Dow Jones DIAMONDS (DIA, news, chart, volatility) Feb puts and calls are actively traded, after a strategist apparently sold 85/93 strangles and bought 84/95 strangles (16,000X for an average credit of about 94 cents). Also known as an iron condor, this strategy makes profit if the ETF stays within the two short strikes (85 and 93) through the February oprtions expiration (45 days). In this case, it is slightly modified condor as the puts are 1-strike apart and calls 2 strikes. This might reflect the view that a subsantial move to the upside is less likely than to the downside.