![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifZjlvb1kKtWTu4kQ6n4pz8ke-NYzeP6LfOJco-QzHAXnJLcnzul4a9_G1-qpiC1QAPJxHpKo2EW8_N889Lkc6ctl00mhGFvj6PyC2G95DgZndf7nB1VwPwgZbzLaRSOfc3jawW3329JU/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/AVvXsEi3cy4cdrkNgoadc75YgoYXxVXha2Z6_qqDELCtFLNp1sZqpVINlSZdXH2Cf30lOvTxDjEqdqhUJgBtXW9kB3v0BY9sDtYrmw18GseGB4inyn5e_WRgobMcXKGnvf0WzmsvZ6WSfbtuiXE/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/AVvXsEj5oVFevEePdS7EgrKm_WXbvOZFd9zLEbiKlXRTS4X6IWOZyBWd2p6ElBGRSCYUHNhvAoupC01gEnGpNCpyL0mh57A3W4hbMZPC6McIzv42EX21uSss4u6ZbB7R0aFNdRzTf0dW2FJN7Jo/s400/jag_straddle.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLNKdXsCsF2OOJ8Tk2fvHqjr9wvUnQ65k_KRB0pFRkAyswo-P_ctmxg1KQVXDWWvjnVRUhWTwIeU3NYnDANb5yjjZaFN5xmW1sUVRzTI7YTWdpk7B5j9id-dfWQ6DW4slqYyqQBai5f7w/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/AVvXsEhKaakhuqLrKW3Da1IoJOdoFb1nHvk23O4vsnWQ1WUqTnVaXEGrb5KVRG-ea66EVR7dJG5mFHfgjT1T0w2qVpzyoxr-EUsCzcAnR8_aCiClPLjC4UQ-Bd3bbuw3bd5jBl1G_PhXOXph9PA/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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