The paper is contradicting in both vol and directional opinion.
JPMorgan Alerian MLP Index, trading 29.16 with an IV30 of 33.33 and HV10 of 21.25, is seeing lots of put activity today.? In two trades, a customer sold a chunk of the May 28 puts at .35 totaling over 4300 contracts.? Then, in a separate trade, a customer bought the May 27/30 put spread 3150 times paying 1.00.? In these two trades the volume matched the ADV which is 7600; although with open interest of 249,000 the MLP does see these size orders.
This appears to be two separate customers each with an axe to grind.? One customer set up a hedge using a long put spread in May (the 27/30).? The other customer sold puts in what appears to be an income producing play and an attempted to potentially get long the underlying for a net of 27.65
The paper is contradicting in both vol and directional opinion.