Paper bought 5k MRO Aug 15 puts & sold 15k Aug 14 puts for a credit of .85 per spread.
Marathon Oil Corp., trading 14.64 (down 1.04) with an IV30 of 55.96 up 5.80% and an HV10 of 83, saw a large put 1 by 3 trade.? The stock, with an ADV of 18,400 and an OI of 316k, saw a trader buy 5k of the Aug 15 puts paying 1.07 and then the trader sold 15,000 of the August 14 puts at .64 putting on a bear 1 by 3 for a credit of .85 per spread.? This appears to be opening based on the OI in August.
This is a trader that is setting up an income play to play MRO to have its IV drop and to ease lower, or for MRO to turn around and really.? The setup could be an odd hedge trade, but that might be less likely unless the trader is looking to get long in this name.? If MRO sits here, the trader is in a position to win big.
This trade is neutral MRO and aggressively bearish MRO volatility.