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October 7, 2013  Mon 11:07 AM CT

FLT: SEE CHART GET CHAIN FIND STRATEGIES
A trader sees limited upside in fuel-card company FleetCor Technologies as shares trade just off their highs.

optionMONSTER systems detected the sale of 4,962 October 120 calls for the bid price of $0.10 on a wide bid/ask spread. The previous open interest was just 210 contracts, so this is clearly a new position.

These calls could have been sold naked with an initial bearish bias. But they were more likely traded against long shares in a covered-call position, which would be bullish up to the $120 strike price. (See our Education section)

FLT is down 0.44 percent to $111.55. The stock has more than doubled in the last year from $45 and reached a high of $113.68 last week.

More than 5,000 FLT options have traded, compared to the daily average of just 338 over the last month. 
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Education & Strategy

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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