Paper sold 2000 GIS Oct 70 puts, against which they bought 4,000 Nov 62.5 puts for 1.305.
General Mills, trading 63.23 (down .66) with a n IV30 of 18.45 and an HV10 of 9.76, saw a winning put trader close and roll lower.? The stock, with an ADV of just under 5k and an open interest of 116,000 contracts saw a customer sell 2000 of the Oct 70 puts, which are deeply in the money. This was a closing sale at 6.85, against it the customer bought 4,000 of the November 62.5 puts for 1.305 essentially locking in gains and also doubling down on a downside move in GIS.
This trader clearly thinks that GIS has more downside as he or she is buying MORE puts than were initially opened, that are slightly out of the money.? This gives the trader lots of gamma, if less delta at onset.
This trade is aggressively bearish GIS and bullish GIS volatility.