stays above your strike, the put expires worthless and you lose the premium you paid. If the stock price falls below your strike, the put gains intrinsic value and you can sell it for a profit or exercise it to sell the shares.
You can close your position at any time by tapping the put in your Positions tab and selecting Sell. This sells the put back to the market at the current bid price. You do not have to hold it until expiration.
Common mistakes when buying puts on Robinhood
One frequent error is forgetting to enable options trading before trying to place an order. If the Options button does not appear on a stock detail page, check your Account settings to confirm options trading is turned on and that you have the right level of access for the type of put you want to buy.
Another mistake is misunderstanding collateral. Many traders think they only need the premium amount in their account, but Robinhood holds the strike price as collateral. If you do not have enough buying power, your order will be rejected — you cannot place an order and hope it fills before the collateral check.
A third error is placing a limit order too far below the current bid and then forgetting about it. If the stock rallies and never comes back down to your price, your order never fills and you miss the trade. Set realistic limit prices or use a market order if you want to may support execution.
Finally, some traders buy puts on illiquid stocks or far-out-of-the-money strikes where the bid-ask spread is very wide. This makes it hard to fill your order at a good price and hard to close the position later. Stick to liquid stocks and strikes closer to the current price if you are new to options.
Differences between buying puts and other options strategies on Robinhood
Buying a put is a directional bet that the stock will fall. You pay a premium upfront, and your maximum loss is that premium. Your profit is unlimited as the stock falls — the lower it goes, the more your put is worth. This is different from selling a put, where you collect the premium upfront but risk being forced to buy the stock if it falls below your strike.
A put spread combines a long put and a short put at different strikes. This reduces your cost and risk but also caps your profit. Spreads require Level 2 options access on Robinhood. A protective put is a put you buy on a stock you already own — it acts like insurance, protecting you if the stock falls but letting you keep the gains if it rises.
Robinhood also offers covered calls (Level 1), where you sell a call on stock you own, and long calls (Level 3), where you buy a call betting the stock will rise. Each strategy has different collateral requirements, risk profiles, and profit potential. The options chain shows all available strategies for any stock, and you can compare them before deciding which one fits your outlook.
Frequently Asked Questions
What happens if my put expires in the money?
If your put is in the money at expiration (the stock price is below your strike), Robinhood automatically exercises it and sells 100 shares per contract at your strike price. You must have the shares in your account or enough buying power to cover the purchase. If you do not want to own the shares, close your put position before expiration by selling it back to the market.
Can I buy puts on any stock on Robinhood?
No. Robinhood only offers options on stocks and ETFs that have listed options contracts. Most large-cap stocks have options, but many small-cap and penny stocks do not. If the Options button does not appear on a stock detail page, options are not available for that security.
What is the minimum amount I need to buy a put on Robinhood?
There is no account minimum, but you need enough cash or buying power to cover the collateral requirement for the put you want to buy. A single put contract on a $50 stock costs roughly $5,000 in collateral (the strike price times 100), minus the premium you receive. You can buy fractional shares on Robinhood, but options are always sold in whole contracts of 100 shares.
How long does it take for a put order to fill on Robinhood?
A market order fills when ready at the current ask price. A limit order fills when the market price drops to your bid or lower, which may take seconds, hours, days, or never. Robinhood shows your order status in real time — if it has not filled by the end of the trading day, it carries over to the next day unless you cancel it.
Can I sell a put I bought before expiration?
Yes. You can close any put position by selling it back to the market at any time during market hours. Tap the put in your Positions tab and select Sell. Robinhood shows the current bid price, and your order fills at that price or better if you use a limit order. This locks in your profit or loss without waiting for expiration.