Mike Khouw Sees Unusual Options Activity In Clover Health

On CNBC's "Options Action," Mike Khouw said Clover Health Investments Corp CLOV was the busiest name in the single stock options space on Tuesday and it traded 15 times its average daily options volume.

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The most active options were the June $22 calls with more than 260,000 contracts traded for about $4.60. The breakeven for the trade is $26.60 or around 20% above the closing price on Tuesday. The options market is implying a move of around $10.50 by a week from Friday, said Khouw.