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March 13, 2013  Wed 9:13 AM CT

ITUB: SEE CHART GET CHAIN FIND STRATEGIES
One trader is looking for more volatility in Brazilian bank Itau Unibanco as shares slip lower today.

The 5,000 ITUB options that have traded so far are all in one trade. optinoMONSTER systems show that a trader bought 5,000 June 19 puts for $1.23 in volume that was 200 times the previous open interest in the strike, so it is a new position.

Less than a minute later, the biggest block of stock changed hands, with 470,000 shares bought for $18.47. The combination of stock and options creates a long-volatility strategy that is looking for shares to make a big move up or down, in this case with a slightly bullish bias. (See our Education section)

ITUB is down 1.2 percent to $18.31 this morning. The bank was above $19 coming into the week, its highest level since last March. Shares have been trending higher from support at $14 in the last four months. 
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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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