Paper sold to close 11,000 EWI April 12 calls and bought 11,000 EWI April 13 calls paying between .20 & .25.
IShares MSCI Italy Index ETF (EWI), trading 12.66 (up .60) with an IV30 of 27.60 and an HV10 of 21.59, saw a call spread trade today.? The ETF, with an ADV of 318 and an OI of 19,719 contracts, saw a customer sell a call spread in a rolling trade.? A customer that was long 11,000 of the April 12 calls sold out of the position at .80, then they bought 11,000 of the April 13 calls paying .25 on 7700 and .20 on 3300.? A net price of just under .24 a contract.
This is a trader that was correct once for a nice winner likely rolling his or her position higher on a play that EWI may keep running higher.? While it COULD be the other way, based on the previous large block trade on the April 12 strike that seems unlikely
This trade should be considered aggressively bullish volatility and aggressively bullish the underlying.