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On CNBC's "Options Action," Bonawyn Eison said puts and calls were roughly inline in Paypal Holdings Inc (NASDAQ:PYPL) on Tuesday.
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The company is going to report earnings on Wednesday and the options market is implying a move of 7% in either direction by the end of the week. The average move over the last four fiscal quarters is around 5.75%.
During the session, Eison noticed a purchase of around 3,000 contracts of the February 5, $250 strike calls for $7.70. The break-even for the trade is at $257.70 or 3.45% above the closing price on Tuesday.