On CNBC's "Options Action," Mike Khouw said ARK Genomic Revolution ETF (BATS:ARKG) was active on Tuesday as it traded six times its average daily put volume. Puts outnumbered calls by about 2.5 to 1.

The most active options were the October 1, $76 puts as about 5,700 contracts were traded for about $1.78. The trade was largely a result of a big roll as somebody who made a bearish bet with the October $79 puts rolled down the position and upsized the trade, pressing the bearish bet and betting the weakness on Tuesday could continue. The trade breaks even at $74.22 or 1.37% below the closing price on Tuesday.