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• Index, ETF option volumes near midday
• Bear drills into McMoRan Exploration
• When resistance becomes support

• ADTN 0% Rate It

One investor just made a quiet killing in Adtran.

optionMONSTER's tracking systems detected the sale of 1,500 May 29 calls for $4.24 and the purchase of 1,500 contracts each in the May 24 puts for $0.75 and the May 35 calls for $1.49, resulting in a net credit of $2.

The transaction closed a bullish three-way strategy on the stock that appeared last month. At that time, the trader had bought the 29s, looking for upside, and sold the 24s and the 35s to finance the bet. He or she paid just $0.20 to open the position, so that translates into a profit of 900 percent from their initial outlay.

The trade could have made even more if the investor had waited longer because ADTN was at $31.41 when the position was closed. The stock is up 9.1 percent to $34.17 following a strong earnings report, and that same position is now valued at $2.95.

Overall option volume is 27 times greater than average so far today. ADTN provides networking technology used by telecom companies and large enterprises.

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