Blue Coat Systems (BCSI) - Put Spread Trades

I saw a trade go up in the Ticker which also hit the scanner for high option volume. BCSI usually trades less than 2,000 contracts a day but a 7,500 lot spread went up within the first half hour. You can see the Company Tab with the average option volume and day option volume below (click to enlarge) as well as the Scanner Tab.





The Options Tab below shows the spread. Looks like someone bought the 25/22.5 put spread 1 by 2. In other words, they bought the 25 puts and sold twice as many 22.5 puts. This could be a bet that the stock goes to 22.5 or protection for long stock (among other things). The OI on both lines is very small relative to the order, so this was an opening bet (or opening hedge). You can enlarge the image below by clicking on it.