Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for PENN NATIONAL GAMING (PENN) for the 31-Jul-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. PENN was recently trading at $35.96 and has an implied volatility of 90.34% for this period. Based on an analysis of the options available for PENN expiring on 31-Jul-2020, there is a 34.14% likelihood that the underlying will close within the analyzed range of $35.96-$41.86 at expiration. In this scenario, the average linear return for the trade would be 77.64%. Big 7.11% Change: After closing the last trading session at $33.57, PENN NATIONAL GAMING opened today at $33.60 and has reached a high of $36.35. Trade approach: A movement as big as 7.11% is a significantly bullish indicator, so this trade is designed to be profitable if PENN maintains its current direction and does not revert back to pricing on the bearish side of $35.96 on 31-Jul-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 PENN NATIONAL GAMING closes at or above $35.84 on 31-Jul-2020. Based on our risk-neutral analysis, there is a 50.88% 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.