What the options market has priced into Intuit is not a direction but a range wide enough to change how big a position should be.

Intuit (INTU) trades at about $358.29, down 49.2% over the trailing twelve months while the S&P 500 returned 22.1%. The options market has not picked a side. It has priced a range for the next ten months so wide that the live question is position size, not direction.

The Chain Prices A Floor Near $210 And A Ceiling Near $604.79

At-the-money implied volatility on options about ten months out is 56.9%, which maps on standard lognormal math to a 68% probability band with a floor near $210 and a ceiling near $604.79. In a holder’s own money, each share carries roughly $148 of…