Marathon Petroleum has been running, and the bulls apparently think that it’s not done yet.
optionMONSTER’s Heat Seeker monitoring system detected the purchase of 5,174 July 75 calls for $2.20 and the sale of an equal number of July 55 puts for $1.25. Volume was more than 25 times open interest at each strike, indicating that these are new positions.
If MPC continues to climb, the long calls will appreciate and the short puts will lose value, while the opposite is true to the downside. The trade cost $0.95. The main way it differs from owning shares is that it will track the stock price less closely as time progresses, becoming worthless if the stock remains between $55 and $75.
— Option Monster