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.

PGR earnings per share came right in line with analyst estimates last quarter (at 42 cents), and the street expects the company to announce earnings per share of 36 cents in August.

A rollout such as this is not necessarily bullish or bearish, but it's interesting that at least one investor is not yet finished with these puts, and rolled them out to a later-dated series.

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Jud Pyle is the chief investment strategist for Options News Network and the portfolio manager of TheStreet.com Options Alerts. Click here for a free trial for Options Alerts. Mr. Pyle writes regularly about options investing for TheStreet.com.

Jud Pyle, CFA, is the chief investment strategist for Options News Network. Pyle started his career in finance in 1994 as a derivative analyst with SBC Warburg. After four years with Warburg, Pyle joined PEAK6 Investments, L.P., in 1998 as an equity options trader and as chief risk officer. A native of Minneapolis, Pyle received his bachelor's degree in economics and history from Colgate University in 1994. As a trader, Pyle traded on average over 5,000 contracts per day, and over 1.2 million contracts per year. He also built the stock group for all PEAK6 Investments, L.P. hedging, which currently trades on average over 5 million shares per day, and over 1 billion shares per year. Further, from 2004-06, he managed the trading and risk management for PEAK6 Investments L.P.'s lead market-maker operation on the former PCX exchange, which traded more than 10,000 contracts per day. Pyle is the "Mad About Options" resident expert. He is also a regular contributor to "Options Physics."

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