open interest Jan 15 puts with strike of $20

[petrengr1]

If one is short those puts with a close above $20 you make money . If long puts depends on what price you received when you bought those long puts . With elevated volatility you could lose money if long puts . More likely you make bucks .

I think you are not right with that JFT.  If you bought the puts(long the puts) , you paid money to control the right to sell IOC at 20.  You are in the money when IOC is under 20.  If you paid $1 per contract, you need IOC at $19 to break even.  If you sold the contracts(short) , you collected a premium and keep it all if IOC closes above 20.  You did not receive any money if you are long puts, you paid money to be long puts

Thanks Tom. I guess what I was trying to point out is these calls represent 1.2 million shares. Looks like that would be significant to someone and/or the market on Friday.