![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy5OHFiBq-AOIC-WnLjgcT9b0utP0dL83t-K9YpoQUSK6e8vPGkNf9YeFjJSluiSN7H99anKHdna2gNLyO_Zw2xDPv72hdBIVc6w9E5JzEQF06ayWxU-N_kI86cEg-Mm2nTDiS6x0bwIc/s400/ewy_summary.gif)
The company has traded over 20,000 options today in the first hour on total daily average option volume of 6,704. The largest trade has been the Mar 41/43/46 butterfly (puts) accounting for 20,000 contracts. The Company Tab and day's biggest trades snapshots are included (click either image to enlarge).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh506JwDyAAZMlyNilr8cDZYFC-YkrzUnW-Nfx8RoTy5zPUq_YDRgVYg3FdQZjG7w5f-xcquIM0teXeUEGW8L-Ffyj4bHzIn5je7UZ8dfqxV8EexqSSUz2ziq0GDKFofHPsxIutqxUH09M/s400/ewy_stats.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5WoXzsIHrkTFncYmrnvK4QYqt-k7V4WZ3IM9ldhhhIVrQ_cfkZ3eHDOJM82lWo6MaZRZMYafyanNt_rtRm81LIYR_Fx1cObVKbh15pRWtBB0TdI0YOXbo4liQy65YdtihKmW8scKOfZ4/s400/ewy_trades.gif)
This is a bearish bet that EWY goes to the short strike (43) by March expo. It's assymetric. The PnL charts is included (click to enlarge).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiHUzXd11JUZRDbEfT-yn4eYD_jC6UeVMSeXXxZAB2VqaxcWfA9lgkWkzWfLA3wSXUt4vXOm5ibz0c_X4WjL_iM1XoF94xd_HwFW5BlWpXsSKwANfjTxQ0MJTShcNiXhZDjsP4M6vM61k/s400/ewy_pnl.gif)
The skew chart is provided below (click to enlarge). You can see EWY has a standard looking skew smirk. I have highlighted which strikes were purchased and sold.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhepDFLCXLlRhOylu9bD4SPOWRnbX0ytGs6cpLyyM_0blicDjKWRSr8pT_EkFb2fd6NkQognsvNJJ_Yvapq-FKEFXbydxBljqqaP0bRNZ5Vl3tikq4QJ68LzoaQlpUiYq0d5nhH2E-qUzk/s400/ewy_skew_21910.gif)
Finally I have included ther Charts tab snap (click to enlarge). You can see the recent rally in EWY. Note the pivot point for the rally was --- $43. That's the bet.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg92AqxcFMzNRJNxyORvwHiFL9X0_JCxeRfVyug5-N-Xd5vbAoE8XttiRZWfOipNKbG-nFYkCQIs1GFdgeEHHMGSD3j1c4otVkUNedpl80iiGYxwTATB_tCiZ60jVTY7Q_eoM0hg737vdE/s400/ewy_charts.gif)
The bottom portion of the chart are the vols: IV30™ (red) vs. HV20™ (blue). The yellow shaded area charts the difference.
This is trade analysis, not a recommendation.
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