Paper bought 8243 SQ June 13 calls & sold 8243 SQ June 15 calls, net paying .15.
Square Inc., trading 9.98 with an n IV30 of 73.40 and an HV10 of 128.90, is seeing bull call action today.? The stock with an ADV of 6125 and an OI of 151,000 contracts saw a customer buy the June 13/15 call spread.? The customer bought 8243 of the June 13 calls for .20, opening and sold 8243 of the June 15 calls at .05, net paying .15 for the June 13/15 call spread.? The 15?s might be closing making this spread a roll down, or this could simply be a call spread.
Either way, this trade is a play that between now and June expiration SQ is going to catch some sort of bid higher.? The customer is break even above 13.15 with a potential payout of over 10 to 1.? This is a low risk high reward play on a turnaround in SQ over the next month.
This trade should be considered extremely bullish both vol and bullish the underlying.