Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for CLEVELAND-CLIFFS INC (CLF) for the 22-Oct-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. CLF was recently trading at $20.10 and has an implied volatility of 72.72% for this period. Based on an analysis of the options available for CLF expiring on 22-Oct-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $16.18-$20.10 at expiration. In this scenario, the average linear return for the trade would be 55.29%. Big -8.07% Change: After closing the last trading session at $21.86, CLEVELAND-CLIFFS INC opened today at $20.00 and has reached a low of $19.71. Trade approach: A movement as big as -8.07% is a significantly bearish indicator, so this trade is designed to be profitable if CLF maintains its current direction and does not revert back to pricing on the bullish side of $20.10 on 22-Oct-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 CLEVELAND-CLIFFS INC closes at or below $20.17 on 22-Oct-2021. Based on our risk-neutral analysis, there is a 50.66% 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.