"It looks much like part of a reversal - non-directional.How do you know?" Never 100% certain, but the fact that the prices are off and it's an awfully complicated way to create an option. The fact that the stock traded CHX sort of means it quacks like a duck - but never 100% certain. The CHX is so small it exists for pretty much option layoff.
I get the times&sales from a commercial vendor and then I try to find meaningful relationships in the data.