In accordance with embodiments of the present disclosure, a switch mode power supply may include a transformer, a controller configured to generate a periodic switching signal, a switching transistor coupled between a sense node and the transformer, primarily configured to prevent or permit current flow in the transformer primary winding in accordance with the switching signal, a sense resistor coupled to the switching transistor at a sense node, and a limit circuit configured to obtain a voltage of the sense node at a particular point of the switching period as an indicator of the primary winding current, detect a duration of a demagnetizing interval, and generate a limit signal, based on the sense node voltage and the demagnetizing interval, indicating a power supply output current exceeding a limit threshold.