Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for CHEWY INC (CHWY) for the 26-Mar-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. CHWY was recently trading at $116.37 and has an implied volatility of 65.82% for this period. Based on an analysis of the options available for CHWY expiring on 26-Mar-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $116.38-$145.62 at expiration. In this scenario, the average linear return for the trade would be 65.64%. 52 week high: CHEWY INC recently reached a new 52-week high at $117.55. CHWY had traded in the range $20.62-$115.27 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 CHWY maintains its current direction and does not revert back to pricing on the bearish side of $116.37 on 26-Mar-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 CHEWY INC closes at or above $115.70 on 26-Mar-2021. Based on our risk-neutral analysis, there is a 51.05% 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.