EW – Edwards Lifesciences Corp – The provider of products and technologies created to treat advanced cardiovascular disease popped up on our ‘hot by options volume’ market scanner after one options player initiated a sizeable bearish transaction in the November contract. Shares of the medical supplies company are currently down 0.80% to arrive at $59.29 as of 1:55 pm ET. The investor established a ratio put spread, buying 5,000 puts at the November $57.5 strike at a premium of $2.95 each, and selling 10,000 puts at the lower November $47.5 strike for premium of $0.75 per contract. The net cost of the pessimistic play amounts to $1.45 each. Thus, the responsible party is poised to profit should Edwards Life Sciences’ shares decline 5.5% from the current price of $59.29 to slip beneath the effective breakeven price of $56.05 by expiration day in November. Maximum potential profits of $8.55 per contract pad the put-spreader’s wallet as long as the price of the underlying stock plummets 19.9% to settle at $47.50 at expiration. The sharp increase in demand for put options on EW lifted the stock’s overall reading of options implied volatility 7% to 40.64% by 2:00 pm ET.