HOG is trading 26.80, up 2.4% with IV30™ up 9.7%. <img src="http://2.bp.blogspot.com/_hMry1m7UF10/TBD_Lkl5z3I/AAAAAAAAC5Q/0yz1EU8cEK0/s1600/hog_summary.gif"> The company has traded over 51,000 options in the first hour on total daily average option volume of just 14,645. The largest trade was a July 20/25 put spread purchase funded by a July 30 call sale 2,187x each. The Stats Tab and Day's biggest trades snapshots are included (<a href="http://livevol.blogspot.com/2010/06/hog.html">in the article</a>). The Options Tab (<a href="http://livevol.blogspot.com/2010/06/hog.html">in the article</a>) illustrates that the puts and the call are mostly opening (trade size >> OI). You can also see the June 28 calls traded 8,430 times, but from what I can tell, that is closing (purchase today to close short interest before). <b>Trade Stats</b> Buy 2,187 July 25 puts for $1.24 Sell 2,187 July 20 puts @ $0.23 Sell 2,187 July 30 calls @ $0.81 Net debit = 100*2,187*($1.24 - $0.23 -$0.81) = $43,740 Max Gain (at $20) = 100*2,187*$0.81 + 100*2,187*($5.00 - {$1.24 - $0.23}) = $1,049,760 The PnL chart is included (<a href="http://livevol.blogspot.com/2010/06/hog.html">in the article</a>). Note the naked upside in return for a cheaper spread (smaller debit). The Skew Tab snap (<a href="http://livevol.blogspot.com/2010/06/hog.html">in the article</a>) illustrates the vols of the strikes in the trade. Finally, the Charts Tab (6 months) is below (<a href="http://livevol.blogspot.com/2010/06/hog.html">in the article</a>). The top portion is the stock price, the bottom is the vol (IV30™ - red vs HV20™ - blue). The yellow shaded area at the very bottom is the IV30™ vs. the HV20™ vol difference. You can see HOG has traded over $35 recently and hasn't been below $23. This could be a hedge by a long stock holder. But it is interesting that vol is jumping today with the VIX down ~10% on the market rally. This is trade analysis, not a recommendation. Details, trades, prices, vols, skews, charts here: in the article