RIG is seeing a trader buy, through auto execution and market sweeps, the May 11 calls in bulk
Transocean LTD, trading 9.51 (up .24) with an IV30 of 74.50% and an HV10 of 71%, saw a May call sweeper.? The stock, with an ADV of 38,000 and OI of 1,000,000 contracts, is seeing a trader buy, through auto execution and market sweeps the May 11 calls in bulk.? On the day, the customer has bought over 7500 of these calls.
This is likely opening paper that is making a bet on RIG rallying between now and expiration.? The May 11s encompass earnings, meaning that the trade has set up these calls a long play into earnings.? The customer will do well if RIG rallies above $11.
The trade should be considered aggressively bullish RIG and RIG vol.