Largest option trades in equities

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Microsoft (MSFT): An investor bought 14,000 April 29 puts for $1.58 and 14,000 April 32 puts for $1.86, resulting in a total cost of $3.44. Known as a strangle , the trade will benefit from increased volatility in the software giant. MSFT rose 0.37 percent to $31.31.

Exxon Mobil (XOM): A block of 9,000 April 105 calls was bought for $0.25 and 3,000 April 70 puts were sold for $0.81. The strategy is bullish, similar to owning shares in the oil giant. XOM rose 0.03 percent to $87.79.

Opko Health (OPK): An investor sold 8,000 January 7 puts for $0.71 and bought an equal number of January 109 calls for $0.82. While bullish on the surface, volume was below open interest, so it's not clear whether a new position was initiated or an old trade closed. OPK fell 2.27 percent to $8.41.

Disclosure: I own XOM shares.

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