Over 4,000 contracts traded on the April 17th, 2020 $10 put options on Marathon Oil (MRO). The option had a prior open interest of just 175 trades, making for a 23-fold rise in volume on the option.

With a current price around $11.50, shares would need to drop 15 percent for the option trade to move in-the-money. For a company in the energy space, that kind of move in six months is easily achievable.

The option currently trades for around $0.66 or $66 per contract, the option would need to be at $9.40 or lower for the put buyer to profit at expiration. As the the company’s 52-week low is near $11, this would mark a significant move down in shares.