Bearish Dec put spread collar in Tesla opened for a small debit
Bearish Dec put spread collar in Tesla opened for a small debit. Trader on the PHLX buys 5K Dec 210/240 put spreads for $10.45 and sells 5K Dec 275 calls for $10.95. Net premium is an outlay of 50c, or $250K for the position, which has the trader short the 91 day, 13% otm calls in exchange for the downside $30 spread. Trade might protect a position of 500K shares after the $30 climb over the past month. Another trade of note in Tesla is the Oct 70 puts, currently 71% out of the money, where 30K traded for 4c on the ISE, customer selling to firm, possibly reversing the 30K bought yesterday on the Amex for the same price when shares were $3 higher.