Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for BP (BP) for the 29-Oct-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. BP was recently trading at $29.50 and has an implied volatility of 27.94% for this period. Based on an analysis of the options available for BP expiring on 29-Oct-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $29.50-$31.40 at expiration. In this scenario, the average linear return for the trade would be 51.06%. 52 week high: BP recently reached a new 52-week high at $29.55. BP had traded in the range $14.74-$28.78 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 BP maintains its current direction and does not revert back to pricing on the bearish side of $29.50 on 29-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 bullish strategy, the trade would be profitable if BP closes at or above $29.27 on 29-Oct-2021. Based on our risk-neutral analysis, there is a 54.89% 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.