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September 20, 2016  Tue 10:34 AM CT

FITB: SEE CHART GET CHAIN FIND STRATEGIES

Traders apparently believe that Fifth Third Bancorp is on solid ground.

optionMONSTER's market scanners show that 8,200 October 18 puts were sold for $0.10 to $0.12 today. These represent new positions, as open interest in the strike was a mere 82 contracts before the session began.

Short puts lock in a price where investors must buy a stock, while letting them collect premium. Traders use the technique when they like a stock and think the risk of a big drop is limited. (See our Education section.)

FITB is up 0.24 percent to $20.68 in morning trading and has risen 12 percent in the last three months. The regional lender is scheduled to report earnings in pre-market hours on Oct. 20.

Overall option volume in the name is 3 times greater than average so far today.

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