Lloyds Bank of London currently trading 5.00 today a trader closed out a huge amount of positions that expire today in April, most of which acted much like a buy write.

The trader was long the April 3 and 4 calls and against them, short the April 5 calls.? It is notable that the trader is not rolling the position back to May in front of earnings which are on April 29th.? This could be one to watch.

The trader sold the April 4?s at 1.00, and bought back the April 5?s for .05 6, and 15,000 times respectively (the 3?s were a smaller position).

In this case the unusual activity is the lack of a roll back.? This should be viewed as bullish volatility and likely bearish the underlying.