Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for TOTAL SA (TOT) for the 20-Mar-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. TOT was recently trading at $47.74 and has an implied volatility of 19.48% for this period. Based on an analysis of the options available for TOT expiring on 20-Mar-2020, there is a 34.14% likelihood that the underlying will close within the analyzed range of $45.28-$47.80 at expiration. In this scenario, the average linear return for the trade would be 45.75%. 52 week low: TOTAL SA recently reached a new 52-week low at $47.66. TOT had traded in the range $47.70-$58.82 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 TOT maintains its current direction and does not revert back to pricing on the bullish side of $47.74 on 20-Mar-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 TOTAL SA closes at or below $48.30 on 20-Mar-2020. Based on our risk-neutral analysis, there is a 57.60% 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.