Lowe’s (LOW, news, chart, volatility) options are active as players brace for earnings and a conferrence call due out Monday before the opening bell. Total volume is running three times the average daily levels, with 31,000 puts traded, compared to 7,300 call options. The top two trades of the day: 5,000 November 20 puts traded on the offer for $1.80 and 5,000 November 17.5 puts midmarket for 60 cents. The two traded on the PHLX about 15 minutes ago and are part of spread. The customer paid $1.20 and, if opening, has a potential payoff of $1.30 if LOW slides to $17.50 or less before next week’s options expiration. Implied volatility in Lowe’s is up to the mid-80s, from about 78 yesterday.