most times when you hear somebody placed a big option bet....they lose. is the 10k OI option the only one with large OI or are all of the strikes loaded up?
The thing about low OI is the spreads are wider and sometimes the bid or ask is ridiculous....unless the bots are interested and then they bid and ask large quantity even if OI is small.
you could not buy a copper put for the last 60 days. My screen only showed a low bid, no offer. OI was almost nothing. then, boom.
so, i guess i would bet against the large OI in the call if you had reason to believe the long could be wrong.
what's the underlying, anyway? precious metal stock?