Disney (DIS) is up 32 cents to $35.48 and is one of 22 Dow stocks holding gains Monday afternoon. Noteworthy options trades on the media giant include an April 25 – 35 (2X1) put ratio spread for $1.82 on the International Securities Exchange. Data from the ISE indicate the investor bought 1 and sold 2 to open a new bearish 1X2. A shareholder might have initiated the srpead as a hedge, as the best payoff happens if shares fall to $25 through the April expiration — a decline of almost 30 percent in 179 days. Earnings will come into play on the afternoon of Nov 10.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

BP loses 33 cents to $42.02 and one strategist bought 10000 Apr 44 calls on the oil giant for $2.65 per contract. It might close, as open interest is 29,973. The same strategist also sold 8,000 May 55 calls on Total SA (TOT) at $3.10, which might also be closing, as open interest is 17,030. Or this might be a new pairs trade and adds to similar positions opened Friday, when 8,400 BP Apr 44 calls traded at the $2.89 ask price and 7,200 TOT May 55 calls traded on the $3.30 Bid. TOT is up 13 cents to $52.72 today and the pairs trade might be a bet that, while BP will move beyond $44 through the Apr expiration, TOT won’t rally beyond $55 through mid-May 2012.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Top equity options trade so far today is a 22000-contract block of BofA Dec 6 puts, sold at 42 cents per contract. The block is tied to shares (on a 33 delta) and might be a closing trade. Weekly (10/28) $6 calls are the most actives on the bank. More than 50,000 traded, including five 10,000 contract blocks on or near the bid (60, 61, 62, 62 and 63 cents) and sentiment data hint at opening customer sellers. So while one player sold the block of Dec 6 puts, others are selling Weekly $6 calls on BAC. Premium selling has implied vols in the options on BofA down 4 percent to 68.5 in early trading, which compares to a 52-week low and high of 23 (4/29) and 147.5 (8/8). Meanwhile, shares are up 12 cents to $6.58 this morning and the grind higher off Oct 3 52-week lows of $5.53 continues. BAC is up 19 percent since that time.