A trader is aiming to “strangle” Baker Hughes as shares remain range-bound.
The oilfield-services company has seen 8,500 contracts change hands so far today, already twice its daily average in the last month. That volume is dominated by one trade.
optionMONSTER’s tracking systems show that 4,000 each of the October 48 calls and 47 puts were sold for $1.69 and $1.67 respectively. Both were above previous open interest, indicating that they are new positions.
— Option Monster