As Comcast trades at another all-time high today, one strategy is looking for the cable stock to move sharply higher or lower.
A trader bought 9,980 April 34 puts for the ask price of $1.14, according to optionMONSTER’s Depth Charge system. Open interest in the strike was just 146 contracts at the start of the session, so the puts are seeing fresh buying.
Less than two minutes after they were purchased, however, the largest block of CMCSA stock traded as 289,420 shares were bought for $37.5328. That would balance the delta of the puts and create an overall position that is a long volatility play, looking for CMCSA to spike in either direction and/or for the actual volatility to be greater than that implied by the options.
— Option Monster