Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Covered Put trade opportunity for CALIFORNIA RESOURCES CORP (CRC) for the 17-Apr-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. CRC was recently trading at $2.45 and has an implied volatility of 122.83% for this period. Based on an analysis of the options available for CRC expiring on 17-Apr-2020, there is a 34.14% likelihood that the underlying will close within the analyzed range of $1.36-$2.45 at expiration. In this scenario, the average linear return for the trade would be 136.84%. 52 week low: CALIFORNIA RESOURCES CORP recently reached a new 52-week low at $2.33. CRC had traded in the range $2.45-$30.18 over the past year. Trade approach: Reaching a new 52-week low is a bearish indicator, so this trade is designed to be profitable if CRC maintains its current direction and does not revert back to pricing on the bullish side of $2.45 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 CALIFORNIA RESOURCES CORP closes at or below $3.39 on 17-Apr-2020. Based on our risk-neutral analysis, there is a 70.92% 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.