Option Movers｜Tesla's April 26 $140 Put in Focus; Riot See 79% Call Options after Surging 23% Fueled by Bitcoin Halving
Market Overview
Wall Street stocks ended higher on Monday(April 22) following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the U.S. economy's health.
Regarding the options market, a total volume of 38,781,275 contracts was traded, down 24% from the previous trading day.
Top 10 Option Volumes
Top 10: $TSLA(TSLA)$, $NVDA(NVDA)$, $AAPL(AAPL)$, $AMD(AMD)$, $AMZN(AMZN)$, $Riot Platforms(RIOT)$ , $Marathon Digital Holdings Inc(MARA)$ , $Palantir Technologies Inc.(PLTR)$ , $Bank of America(BAC)$ , $Ford(F)$
Source: Tiger Trade
$Tesla(TSLA)$ shares were down 3.4% after the electric-vehicle company over the weekend cut U.S. prices for its Model Y, S, and X vehicles—the latest move in a continuing struggle to prop up sales despite weakening demand. The company also cut prices in China and Europe. Tesla shares were on pace to close lower for a seventh straight sessions. The drop Friday came after Tesla recalled nearly 4,000 Cybertruck vehicles.
There are 1793.02K Tesla option contracts traded on Monday. Put options account for 55% of overall option trades. Particularly high volume was seen for the $140 strike put option expiring April 26, with 49,175 contracts trading.$TSLA 20240426 140.0 PUT$
Unusual Options Activity
Source: Market Chameleon
After the Bitcoin halving, U.S. crypto stocks saw 20% gains, with the ascent being fueled by a general market upswing. On April 22 the top gainers were Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT), which all had over 20% growth. SDIG (Stronghold) broke the rank with a 35.3% increase while Riot was close behind with a 23% gain.
There are 301.44K Riot option contracts traded on Monday, up 71% from the previous trading day. Call options account for 79% of overall option trades. Particularly high volume was seen for the $10 strike call option expiring April 26, with 17,858 contracts trading.$RIOT 20240426 10.0 CALL$
TOP Bullish & Bearish Single Stocks
This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).
If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.
Based on option delta volume, traders bought a net equivalent of 636,764 shares of Bank of America stock. The largest bullish delta came from buying calls. The largest delta volume came from the 21-Jun-24 39 Call, with traders getting long 419,254 deltas on the single option contract.$BAC 20240621 39.0 CALL$
Top 10 bullish stocks: BAC, NVDA, GOOGL, GM, CSX, WMT, JPM, AMT, UAL, AMD
Top 10 bearish stocks: TSLA, AAPL, WBD, AAL, F, WZ, WFC, BMY, IBM, PARA
Source: Market Chameleon
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