Bank of America (BAC) is up a nickel to $14.95 and the BAC Feb 14 – 17 risk-reversal trades at 17 cents, 10000X. The strategist bought puts, sold calls against a position in shares at $15. So, basically, this is a “collar”. Recall that, in a collar, the strategist is buying shares and puts, while also selling calls. The premium for the calls (credit) finances the puts (debit) — which in turn provide downside protection. The upside is limited due to the short calls. In this case, the strategist pays $15.17 per share for the collar total (excluding commissions) and has downside protection at $14 (-7.7 percent). The upside is limited to $17 (12.1 percent). If the stock is trading above that level at the February expiration, the calls will be assigned and the strategist will sell the shares at $17.