Options on American depositary receipts of Harmony Gold (HMY - commentary - Cramer's Take) are attracting five times the normal level of contracts as shares read 1.7% higher at $7.01.

It appears that traders are deferring a bearish view on Harmony shares until later in the spring, selling 2 January 2.50 puts (or closing out two long contracts at this strike) at 5 cents per contract to fund the opening purchase of May 2.50 puts at 30 cents per contract.

While the sheer quantity of contracts involved in this ratio calendar put spread was enough to push put volume to its highest level in a month, overall open interest in Harmony Gold has shown only a minor privilege to open put positions, and one that has remained stable for most of this year.