A trader set up the XLF September $15/$16/$17 call butterfly, 25,000x50,000 at $0.21.
The trader is making a large bullish bet on the Financials. The trader is using a butterfly which means both risk and profit are limited. The spread's max profit occurs at an underlying stock price of $16 before September expiration. It's interesting to note that FAS led the offer side call action today, showing more bullish action.
The white line above in the XLF daily stock chart is the max profit stock price for the butterfly spread. The 52-week range for XLF is a low of $13.29 and a high of $17.20.
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No position at this time. Position declarations are believed to be accurate at time of writing but may change at any time and without notice.