NAV was trading at $35 when a customer bought the 30/35 1 by 2 call spread paying .20 2500 X 5000 times.? With the two being at-the-money this is a quasi butterfly.? The trader is thinking the stock is going to sit here for a period of time,? during that time the in the money call will not decay and the ATM?s that were sold.

This trade should be viewed as directionally neutral, or possibly bearish and aggressively short volatility in the name.? Traders looking to piggy back could put on a butterfly or an iron condor.