Vringo is rebounding at key levels, and one large trader is looking for more gains in the mobile-phone software developer.
Nearly 30,000 VRNG options have traded this morning, compared to a daily average of fewer than 4,000 in the last month. Most of the action is in a three-way call spread.
A trader sold 4,000 January 4 calls for $0.19 against open interest of more than 10,000, according to optionMONSTER systems. At the same time, he or she bought 4,000 May 4.50 calls for $0.66 and sold 4,000 May 8 calls for $0.20 in volume that was above the open interest in both of those strikes, indicating new activity.
— Option Monster