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August 22, 2013  Thu 2:14 AM CT

TUR: SEE CHART GET CHAIN FIND STRATEGIES
A trader apparently believes that current levels will hold in the iShares Turkey Fund.

One print of 5,000 September 51 puts was sold for $0.65 in a new position, as there was no open interest in the strike before the trade appeared, according to optionMONSTER systems. The put sale made up almost all the day's volume in the name, which has averages just 7 contracts per session for the last month.

The trade is betting that TUR will hold above $51 in the next month. But the put seller is also risking the possibility of having to buy shares if they are below that level. (See our Education section)

TUR fell 5.46 percent to $52.25 yesterday, a 52-week closing low. The exchange-traded fund was at a high of $77.40 in late May.
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Education & Strategy

Gamma

As we continue to discuss the Greeks, we come to the first of the strike based Greeks called Gamma. Gamma is known as the second derivative, while delta is the first.

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