Today, our unusual options volume report rang the bell for VNQ, Vanguard's Real Estate ETF. VNQ traded 10 times more options than it usually does and was the number 1 leader in unusual volume. The big options trade was a put almost 10% out of the money and expiring 5 days before Christmas.

Far and away the largest trading option was the $82 strike put expiring on December 20th. The put was trading at a 18.6% implied volatility yesterday and spiked up to a 19.5% IV with the stock down 1.3% today. The put-call strike slope also rose today. The slope will rise when lower strikes are bought. Both of these point to a put buyer in VNQ.

Here's more from the report:

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Find out more about the report here.