BUZZ-Valeant: Options traders brace for more pain
** Options traders add to near-term bearish bets as Valeant Pharmaceuticals International Inc's U.S.-listed shares fall to 4-year low on Tuesday; shares last down 45 pct and poised for worst-ever one day drop
** Valeant cut its 2016 revenue forecast by about 12 pct and said a delay in filing its annual report could mean a debt default
** About 222,000 VRX contracts traded in two hours, 3.6x the avg daily volume; puts trading at 10x the normal pace, according to Trade Alert
** Bearish activity dominates; VRX March 40 puts & 4/1 40 puts the most active with about 29,000 contracts traded
** 30-day ATM implied volatility jumps to 152, up from 86.8 on Monday
** March 40 puts last traded for $4.78, a massive surge given they changed hands at 4 cents on Monday, according to Thomson Reuters data
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