![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuchJdPwNucShiAnNzfm5W4mfCx7t2uSKBTWUBir0WBQHWkiuAiWwrAIJGgNdDiqT2p4AbWPe57rrwt9ymA4DBZVymEXCN-pyRcjmlQQWPVGRWOmVfzVnMC1_T4M7W9xxcbqWBdPjICbw/s400/ibb_summary.gif)
The company has traded 10,500 options on one bet on total daily average option volume of just 1,578. All but 31 contracts today are from the single bet - sell calls to fund a put spread in May. The Stats Tab and Day's biggest trades snapshots are included (click either image to enlarge).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBvxcWusARm69EdmgYOJZODGRww4tef3_ES5y8H3gmuSrmvUbfIg-sZNaUzZ91FlO5pYWCkkxPAUniPfAtKD2C9Zb_IKuo5T4aVGNyYScvdwf4yxJACAKrvpUwhB6eIqfebnXgjNUVC-s/s400/ibb_stats.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM8uPwWFJ63D61R9iUeXP2mSMSxO_8GdMe_gDLPGLk4X-PBSNhj4wvR81aulgAuGJjAQ_SGy6Ph8hMrzuny4VA_K7KizxqLn7OnWFC3KX1NPKVgV2Hprbl3Updnsi1_46QwrNj7OSyKJA/s400/ibb_trades.gif)
The Options Tab (click to enlarge) illustrates that the trade today is almost entirely opening (compare trade size to OI).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxz6xVUN1-4t-sDtdK-NsQiNNA4v8Kvx3WegMWLIH3hQnukR60jUPun8IYq4p-i9hLA7w4deKtwUm36u00eQilgtj44W1DncF_sMDWyj3LsZRmVs4kzECs_nFrB4lcmPeF7GKCs9cHGR0/s400/ibb_options.gif)
The bet is this:
(1) Sell May 3500 95 calls @ ~0.62
(2) Buy 35000 May 90/85 put spreads for ~$1.00
Net -> pay $0.38 for the put spread but risk naked long side risk above $95.
The Charts Tab (6 months) is included (click to enlarge). The top portion is the stock price, the bottom is the vol (IV30™ - red vs HV20™ - blue). The yellow shaded area at the very bottom is the IV30™ vs. the HV20™ vol difference.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5SlmnCxQPG87-LZe1g1qlw5pTxJKYTHiGB0fkpRv946NUFcZW3L6tdxK_uBJbwcT5J7jeZISsi6p2tYQIZWTNnP5l69il7haVvvEoE5X_5wi2eNB5aoX-XMh-9mX6XkpLHLDWiO5eDxs/s400/ibb_charts.gif)
Note on the bottom - I have highlighted two unusually high option volume days in the recent past - specifically Oct 19th and Nov 9th. The largest trades for those days are included (click either to enlarge).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWImHN4iyembDpTPlSvJjWr__BGnuoof8_LfLQety1__b2gA5tTtzSSIWcnYGo4xz_Tf1v6fL6VvI6oe739CJ-6nPcBR5ZvmygVccTz1WQfMYUIqexY4xe5F5DO_eodqFuskB3lh-5RUE/s400/ibb_trades_101909.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixt-E8p95-lBLTB9pswbRcGfC73QjTw4oY-Hp3CyD78gUQ0fNk3uq0yOCubB3LbhyphenhyphenPAs4qhK2whWn-YxO5TJ44Kqj4Qr2AQFWydzAtIH79WTF4v_eIaU3dCYCXDv2ncdtf0PPwN048yMg/s400/ibb_trades_11909.gif)
In Oct, a similar spread but to the other side was traded:
(1) Sell 5,000 Jan '10 70 puts @ $0.70 to fund...
(2) Buy 5,000 Jan '10 85/90 calls spreads for $1.05
This pays $0.35 for the call spread but risked naked short side risk below $70.
Result: At Jan expo the spread ended up losing the $0.35. I believe the 85 calls were closed out a few days prior to expo @ $0.30 for basically a push.
In Nov the bet was quite different:
Sell 2750 of the Jan '10 70/85 strangle @ $1.33 (I only show the first 2,250 in the snap).
The bet makes money if the stock stays above $68.67 or below $86.33. This trade was a net winner for max gain - i.e. all $1.33 in premium was collected.
So, it seems like the big better(s) in here tend to be decent recently - a break even and a a big winner (~$365,000).
This is trade analysis, not a recommendation.
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