Groupon (NASDAQ:GRPN) seems to be less of a deal for investors than the ones it offers online every day … that is, unless you’re betting on (more) downside.

The company operates an e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount in North America and internationally. Its deals span 140 businesses, including health and beauty, food and drink, activities, events, services, and retail.

Last week, Groupon’s inaugural earnings announcement after its November IPO was met with a barrage of selling, with the stock dropping nearly 15% on the news. Implied volatilities came in sharply on the news, although they are still trading generally in the mid-60 range for at-the money options.

While we await the much-anticipated Facebook IPO, I’m looking for GRPN – now trading at $21 — to languish here for a while, with the stock treading water at the low end of the recent trading range.

Given that the Facebook IPO may generally support social media stocks, GRPN probably has a short-term floor near the $19 level, which has some technical support. As such, I look for GRPN to close near $19 by April expiration, and that is setting the stage for a bearish options play to make right now.

Based on GRPN’s current market price of $21.03 and using a target price of $19, a target date of April 20, 2012, and $1,000 of investment capital, you can capture some nice gains by buying the April 27 Put, buying the April 13 Call or using another options strategy that best fits your trading style and goals.

For the full details on this trade, visit TradingBlock.com, create a free Instant Login and try the TradeBuilder feature, where you’ll see several ways to trade this name. Best of all, you can see a potential profit-and-loss outline for each strategy.

Create your free login, and get access to the details about these GRPN options trading strategies by visiting the TradeBuilder here.