Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for STRYKER (SYK) for the 17-Apr-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. SYK was recently trading at $153.03 and has an implied volatility of 67.32% for this period. Based on an analysis of the options available for SYK expiring on 17-Apr-2020, there is a 34.14% likelihood that the underlying will close within the analyzed range of $133.08-$153.10 at expiration. In this scenario, the average linear return for the trade would be 57.70%. Big -8.08% Change: After closing the last trading session at $166.49, STRYKER opened today at $153.50 and has reached a low of $151.01. Trade approach: A movement as big as -8.08% is a significantly bearish indicator, so this trade is designed to be profitable if SYK maintains its current direction and does not revert back to pricing on the bullish side of $153.03 on 17-Apr-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 STRYKER closes at or below $153.95 on 17-Apr-2020. Based on our risk-neutral analysis, there is a 51.58% 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.