Surprise Trader walks off with millions in profits from $ETRN call options
This trader turned $2 million into $20 million (no typo, ha!). May 24, 11:18 - 11:24am, a trader loads up $ETRN $8 Oct calls. May 27, debt deal passes, with a surprise pipeline for $ETRN. The contracts rallied +1000% This is why a Congressional trading ban will never work.
$ETRN gets ZERO options volume. It avgs ~$16k premium/day and he traded over +100,000 contracts that day alone, holding volume. You can see the huge aberration in volume in the attached image. The trader grabbed every contract he could grab, and quickly, in a six minute period
The contracts on an illiquid chain like this were filled at the mid at times, yet the trader has held his position. Being close to Congress has its benefits, with this trader turning two million dollar trade into a $20 million trade. Filters used: unusualwhales.com/live-options-f…
Post the debt ceiling agreement, natural gas pipeline company, Equitrans Midstream Corp, received the funds it needed to complete one of its long-delayed projects.
Incidentally, prior to the agreement, an anonymous trader bought 100,000 call options of $ETRN stock, racking profits in millions in just 5 days.