Substantial open interest in excess of 14, 500 calls at each strike indicates traders could be selling-to-close positions.
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The political and social consequences of the currency collapse have so far been mild: the traders' week-long strike has been the most disruptive event.
Buying a May (or June) 6 strike put could allow traders to take advantage of a negative post-earnings reaction.
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Meanwhile, shops and markets across Peshawar have remained shut for the second day on Friday in response to a three-day strike called by the traders.
The other dinosaur den is financial options--the equivalent of the right, for example, to buy Treasury bond futures at a certain strike price--where traders hang over the railings, screaming and waving frantically.
On the put side, traders have zeroed in on the January 9 strike, with 5, 200 contracts trading, as well as the weekly January 9 strike, which sports volume in excess of 4, 500 contracts.
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With volume exceeding open interest at this strike, it would appear that options traders are expecting GRPN to rebound before the weekly February 21 call expires at the close of trading tomorrow.
Earlier this month, after various concessions by the government, the traders ended (merely suspended, some say) their strike.
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Open interest at this strike suggests around 8, 500 calls are still being held by traders.
It looks like traders exchanged roughly 6, 000 in-the-money puts at that strike against previously existing open interest of just 842 contracts.
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As for calls, traders have focused heavily on the out-of-the-money December 22.50 strike, where 41, 450 contracts currently reside.
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