Bonawyn Eison Sees Unusual Options Activity In Academy Sports & Outdoors Inc

On CNBC's "Options Action," Bonawyn Eison said that calls outpaced puts by about two times to one in Academy Sports & Outdoors Inc ASO on Thursday and the options volumes were three times what you typically see on a normal day.

The options market is implying a move of 22% in either direction between now and the May expiry. During the session, Eison noticed that 500 contracts of the May $30/$45, 1 by 2 call spreads were traded for $1.30. From a buyer's perspective, the breakeven is at $31.30 and the trade can make a maximal profit of $13.70. In case of a sharp move higher, the trade is going to start to lose money above $58.70.