Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for FIRST REPUBLIC BANK (SAN (FRC) for the 18-Jun-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. FRC was recently trading at $195.73 and has an implied volatility of 22.08% for this period. Based on an analysis of the options available for FRC expiring on 18-Jun-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $195.73-$203.13 at expiration. In this scenario, the average linear return for the trade would be 42.86%. 52 week high: FIRST REPUBLIC BANK (SAN recently reached a new 52-week high at $195.75. FRC had traded in the range $100.38-$195.38 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 FRC maintains its current direction and does not revert back to pricing on the bearish side of $195.73 on 18-Jun-2021. 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 FIRST REPUBLIC BANK (SAN closes at or above $193.50 on 18-Jun-2021. Based on our risk-neutral analysis, there is a 62.16% 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.