Noticed some unusual options activity, trying to decipher it. CCJ had 20k blocks of 6/19 calls opened and closed since mid feb which I suspect is the same person. Details below, check chart

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See 4 blue arrows:
2/11: 20k 10C opened
3/3: 10C closed, 20k 9C opened
3/27: 9C closed, 20k 7C opened
Today 4/14: 7C closed, 20k 10C opened

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Can’t tell from time and sales if it’s buy or sell but I’m sure about opens and closes based on volume and OI. Now I’m trying to decipher what the trader was doing. Doubt they’re speculative because of the holding from 3/3 down to 3/27. Either they’re selling short stock and long call to hedge on upside breakout, or they’re long stock and selling calls for downside protection. Either way holding the 7C from 3/27 to today doesn’t make sense to me. Anyone have any thoughts?

Btw the 20k 10C he opened today were $0.60 each, so this guy is tossing around $1.2M as a hedge for 2M shares of a $10 stock that only has around 2M daily volume so i figured it be worthwhile to follow this smart money...

Another hint all the calls were opened at bid but the closed calls were mid spread... thinking it might be pointing more towards sell to open and buy to close aka a upside hedge for a short stock position

Could just be rolling down. Seems like more of a delta play than a vol play given the size (vol trading shops tend to be more market makers and wouldn’t trade blocks like this). So if it’s a delta play, forget about the hedging side - could just be speculative as it’s cheaper to get exposure in the option market than tying up 100 shares at 7$ (x20k - essentially your $1.2M vs $20M comparisons of cash outlay for the same exposure)

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