Unusual options activity was not quite as brisk this past week with the short holiday week, but Alcoa (AA) did trade over twice the options volume over what it normally trades.  The aluminum giant has climbed from $45 to $60 this month after a number of positive news items came out, including the stock being added to the S&P 400 mid-cap index.  Someone is using this opportunity to buy a married put, where the stock is bought at the same time as a put hedge.  This hedged equity trade allows unlimited upside potential while capping downside exposure.