Options Activity Shows PetroBras Has More Upside Left

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Petroleo Brasileiro PBR traded six times its average daily call volume on Monday.

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There was a buyer of 3,500 of the November 15/17/19 call butterflies at an average price of 30 cents per contract, Khouw mentioned. The trader bet $105,000 that Petroleo Brasileiro’s shares will rise by at least 24% by November expiration, he added.

PBR Price Action: Shares of Petroleo Brasileiro had risen by 12.64% to close at $13.90 on Monday.

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