Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for ADVANCE AUTO PARTS (AAP) for the 21-May-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. AAP was recently trading at $183.30 and has an implied volatility of 35.34% for this period. Based on an analysis of the options available for AAP expiring on 21-May-2021, there is a 34.13% likelihood that the underlying will close within the analyzed range of $183.34-$212.40 at expiration. In this scenario, the average linear return for the trade would be 34.16%. 52 week high: ADVANCE AUTO PARTS recently reached a new 52-week high at $185.48. AAP had traded in the range $71.33-$183.09 over the past year. Trade approach: Reaching a new 52-week high is a bullish indicator, so this trade is designed to be profitable if AAP maintains its current direction and does not revert back to pricing on the bearish side of $183.30 on 21-May-2021. If possible, the trade has been padded such that slight movement against the trade would still return a profit. Upside potential: Using this bullish strategy, the trade would be profitable if ADVANCE AUTO PARTS closes at or above $182.90 on 21-May-2021. Based on our risk-neutral analysis, there is a 50.64% likelihood of this return. Downside risk: As with any options trade, there is a substantial downside risk where you may lose most or all of your investment. To analyze this trade in depth, please visit the Quantcha Options Search Engine.