This morning over 11,800 January 17 ’25 calls traded in Plains All American Pipeline, L.P. (Symbol: PAA) at prices between $0.20 and $0.30. This was an opening trade in the 20 deltas upside long-term calls expiring in 295 days. The overall trade is the equivalent of 240,000 shares of stock. The trader may be speculating that PAA will rise above $20 by the January expiration date or selling covered calls against a long stock position to take in extra income.
PAA is currently trading at $17.48 reaching a 52-week high today of $17.51 and has a 52-week low of $11.64.
Source: IBKR TWS. Past performance is not indicative of future results
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Disclosure: Options Trading
Options involve risk and are not suitable for all investors. Multiple leg strategies, including spreads, will incur multiple commission charges. For more information read the “Characteristics and Risks of Standardized Options” also known as the options disclosure document (ODD) or visit ibkr.com/occ
