A customer who was short 10,400 ENLK Aug 11 calls closed & rolled out and up to the Nov 14 strike.
EnLink Midstream Partners LP, trading at 12.86 with an IV30 of 61.20% and a HV10 of 66.6, saw rolling call action today.? The stock, which trades by appointment, has an ADV of 1080 and an OI of 46,000, saw a customer roll 10,000 short calls.? The customer was short 10,400 of the August 11 calls; he or she closed them for 2.275 and then rolled out and up selling 10400 f the November 14 calls at 1.10.
The customer may have more rolls to do as open interest on the August strike is over 20,000 contracts.? The customer is likely a long that was short the 11 calls in August to create income.? Not wanting to give up his or her stock and with a dividend coming up the customer likely bought back his or her short can sold the 14s to stay in a cover call position.
This trade should be considered mildly bullish the stock and bearish ENLK vol.