One thing I've learned from the awesome option pros who are Jon and Pete Najarian at Optionmoster.com is to keep an eye on options trading volume vs open interest.
One that's caught my eye today is more than 6-thousand March 125 BIDU puts that traded today against open interest of just over 1-thousand contracts. That's a curious purchase because of how deep in the money those puts are (stock at $105) and for its cost. 6000 contracts at about $20 each is $12 mln worth of options. It's intriguing given the time frame - expiration on these March puts is next week. Incidentally, there was no matching volume on the call side, or in other months; so no evidence of a time spread or straddle.
In addition, over 2000 April 105 puts traded today against open interest of 667 contracts. hmmm.