PRGS Progress Software Corporation Options Ahead of Earnings

Analyzing the options chain and the chart patterns of PRGS Progress Software Corporation prior to the earnings report this week,
I would consider purchasing the 55usd strike price Puts with
an expiration date of 2023-10-20,
for a premium of approximately $1.57.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.

Looking forward to read your opinion about it.

Trade stängt: målet nått:

PRGS traded at $51.82 today, after earnings, and the Puts went up from $1.57 (when I wrote this article) to $3.20 intraday, for about 2X gain!