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May 8, 2014  Thu 11:20 AM CT

ATVI: SEE CHART GET CHAIN FIND STRATEGIES
Call selling sees limited upside in Activision Blizzard.

A trader sold 4,990 August 24 calls for the bid price of $0.29 today, according to optionMONSTER systems. This is a new opening position, as its volume was more than 10 times the previous interest in the strike.

The calls do not appear tied to any trading in ATVI stock identified by our scanners today, so they could have been sold naked with an initial bearish bias. Alternatively, they could have been traded against an existing long position to create a covered-call strategy, which would be bullish up to the $24 strike price but not beyond. (See our Education section)

ATVI is up 0.14 percent to $21.04 in midday trading, a day after gapping higher from the $19 level on strong quarterly results. The video-game developer is now trading near its highest levels since September 2008.
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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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