$QQQ put buyers score

Option traders posted big gains on downside positions in the tech-heavy PowerShares QQQ Fund (QQQ) today.

On Mar. 25, Market Rebellion’s Unusual Activity programs detected the the purchase of 8,784 April $482 puts as part of a bearish roll for $5.57 above the existing open interest of 79, with shares at $493.21.

Those puts traded up to $17.95 today, a 222.26% return, while the stock fell 5.06% 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.

QQQ ended the day at $468.94, down 2.63% on the session.