5750 VALE Mar17 11 calls and Feb17 8 puts went up in 2 blocks on the ARCA marked spread. 

Shares of Vale SA (VALE) are up .06 to 9.64 today.VALE is near the top of the 52 week range.

• Paper traded 5750 VALE Mar17 11 calls and Feb17 8 puts for .32 and .12. 
• The ADV is 41k contracts per day. 
• The OI is 4947 and 8063 contracts.

The volume went up in 2 blocks on the ARCA marked spread.The puts are opening with a line in the sand type sale and the calls were buying so the customer is looking for a lot more upside in VALE shares over the next few months.It appears they are ready to take deliver at $8.

• IV 30 is trading 53%. 
• HV10 is trading for 60%. 
• IV 30 is trading below the HV 10.

Vale S.A. (Vale) is a metals and mining company. The Company is also a producer of iron ore and iron ore pellets, and nickel. The Company's segments include Ferrous minerals, Coal, Base metals, Fertilizers and Others.