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In the March series, which becomes our front month on Feb. 19, there are nearly 15,000 calls at the March 32.50 strike and more than 11,000 at the March 35 strike.
Options traders targeted their efforts on call options in the front month and March expiry.
In contrast to pessimism observed in the front month, investors populating the June contract are preparing for sunnier skies.
It looks like one or more big options traders sold a straddle in the front month and initiated a short strangle in the March contract.
A sizeable ratio put spread drew our attention to the front month where one investor purchased 5,300 in-the-money puts at the December $47 strike for a premium of $1.45 each, and sold 10,600 puts at the lower December $45 strike at a premium of $0.69 apiece.
The November VIX future reflects only one third of the gain of the front month contract and stands at 30.40.
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