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June 19, 2013  Wed 10:14 AM CT

BX: SEE CHART GET CHAIN FIND STRATEGIES
Blackstone has pulled back from multi-year highs reached last month, but one trader apparently believes that any further downside will be limited.

optionMONSTER's Depth Charge system shows that a trader bought 3,222 June 21 puts for the ask price of $0.15 in volume below existing open interest of 9,486 contracts. At the same time, he or she sold 3,222 July 20 puts for $0.35, below the listed bid price at the time, in volume well above that strike's open interest of 1,378, so this was a new position.

The trader is rolling a short-put position forward, betting that BX will hold above $20 in the next month. If the stock is below that level, the trader will face the obligation to buy the shares at an effective price of $19.65. (See our Education section)

BX is down 0.85 percent to $21.41 today. The private-equity firm reached $23.80 on May 21, its highest price since December 2007, and has touched $20 only once in the last two months.
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The Strike-Based Greeks

The other Greeks (Gamma, Vega, and Theta) are calculated by using month and strike data, and not by individual option. These are called strike-based Greeks. Gamma, Theta, and Vega are all strike-based Greeks

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