Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for CENOVUS ENERGY (CVE) for the 18-Sep-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. CVE was recently trading at $4.97 and has an implied volatility of 66.71% for this period. Based on an analysis of the options available for CVE expiring on 18-Sep-2020, there is a 34.14% likelihood that the underlying will close within the analyzed range of $4.97-$6.27 at expiration. In this scenario, the average linear return for the trade would be 24.92%. Big 7.11% Change: After closing the last trading session at $4.64, CENOVUS ENERGY opened today at $4.79 and has reached a high of $5.08. Trade approach: A movement as big as 7.11% is a significantly bullish indicator, so this trade is designed to be profitable if CVE maintains its current direction and does not revert back to pricing on the bearish side of $4.97 on 18-Sep-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 CENOVUS ENERGY closes at or above $4.80 on 18-Sep-2020. Based on our risk-neutral analysis, there is a 55.98% 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.