Second day of put selling in Coinstar

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Traders were selling puts in Coinstar on Friday for the second session in a row.

The put sellers were targeting the December 45 strike on Thursday , and they moved to the December 40s on the next day. More than 7,500 December 40 puts were sold on Friday, led by a single print of 7,155 that went for $0.60, according to optionMONSTER's tracking systems. The volume was more than 9 times the strike's open interest at the beginning of the session, clearly indicating new activity.

Friday's put seller is looking for the CSTR to be above the $40 strike price at expiration in mid-December. If the shares are below that level, the trader faces the requirement to buy the stock at an effective price of $39.40 once the credit from the put sale is factored in.  (See our Education section)

CSTR fell 2.13 percent to close at $46.78 on Friday. A day earlier, the operator of Redbox DVD-rental kiosks broke above its 50-day moving average for the first time since mid-July.

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