Quantchabot has detected a new Bear Call Spread trade opportunity for ICON (ICLR) for the 20-Feb-2026 expiration period. You can analyze the opportunity in depth over at the Quantcha Options Search Engine.
ICLR was recently trading at $150.59 and has an implied volatility of 67.91% for this period. Based on an analysis of the options available for ICLR expiring on 20-Feb-2026, there is a 34.30% likelihood that the underlying will close within the analyzed range of $131.08-$150.83 at expiration. In this scenario, the average linear return for the trade would be 40.34%.
Big -7.68% Change: After closing the last trading session at $163.11, ICON opened today at $162.62 and has reached a low of $150.26.
Trade approach: A movement as big as -7.68% is a significantly bearish indicator, so this trade is designed to be profitable if ICLR maintains its current direction and does not revert back to pricing on the bullish side of $150.59 on 20-Feb-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 ICON closes at or below $151.90 on 20-Feb-2026. Based on our risk-neutral analysis, there is a 52.02% 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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