ENPH Bull Put Spread is Attractively Offered at $2.10; Theoretical Value $2.02

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This ENPH Credit Put Spread Targets 72% Return in 6 Days

Bullish play with a target stock price of $113 or above

Strategy has +72% upside potential and 4% overvalued

Buy108 Put
Sell113 Put

Enphase Energy has increased by +5.8% today to $112.97. The above option strategy is a bullish play that shows a theoretical 62% win rate, based on ENPH's historical stock price behavior.

Option Profit Calculator for ENPH Put Spread at 19-Jul-24 Expiration

If ENPH stock price at expiration is at or above $113.00, this spread has a 72% upside potential

The optimal stock price for this option strategy is to close at or above $113.00 on the expiration date, July 19, 2024. In that scenario, both puts would expire worthless, allowing you to keep the entire $2.10 you received when selling the spread. That corresponds to a potential +72% return on the amount at risk with 6 days left until expiration.

The maximum gain will be realized if the stock price is at or above 113.00. The maximum gain is $2.10

The breakeven point is at 110.90, which is 1.7% below the current spot price.

The maximum loss will occur when the stock price is at or below 108. The max loss is $2.90.

ENPH Spread Current Market Price vs. Historical Average

ENPH Put Spread is trading at a 4% premium to historical average.

Using historical data to measure how a similar spread in ENPH was priced in the market, the 4-year average value was 2.02, with a high mark of 2.38 and a low of 1.48.

Currently, this vertical put spread is bid at 2.10 and offered at 2.45. The midpoint of the spread is 2.27.

If we use 2.02 as our historical fair value benchmark, the current market bid price is at a 4% premium, while the current market midpoint represents a 13% premium.

Current PriceHistorical Values of Similar Spreads
Market Chameleon captures daily records of market data to calculate historical benchmarks and generate estimated values.


The ENPH put spread we've identified here can be a good way to play a bullish outlook because the option strategy has a +72% upside potential, is 4% overpriced relative to historical measures, and will benefit from a stock price at or above $113.

See how Market Chameleon can help you make smarter and more efficient trades!

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