Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Covered Put trade opportunity for SHOPIFY INC (SHOP) for the 23-Oct-2020 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. SHOP was recently trading at $921.47 and has an implied volatility of 75.92% for this period. Based on an analysis of the options available for SHOP expiring on 23-Oct-2020, there is a 34.14% likelihood that the underlying will close within the analyzed range of $697.12-$921.66 at expiration. In this scenario, the average linear return for the trade would be 234.08%. Big -9.28% Change: After closing the last trading session at $1,015.70, SHOPIFY INC opened today at $996.19 and has reached a low of $896.48. Trade approach: A movement as big as -9.28% is a significantly bearish indicator, so this trade is designed to be profitable if SHOP maintains its current direction and does not revert back to pricing on the bullish side of $921.47 on 23-Oct-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 SHOPIFY INC closes at or below $1,378.55 on 23-Oct-2020. Based on our risk-neutral analysis, there is a 92.53% 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.