Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for PROGRESSIVE (PGR) for the 18-Sep-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. PGR was recently trading at $87.12 and has an implied volatility of 31.62% for this period. Based on an analysis of the options available for PGR expiring on 18-Sep-2020, there is a 34.13% likelihood that the underlying will close within the analyzed range of $87.15-$99.52 at expiration. In this scenario, the average linear return for the trade would be 30.61%. 52 week high: PROGRESSIVE recently reached a new 52-week high at $87.59. PGR had traded in the range $62.18-$84.96 over the past year. Trade approach: Reaching a new 52-week high is a bullish indicator, so this trade is designed to be profitable if PGR maintains its current direction and does not revert back to pricing on the bearish side of $87.12 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 bullish strategy, the trade would be profitable if PROGRESSIVE closes at or above $86.75 on 18-Sep-2020. Based on our risk-neutral analysis, there is a 51.37% 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.