Quantchabot has detected a new Bear Call Spread trade opportunity for PROGRESSIVE (PGR) for the 23-Jan-2026 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine.
PGR was recently trading at $203.59 and has an implied volatility of 22.85% for this period. Based on an analysis of the options available for PGR expiring on 23-Jan-2026, there is a 34.86% likelihood that the underlying will close within the analyzed range of $199.03-$203.67 at expiration. In this scenario, the average linear return for the trade would be 18.46%.
52 week low: PROGRESSIVE recently reached a new 52-week low at $198.50. PGR had traded in the range $199.90-$292.99 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 PGR maintains its current direction and does not revert back to pricing on the bullish side of $203.59 on 23-Jan-2026. 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 PROGRESSIVE closes at or below $205.50 on 23-Jan-2026. Based on our risk-neutral analysis, there is a 65.59% 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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