Maybe. I learned years ago to avoid thinking I could be able to figure out what various operations these professional traders employ in options; it's too difficult to do. What I have learned is that large put positions popping up out of the blue are always a warning. Large call positions & volumeespecially after a convertible bond offering seem to happen right after pricings and you can be sure that those cvt bond buyers are not interested in a 1.125% payout, they want to exploit the common stock price movements to their advantage and multiply their returns on investment. Quick jumps in price can occur after their mini-raids out of the blue.