Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bull Put Spread trade opportunity for EXTRA SPACE STORAGE (EXR) for the 16-Jul-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. EXR was recently trading at $159.15 and has an implied volatility of 18.71% for this period. Based on an analysis of the options available for EXR expiring on 16-Jul-2021, there is a 34.13% likelihood that the underlying will close within the analyzed range of $158.16-$167.90 at expiration. In this scenario, the average linear return for the trade would be 38.78%. 52 week high: EXTRA SPACE STORAGE recently reached a new 52-week high at $159.54. EXR had traded in the range $88.88-$154.99 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 EXR maintains its current direction and does not revert back to pricing on the bearish side of $159.15 on 16-Jul-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 EXTRA SPACE STORAGE closes at or above $157.05 on 16-Jul-2021. Based on our risk-neutral analysis, there is a 54.70% 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.