Some time ago, I noticed a rather unusual movement in Pfizer options that caught my interest. The put option from $29 with March expiration had a volume/open interest ratio of 210.16—practically double that of any other active option that day. Pfizer itself hasn't been particularly exciting lately, considering it plummeted from $61 in 2021 to around $25. But this abnormal trading volume in the options suggested that someone was heavily betting on a significant move.

The call option from $29 also saw a similar movement, which immediately made me think of a long straddle strategy. Essentially, whoever made this move was betting on high volatility regardless of the direction. With a net debt of $4.38, the breakevens were set at $33.38 on the upside and $24.62 on the downside. The probabilities weren't exceptional—around 37%—but with 71 days until expiration, there was enough time for a decent move without time decay completely destroying you.

Another tactic I saw was a bull put spread, more conservative. Selling the $29 put and covering with a $26 put. The net credit was $234 with a maximum loss of $66. Honestly, for those seeking less risk, this was the better choice. The breakeven point was only 4.84% above the current price, so it made sense if you were bullish but didn't want to take on too much risk.

Anyway, activity on these Pfizer options that day was the most intense since November 4th, when they announced earnings. The interesting thing about options trading is that you often see these signals before the broader market notices. I don't know if that bet paid off, but it was definitely one of those moments where watching volume and open interest tells you more than any headline.