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January 17, 2013  Thu 9:49 AM CT

IYR: SEE CHART GET CHAIN FIND STRATEGIES
A large trade is looking for the iShares Real Estate Fund to stay above current levels in the next month.

A trader bought 6,000 January 67 puts for the ask price of $0.13 against open interest of 8,730. At the same time, he or she sold 6,000 February 67 puts for the bid price of $0.68 in volume that was well above that strike's open interst of 1,288, so that was a new position, according to optionMONSTER systems.

The trader is rolling a short-put position forward as the January contracts expire tomorrow. The new February short puts, which are at the money, are looking for the stock to remain above the $67 strike price in a month. (See our Education section)

The IYR is up 0.32 percent to $67.04 this morning, continuing its steady climb from support at $61 in mid-November. The exchange-traded fund is now closing in on its September high.
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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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