Trader executed January $35/$42/$49 call butterfly spread 25,500x for a maximum risk equal to a $.95 debit, $2,422,500 total. Profit potential is limited to $42, a gain of over 50% at current levels, $15,427,500 total.
Trade is bullish, looking for a bounce to prior levels. First break-even is $35.95. Shares finished the month of July at $38.34, but suffered substantial losses, down 21.9% month-to-date. Chart above highlights first break-even with the lower line and maximum profit potential with the higher line.
The January $42 call traded over 54,000 contracts and is the most active.
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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.