Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for NIKOLA CORP (NKLA) for the 30-Apr-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. NKLA was recently trading at $9.65 and has an implied volatility of 106.72% for this period. Based on an analysis of the options available for NKLA expiring on 30-Apr-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $8.07-$9.65 at expiration. In this scenario, the average linear return for the trade would be 63.72%. 52 week low: NIKOLA CORP recently reached a new 52-week low at $9.58. NKLA had traded in the range $10.37-$93.99 over the past year. Trade approach: Reaching a new 52-week low is a bearish indicator, so this trade is designed to be profitable if NKLA maintains its current direction and does not revert back to pricing on the bullish side of $9.65 on 30-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 bearish strategy, the trade would be profitable if NIKOLA CORP closes at or below $9.67 on 30-Apr-2021. Based on our risk-neutral analysis, there is a 50.45% 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.