![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiq3un8FXv7foDH54rcgZzEJ2vuIZPFPD1ke1I2q8fjcMaAxQN2orXnbUSAQ9Az1Q2NLPmpO0bTGBidzp3Vjcxk3DUMqs5wyWpf7ncPztr5nfM8rzyjcaRMdewGFfLXTnf1sNqDDQQImzw/s400/jag_summary.gif)
The company has traded over 4,600 options today in the first 3 hours on total daily average option volume of 3605. Further, the call:put ratio is exactly 1:1. The Company Tab snapshot is below (click the image to enlarge).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIHJx1XdwJEM4jbXFjfDYi2cnzNg_YExHG_XnC-u9sO8kVZLzJuZ7vL0x3t4UVDPWsZeDDFYATLop8omQQQPCgpQQXeBJU9paFRwF1WCVtfpnKNIOeefsdqP68f2rTAJBC2Kpl-IkPZiE/s400/jag_company.gif)
The biggest trade(s) of the day are in Sep. The Sep 12.5 straddle was sold 1000 times @ 1.60 + 2.24 = 3.84. Another 1000 Sep 12.5 puts were sold 1000 times (possibly with stock to turn them into 500 straddles - but I'm not sure). The day's biggest trades and Options Tab snapshots are included below (click either image to enlarge).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiioX7wh85bPtjzAoYvu7KmKx-vM8fdHfyeex4emvsh7XkCyIWLZQN7ZlOuzxm2rvJv7hg9cX05x_ZmQoKBsqthphZCs3JsPmltWYgJwYxHWJ5sB6FeemEPVeYiP0iNzMORu46-FJ7S7qY/s400/jag_straddle.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHCFuW_G9wGphtla29bLEtEfqtuQsCve290jinreWpzfgr5eJ3sKH-1LUhs91Ab7CnGz-LUbD-OWJgH4JYU6V-7UoqpwFv2_pMpuaJ2dCVkPaGdA6RMVZ218QpUFZR0yRJNTWqTHdQ4n4/s400/jag_options.gif)
Note zero open interest in the Sep 12.5 line - these are entirely opening orders. This is a vol bet - namely that the ~50 vol that was sold is better than the future underlying volatility. The Charts Tab snapshot below (click to enlarge) illustrates some interesting results.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiajFc1HTrpUSNQOQa20cErYiS5EQYkKo3Knw-W9ufhf5G_4q7FQ0Cpo96aXrAHyXm246oYgF5TDKxSOyg-zpTpSBjhyphenhyphenFBz-MJ3SbVDW8a_unNecUUkUF5wyqLjipUvZFs2NfQd9B0jvgM/s400/jag_charts.gif)
Note the IV30™ (red line) is well above the HV30™ (light blue line) and both are well below 50 (the vol sale). The HV60™ (dark blue line) is 50 (on the nose). This is a bet that the underlying moves more like HV10™/HV20™/HV30™ and therefore makes a 50 vol sale a winner. If this was done without stock, it is slightly bullish - as the short straddle wins max when stock goes to the strike exactly.
If this is in fact a ratio straddle, then it is slightly more bullish (sold more puts than calls).
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