iShares MSCI Emerging Markets (EEM, quote) ETF which seeks to track the MSCI Emerging Markets Index is seeing some unusual option activity in the October expiration this afternoon.
A 7,500 buy/write on the October 45 calls and October 45 puts occurred at 13:47:15 with the call triggering on the ask and put triggering just one penny shy of the ask on 9 cent spread.
On the call side its seems to be a bet on price not recovering above $45 per share until after October 18th but the put side is a little more riskier since the strike in currently in the money. The put buy/write was traded at $2.88 giving the trader downside protection to $42.12 some $0.22 in profits as of this moment.
Whether this is the same traders on both the call and put side or separate traders its looks like a large bet or bets have been place that the EEM price will hover around current prices.