Tenaris (TS, news, chart, volatility), a Luxembourg-based manufacturer of steel products, is down 13 cents to $20.15 and volume is running four times the average, with players active in the January and March 30 calls. Looks like possible diagonal spreads, with most of the Jans hitting bid-side while the March trade on the offer. That is, the investor is taking a position in the March contract and offsetting some of the cost by selling the January 25s. The trade works out well if TS stays below $25 through the January expiration (24 days) and then makes a significant move above the higher strike ($30) through March.