Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for SLEEP NUMBER CORP (SNBR) for the 17-Sep-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. SNBR was recently trading at $97.87 and has an implied volatility of 49.05% for this period. Based on an analysis of the options available for SNBR expiring on 17-Sep-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $80.45-$97.88 at expiration. In this scenario, the average linear return for the trade would be 45.25%. Big -12.80% Change: After closing the last trading session at $112.24, SLEEP NUMBER CORP opened today at $97.90 and has reached a low of $93.35. Trade approach: A movement as big as -12.80% is a significantly bearish indicator, so this trade is designed to be profitable if SNBR maintains its current direction and does not revert back to pricing on the bullish side of $97.87 on 17-Sep-2021. 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 SLEEP NUMBER CORP closes at or below $98.30 on 17-Sep-2021. Based on our risk-neutral analysis, there is a 50.86% 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.