IT NTAP Cover

Interesting Trade on My Radar: $NTAP

NetApp (NTAP) brings back fond memories. The Sharks buying these puts have proved themselves to me in the past... "the force" seems strong with this shark. It's a decent size trade, the question is will it work?

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Unusual (Put) Options Activity 

NTAP has traded mainly on the put side today. Earnings are next week, February 12th. It appears someone is setting up for a sharp fall in stock on the announcement. Take a look at the Unusual Options Activity:

IT NTAP Options uoa data

FREE Data! Click the image to get Free Unusual Options Activity data with filters. This is the best place I could find for easy to navigate information. Please keep in mind that this is an affiliate link. I have vetted the site and I am a full subscriber. It's awesome!

Looking a bit deeper it seems like someone is actually rolling up their $55 Puts to the $60s as NTAP recently climbed with the market. That seems to make the $60 line the big bet. Notice the Risk-reward Breakeven price for this line: $53.79. This means the buyer of these puts thinks lower than $53.79. However, because he is making the decision to roll up, then we can also pinpoint a Target Stock Price between $50.14 and $53.79.

IT NTAP Options chain

A Couple of NTAP Charts

Here's the chart for you to look at. It could become an ABCD down move which would extend it lower to $47. This would coincide with the decision to buy March options as opposed to the February's... more time for a further move lower??

IT NTAP Stock chart

It definitely gets on my radar because we've followed these NTAP put buyers before. Take a look here:

NTAP Options Chart

BOOM!!! It doesn't get much better than that.

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About the Author Felix Frey

As a Wall Street Veteran, Options Expert, and founder of OptionsGeek, Felix has found a way to simplify options. He's on a mission to close the knowledge gap between the Top 1% and everyone else.

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