Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Bear Put Spread trade opportunity for SCHNITZER STEEL (SCHN) for the 17-Sep-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. SCHN was recently trading at $47.01 and has an implied volatility of 48.30% for this period. Based on an analysis of the options available for SCHN expiring on 17-Sep-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $38.63-$47.01 at expiration. In this scenario, the average linear return for the trade would be 41.33%. Big -8.19% Change: After closing the last trading session at $51.20, SCHNITZER STEEL opened today at $49.73 and has reached a low of $46.55. Trade approach: A movement as big as -8.19% is a significantly bearish indicator, so this trade is designed to be profitable if SCHN maintains its current direction and does not revert back to pricing on the bullish side of $47.01 on 17-Sep-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 SCHNITZER STEEL closes at or below $48.10 on 17-Sep-2021. Based on our risk-neutral analysis, there is a 54.64% 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.