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September 27, 2013  Fri 12:20 PM CT

WDAY: SEE CHART GET CHAIN FIND STRATEGIES
A large trade sees limited downside potential for Workday as the business-technology company trades near all-time highs.

A big print of 4,273 October 80 puts was sold for $1.15, according to optionMONSTER systems. The volume was more than 10 times the previous open interest, so this is clearly a new position.

The put seller sees WDAY holding above $80 in the next three weeks. The trader is taking the risk of having to buy shares if they fall below that level. (See our Education section)

WDAY, a provider of enterprise cloud-based applications, is off fractionally at $82.30 in afternoon trading but still not far from its record-high close of $83.13 reached last week.

Almost 6,200 WDAY options have changed hands so far, compared to the daily average of 756 over the last month.
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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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