Shares of Ctrip.com? International, Ltd (CTRP) are up 3.05 to 65.27.? CTRP is near the top of the 52 week range.
Today paper traded 3000 CTRP Sep 55/60 put spreads and Sep 67.5 calls for .70 The ADV is 4449 contracts.? The OI is less than 1000 contracts for all 3 strikes.
The volume went up in 3 blocks.? Pricing is consistent with a collar which buys the put spread and sells the calls.? CTRP is up near the 52 week high and the trader is looking to lock in gains for stock.? The .70 credit gives upside to 68.30 and will provide downside protection through earnings.
30-day implied volatility is 57%. ? 10-day implied volatility is 26%.? 30 day implied volatility is trading above the 10 realized volatility
Ctrip.com International, Ltd. (Ctrip) is a consolidator of hotel accommodations and airline tickets in China.