Once again the better trade here is buy the Preferred @.79 which pays a dividend and NEVER expires. You could've purchased 1,772,151. shares of MTL-P . which may have been the play from a common stock holder.
If I would be an interested buyer of that many contracts, I would put in limit at bid and wait, newer pay ask
This is huge and bullish.
This volume tells that someone knows something......!!!!!!! and betting lots of$$$$. Big money
Also remember MTL is Russian company and mother Russia is famous for brother helping brother or a friend or a beer pal...... Could be a perfect leak from "banya" (russian sauna) gossips
If MTL comes with just slightly improving picture, stock will double in no time. Market cap is tinny 1.5B
I say, $7+ range in April, I almost guarantee it))))
Once we see a light at the end of a tunnel we all be looking into 2009 type of a reversal.