GRA was trading at 97.25 when a customer bought eh March June 90 put spread on a ratio selling just under 6,300 of the March 90 puts at 2.00 buying just over 5,000 of the Jun puts for 4.10.? The ratio appears to have been a way to deal with the delta of the spread.?
March and June are trading somewhat on top of each other and the 90 puts are about 7% out of the money.? This trade should be considered moderately bearish GRA and bullish implied volatility.? Although the customer, based on using a ratio does not appear to think the stock is going much below 90.
Trade looking to piggy back could consider doing the straight bear calendar between Mar and June.