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On CNBC's "Options Action", Mike Khouw said that the options trading volume on Thursday in Snap Inc (NYSE:SNAP) was two times the average daily options volume and the most active options were the July 16 puts.
Around 6,500 contracts of the July 16 puts were traded in total and 1,200 contracts were traded in a single print. A trader paid around $0.90 for them. The trade breaks even at $15.10 or 3.76 percent below the current stock price.
Khouw added that this expiration doesn't cover earnings results. The straddle that captures earnings costs $2.80, which means that the options market expects a move of around 18 percent in either direction.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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