![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoZlYI0Ql6kjkhvWE6ppdW1nYqDMJ9gXB71bZRFHKFihb2m-WjlTB98IGZnJs7lhdbJ4A7S5ZcmszsgOyZBIUO9rHN5-tImnfU3poBxSW5F5xy2oCcvjvKaNTCFznw1_U41MhHRzqOxxk/s400/gld_summary.gif)
The company has traded over 239,000 options today in the first 2 hours on total daily average option volume of 228,592. The Company Tab snapshot is below (click the image to enlarge).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNcGZJw29eEiIC0HruZYxjY2JKG8J5jADYwB3cXeyIXFEhKSxj2JV3G3l7plJqTkjdbkfiAN7uluOH4_14GZx8KUv6nB6lUS3MVsNID2hqnYzeHqhXvqxaE7jvxaNdWU5g0m0P2DqBPYE/s400/gld_company.gif)
The biggest trade of the day accounts for 80,000 contracts. Someone bought 20,000 Sep 60/75/90 butterflies with the puts and paid 1.50 + 0.19 - 2*(0.35) = 0.99. Total outlay is 20000*100*$0.99 = $1,980,000. The day's biggest trades and Options Tab snaphots are included below (click either image to enlarge). Max gain occurs if GLD goes to $75.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2KA_lm6ogKQFHrJ2sfprHlWN3drhWVon1AUIauoNan9iVMMjT4kTIiMIeZxarOrfb3psryrAM6MQhvpOg9VVM_SxBZcxc9UNnEnju_IT0CH4y5Yb3mGMB7HTjNur0_N7Jgge1nt9_Gso/s400/gld_trades.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4cuOgvdIhMGHb7kUxIWpJACmevOzIliUTvEafuERo3ejbqNcAKhSvcm1feTH7xFkmgkpJUABVi2Q5oanPnty1YOq02cF2G05_HAo1OcWIeGuCl0LT-Gxg_XB0qZkWcxZwWJqnpfTNCDc/s400/gld_options.gif)
The PnL chart for this trade is included below.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2g7gwW9XI-41urUJO2oUxyoDXWnvsfUuy1RGbJvBFCH4mdyoPCBUjJqSG9pWY4HbB4AUSOxDRNz1UzaC5HMBIAEr2wWWOP80W8pDb2u3A5De9989iXqqxtZshyphenhyphen_TkL6hujfpyZ9sO08s/s400/gld_pnl.gif)
It's $2 million bet (max loss) to win $28 million (max gain). If you think the odds are better than the sum of the total area of positive pnl, then it's a bet with theoretical edge.
The underlying and vol chart is included below for reference.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh24PnGnzxRf9M_XTqvdVUGrsZZYyRiQzljCfhWJljpUZgN2PodPORR2oZFCW98Yv93sKfSXRPUkmxMY-W2Qxn84p1lVvtAyqydGpZvDi11t8IQteXyOs1A9f8ZpxPwhKKmO_wmbgAFNV8/s400/gld_charts.gif)
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