Shares of SAP AG (SAP) are up .10 to 80.57 today. ?SAP is near the middle of the 52-week range.

Today paper traded 1500 SAP Apr 82.5 puts for 2.40-2.45.? The ADV is 1713 contracts.? The OI is 111 contracts.

The volume went many small blocks.? There was a posted that got filled early and the order started to fill as offers stepped in.? There was volume on the Apr 80 puts as well with most buying.? This does look like an aggressive put buyer that got filled in due time.? The paper is opening.

30-day implied volatility is 22%.?? 10-day implied volatility is 14%.? 30-day implied volatility is trading above the 10-day historical volatility.

SAP AG is engaged in enterprise applications in terms of software and software-related service revenue.?