Green Mountain Coffee Roasters (GMCR) implied volatility is elevated, as shares give up early gains and trade lower Tuesday. After bucking the bearish trend Monday and gaining 4.9 percent, the stock opened higher and added another 3 percent in early trading Tuesday. The gains didn’t last, however, and GMCR is down $4.01 to $48.90 and 10.3 percent off session highs. The stock is now down 27 percent since earnings were reported on 11/9. The volatility has stirred up some action in GMCR options, with 13K calls and 27K puts traded on the stock so far today. The top trade is a 950-lot of Weekly $40 puts at 19 cents. Another 500 traded at 19 cents and sentiment data indicate a customer sold-to-open the position, 1500X. Weekly 45 puts are the most actives, with 3,376 traded. Weekly $50 puts are the third most actives, followed by Jan 29 and Jan 50 puts. Meanwhile, implied volatility in the options on the stock is up 12 percent and elevated at 90.