A huge trade is apparently protecting against a potential drop in Twenty-First Century Fox.
A trader bought 13,980 January 29 puts for $0.14 and sold the same number of the 37 calls, half for $0.03 and half for $0.02, according to optionMONSTER’s Depth Charge tracking system. Volume was above previous open interest in each strike, showing that this is a new combination trade.
The trade could be an outright bearish play but is far more likely a collar position designed to hedge a long position. That would give up any gains above the higher strike but protect the position below the lower price.
— Option Monster