Traders position for gains in AMD

Several unusual trades top heavy option activity in Advanced Micro Devices today as shares continue higher, but the overall tone is bullish.

First a trader sold 6,265 February 4 puts for $0.25 in volume far above previous open interest of 988 contracts. Those short puts are designed to profit from AMD being anywhere above $4 at expiration.

Shortly after, 13,500 each of the February 5 and April 5.50 calls traded, both for $0.17. The volume was more than the open interest in each strike, so this is clearly a new position.

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