Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for CANON (CAJ) for the 18-Sep-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. CAJ was recently trading at $17.41 and has an implied volatility of 31.87% for this period. Based on an analysis of the options available for CAJ expiring on 18-Sep-2020, there is a 34.13% likelihood that the underlying will close within the analyzed range of $15.45-$17.41 at expiration. In this scenario, the average linear return for the trade would be 19.05%. 52 week low: CANON recently reached a new 52-week low at $17.25. CAJ had traded in the range $18.69-$28.41 over the past year. Trade approach: Reaching a new 52-week low is a bearish indicator, so this trade is designed to be profitable if CAJ maintains its current direction and does not revert back to pricing on the bullish side of $17.41 on 18-Sep-2020. If possible, the trade has been padded such that slight movement against the trade would still return a profit. Upside potential: Using this bearish strategy, the trade would be profitable if CANON closes at or below $17.90 on 18-Sep-2020. Based on our risk-neutral analysis, there is a 59.11% 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.