A large put trade tops today’s option activity in Baker Hughes.
A block of 2,500 May 70 puts that expire this week were sold for the bid price of $1.02 against previous open interest of 2,535 contracts, according to optionMONSTER systems. At the same time, 4,000 May 69.50 puts that expire next week were bought for $1.08 in volume well above that strike’s open interest of 254, so it is a new position.
This could be a new diagonal spread but is more likely a roll, with the trader closing the May 70 puts and opening a larger position at the lower strike. The trade is looking for the stock to pull back by Friday of next week.
— Option Monster