Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for FREEPORT-MCMORAN INC (FCX) for the 16-Apr-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. FCX was recently trading at $31.67 and has an implied volatility of 60.96% for this period. Based on an analysis of the options available for FCX expiring on 16-Apr-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $31.68-$41.00 at expiration. In this scenario, the average linear return for the trade would be 80.45%. 52 week high: FREEPORT-MCMORAN INC recently reached a new 52-week high at $33.97. FCX had traded in the range $4.82-$32.49 over the past year. Trade approach: Reaching a new 52-week high is a bullish indicator, so this trade is designed to be profitable if FCX maintains its current direction and does not revert back to pricing on the bearish side of $31.67 on 16-Apr-2021. 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 FREEPORT-MCMORAN INC closes at or above $31.59 on 16-Apr-2021. Based on our risk-neutral analysis, there is a 50.42% 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.