By Jud Pyle, CFA, chief investment strategist for the Options News Network

During midday trading, an investor rolled out a long put position on Progressive ( PGR) to the November expiration month on a potential bet that the stock could move more in the next few months.

The investor sold to close 5,000 July 15 puts and simultaneously bought to open the same number of Nov. 15 puts with the stock trading around $14.76 a share. The volume-weighted average price of the July 15 puts is 20 cents, and the Nov. 15 puts have a VWAP of $1.4750, meaning the investor most likely paid approximately $1.275 for the roll (subtracting the VWAP of the option the investor sold from the VWAP of the put bought gives premium paid).

Approximately 900 options across all strikes trade in PGR each day, but the investor helped boost options volume beyond 10,300 contracts today.

The July 15 puts, which expire today, are currently trading down five cents on the day, and the Nov. 15 puts are up three cents with an hour left to go in the trading day. The July 15 puts are home to current open interest of 5,800 contracts, and the Nov. 15 puts are home to current open interest of 478 contracts.

PGR shares have rallied 41% since reaching a 52-week low of $9.89 on March 9, but the stock is approximately 16% off its recent high of $16.64.

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