52-Week High Alert: Trading today’s movement in NETAPP $NTAP

Quantchabot has detected a new Bull Call Spread trade opportunity for NETAPP (NTAP) for the 23-Aug-2024 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine.

NTAP was recently trading at $131.70 and has an implied volatility of 25.20% for this period. Based on an analysis of the options available for NTAP expiring on 23-Aug-2024, there is a 34.17% likelihood that the underlying will close within the analyzed range of $132.63-$145.00 at expiration. In this scenario, the average linear return for the trade would be 10.13%.

52 week high: NETAPP recently reached a new 52-week high at $131.97. NTAP had traded in the range $70.82-$131.02 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 NTAP maintains its current direction and does not revert back to pricing on the bearish side of $131.70 on 23-Aug-2024. 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 NETAPP closes at or above $132.30 on 23-Aug-2024. Based on our risk-neutral analysis, there is a 51.11% 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.






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