Quantcha now offering unlimited commission-free options trading. Quantchabot has detected a promising Covered Put trade opportunity for BIT MINING LTD (BTCM) for the 20-Aug-2021 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine. BTCM was recently trading at $4.41 and has an implied volatility of 101.21% for this period. Based on an analysis of the options available for BTCM expiring on 20-Aug-2021, there is a 34.14% likelihood that the underlying will close within the analyzed range of $3.31-$4.41 at expiration. In this scenario, the average linear return for the trade would be 13.33%. Big -7.55% Change: After closing the last trading session at $4.77, BIT MINING LTD opened today at $4.77 and has reached a low of $4.38. Trade approach: A movement as big as -7.55% is a significantly bearish indicator, so this trade is designed to be profitable if BTCM maintains its current direction and does not revert back to pricing on the bullish side of $4.41 on 20-Aug-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 BIT MINING LTD closes at or below $5.19 on 20-Aug-2021. Based on our risk-neutral analysis, there is a 71.46% 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.