![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLeTMgAgc7I6o2SfcwthlGXW02B22QlQ6iWvhRPGE5HPNc11O8CUfZD6feFHUId06-zJC4PiRUNCwOznb9nRm7jJjsc44OwiV4phP4G0gEw3yImC9bhD7OUUJ4hyncIE88hD5Na1bPf04/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/AVvXsEh1AnGQjrsKi8Zk4oZkI2ruLdlq-MLM2BfRGwP-bg3ldyL6OojsL9qvbxLM0uEbiiB_bUyTmABl0j9kK8RkcO8WcUPt_WtWRYPkqjd5KLVRyTXiVJTPLQTZvIEnUul2ySfScpCaacjdmDI/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/AVvXsEit6acjhJNyjIahPOD1EMibJUG469Wa_dP02oeH-sHgswJY8xGPN_eHKMAGolw_R99Yp4EqhoSE2-_cdjDNQGEMbu0g6s_RFuHwal7C9im9AHqvlfg3qjR8asJNnZo8L6Z87FgAJ09xsAQ/s400/gld_trades.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY0gcCQyvChRr_6IFCTE6DK26VWrzOwlfOX86xQjgPVFQqHWvjWr_z2r6Rixi6SjNtIKvgKAbMbgIi3QrzpkhUZba_NEDPPQ_a5MfeY2Qe2B9T4FhlDRz1uxVlIG2vn8y1jLFYBpdAS9k/s400/gld_options.gif)
The PnL chart for this trade is included below.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8CloRk3B_Ti3nm82nKVoiFbqFa-M8Xn3OwaXEkGbfcMfwjJehS4K1XgI70yRTdPEcegCrZZR48AoZW28tFB2Xx3C7ZHCg88kS-CrqbSTp-04sDEYGLBr6Nf83344JKRktRj5RTTjc938/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/AVvXsEgGIc6R-zZT5d5Wv2T15gpHrhL6U3x8gTgqgmO5HlGyuCGnc2hrXNSLxJqWsy485oNTPk6c7QsUyVN9hTPJ-TSDom1kt47KRBkPgTNCRnneuqitHaxIsoQjkq2OvHPbeZrk1_h2ccrEXqE/s400/gld_charts.gif)
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http://www.livevolpro.com/help/disclaimer_legal.html
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