Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for NEWMARKET (NEU) for the 18-Sep-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. NEU was recently trading at $379.47 and has an implied volatility of 32.70% for this period. Based on an analysis of the options available for NEU expiring on 18-Sep-2020, there is a 34.13% likelihood that the underlying will close within the analyzed range of $336.16-$379.56 at expiration. In this scenario, the average linear return for the trade would be 43.64%. Big -9.01% Change: After closing the last trading session at $417.04, NEWMARKET opened today at $376.70 and has reached a low of $376.70. Trade approach: A movement as big as -9.01% is a significantly bearish indicator, so this trade is designed to be profitable if NEU maintains its current direction and does not revert back to pricing on the bullish side of $379.47 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 NEWMARKET closes at or below $380.50 on 18-Sep-2020. Based on our risk-neutral analysis, there is a 50.81% 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.