Watch the Trading Nation video clip at CNBC on April 9, 2020, "A bear market rally or V-shaped bounce-One trader breaks it down," by Todd Gordon of Ascent Wealth Partners.

Link to the video clip is here: https://www.cnbc.com/video/2020/04/09/a-bear-market-rally-or-v-shaped-bounceone-trader-breaks-it-down.html?&qsearchterm=bear%20market%20rally%20or%20v-shape.

Todd goes long the July 17, 2020 SPY PUT at 225-strike and sells short the same maturity SPY PUT at 200-strike. Assume that the put options are European style. Use the following data in Table I as well as the daily time series of SPY given below: