Put buyers book a large win in $EXPE

Bearish option traders are quadrupling their money in Expedia (EXPE) today.

On Apr. 29, Market Rebellion’s Unusual Activity programs detected the the purchase of 2,659 Weekly $170 puts, expiring this Friday, as part of a bearish spread for $5.27 to $5.33, above the existing open interest of 35, with shares at $179.44.

Those puts have traded for as much as $22.50 so far this session, over 4 times their purchase prices. The stock fell 17.79% in the same time frame, illustrating the kind of leverage that can be achieved quickly with options.

Long puts lock in the price where a stock can be sold no matter how far it might drop, gaining value in a selloff with the potential for significant leverage. The contracts can be purchased either as an outright bearish bet or a hedge on a long-stock position.

EXPE was last lower on the day by 13.79% to $150.71.