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September 27, 2013  Fri 2:45 AM CT

DAL: SEE CHART GET CHAIN FIND STRATEGIES
A complex call spread topped yesterday's option activity in Delta Airlines as shares climbed to a new high.

optionMONSTER systems show that a trader bought 20,650 January 25 calls for the ask price of $1.52 and sold the same number of the October 25 calls for the bid price of $0.36. Volume was above the previous open interest at each strike, so this is clearly new positioning.

This calendar spread cost the trader $1.16, which is the most that can be lost before that first expiration. The maximum gain would be realized with DAL right at $25 at the October expiration. (See our Education section)

DAL was up 0.84 percent to close at $24.01, a new record closing high. Shares were down at support at $19 a month ago.
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