Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for PHILLIPS 66 (PSX) for the 24-Apr-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. PSX was recently trading at $62.80 and has an implied volatility of 64.91% for this period. Based on an analysis of the options available for PSX expiring on 24-Apr-2020, there is a 34.14% likelihood that the underlying will close within the analyzed range of $62.83-$72.06 at expiration. In this scenario, the average linear return for the trade would be 43.56%. Big 7.12% Change: After closing the last trading session at $58.63, PHILLIPS 66 opened today at $59.62 and has reached a high of $63.23. Trade approach: A movement as big as 7.12% is a significantly bullish indicator, so this trade is designed to be profitable if PSX maintains its current direction and does not revert back to pricing on the bearish side of $62.80 on 24-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 bullish strategy, the trade would be profitable if PHILLIPS 66 closes at or above $62.65 on 24-Apr-2020. Based on our risk-neutral analysis, there is a 50.84% 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.