To The Moon

Options on futures are option contracts whose underlying assets are futures contracts. Trading volume and open interest reveal how capital is positioned across different expiries and strike prices. They provide useful signals on market expectations, risk appetite and potential support or resistance zones, although they should not be interpreted as direct bullish or bearish signals.

Today’s analysis covers changes in large options trades and open interest on November 3 relative to November 2. These are the latest available data in this report and provide a reference for assessing positioning and risk appetite.

The latest futures options data show continued divergence across markets. Nasdaq 100 put open interest remained elevated, although call volume and new call positions led during the latest period. Several nearby November strikes added exposure simultaneously, with the 28,800 call standing out, while December put positioning also increased. WTI puts led in both open interest and volume, while net additions were broadly balanced between calls and puts. December calls from $105 to $115 expanded alongside January to March 2027 puts at $62. Gold calls remained dominant, with December contracts accounting for most trading. February 2027 call additions were particularly notable, while the short dated $3,800 put and December $3,600 put also added positions. Overall, positions continued to expand and adjust across products, expiries and strikes. New exposure may reflect hedging, option selling or multi-leg strategies, so it must be assessed alongside price action and persistence rather than treated as a direct directional signal.

Nasdaq 100: Call Additions Lead as Nearby Positioning Concentrates and Deferred Exposure Expands on Both Sides

$美光科技(MU)$ $英偉達(NVDA)$ $亞馬遜(AMZN)$ $特斯拉(TSLA)$ $微軟(MSFT)$ $Meta Platforms, Inc.(META)$ $谷歌(GOOG)$ $蘋果(AAPL)$ $納指100ETF(QQQ)$ $納指三倍做多ETF(TQQQ)$ $納指三倍做空ETF(SQQQ)$ $納斯達克(.IXIC)$ $NQ100指數主連 2612(NQmain)$ $微型NQ100指數主連 2612(MNQmain)$

As of November 3, compared with November 2, total open interest in Nasdaq 100 futures calls and puts stood at 98,600 and 122,200 contracts, respectively. Daily call and put volume totaled 29,200 and 25,100 contracts, while net open interest increased by 14,024 and 7,179 contracts. Puts continued to lead in total open interest, although calls were more active in both volume and new positioning. Put open interest was about 1.24 times call open interest, while call volume and new call positions were approximately 1.16 and 1.95 times their put equivalents. Put additions led in the previous report, but calls became the main source of new positioning in the latest period.

Nearby November call additions were highly concentrated. The 28,800 call traded 1,499 contracts and added 1,172, with open interest rising from 10 to 1,182 contracts. The 28,890 and 28,710 calls in the same expiry series added 546 and 539 contracts, while a 28,700 call from another expiry series increased by 520. This shows simultaneous call additions across several nearby contracts. The December 29,750 call added 432 contracts, lifting open interest from 71 to 503. On the put side, the November 25,500 contract added 348 positions. The December 25,750, 26,000 and 28,500 puts increased by 333, 250 and 248 contracts. Some puts reduced exposure, including the November 29,000 contract, which declined by 270, and the December 27,500 put, which fell by 195. Put positioning therefore adjusted across strikes instead of expanding uniformly.

Overall, the latest structure featured stronger call additions, concentrated nearby positioning and two-way growth in December contracts. New call exposure clearly exceeded put additions, although total put open interest remained higher and lower-strike puts continued to gain positions. Downside risk positioning therefore remains important. However, higher open interest cannot distinguish buyers from sellers and may also reflect multi-leg strategies. The data should be assessed alongside index performance, persistence and relationships across expiries.

Large Trade Focus: Sharp Increase in the November 28,800 Call Alongside Higher December Put Exposure

The November 28,800 call added 1,172 contracts, the largest single-contract increase shown in the chart. The 28,890 and 28,710 calls in the same expiry series added a combined 1,085 contracts, indicating concentrated nearby call positioning. Meanwhile, the December 25,750, 26,000 and 28,500 puts also added exposure. The latest structure is therefore best interpreted as stronger nearby call positioning alongside expanding deferred put exposure. Continued index strength accompanied by further call additions would support the persistence of this positioning. A weaker index would shift attention toward whether put additions accelerate and nearby call exposure begins to decline.

WTI Crude Oil: Net Additions Remain Balanced as December Calls and Deferred Puts Expand Together

$美國原油ETF(USO)$ $馬拉松原油(MPC)$ $WTI原油主連 2611(CLmain)$ $小原油主連 2611(QMmain)$

As of November 3, compared with November 2, total open interest in WTI crude oil calls and puts stood at 1.1822 million and 1.3888 million contracts. Daily call and put volume totaled 83,900 and 111,100 contracts, while net open interest increased by 21,651 and 21,495 contracts. Puts led in total open interest and volume by approximately 1.17 and 1.32 times. However, the difference in net additions was only 156 contracts, indicating that new positioning was broadly balanced rather than concentrated on one side.

December LOZ6 calls recorded notable increases. The $105, $110 and $115 calls added 1,094, 907 and 1,050 contracts, respectively, for a combined increase of 3,051. The $94 and $75 calls also added 763 and 500 contracts. Put additions were concentrated in January through March 2027. The $62 puts for the three respective months increased by 2,128, 2,163 and 2,501 contracts, for a combined increase of 6,792. The February $74 and $75 puts added 1,999 and 1,993 contracts. Meanwhile, the December $80 put reduced open interest by 2,463, while the January and February $70 puts declined by 1,688 and 1,224. This shows divergence in put positioning across expiries and strikes.

Overall, puts continued to lead in existing positions and volume, while new exposure was nearly balanced between calls and puts. Higher-strike December calls expanded alongside deferred puts at $62, showing different positioning across expiries. However, higher open interest does not identify buyer or seller initiated trades and may reflect spreads or other multi-leg strategies. Investors should assess the data alongside oil price performance, persistence and relationships across contract months.

Large Trade Focus: Cross-Month Additions in $62 Crude Puts Alongside Higher December Calls From $105 to $115

The March 2027 $62 put recorded both volume and a net open interest increase of 2,501 contracts, with open interest rising from 2,661 to 5,162. January and February puts at the same strike also added positions, showing concentrated cross-month exposure at $62. At the same time, the December $105, $110 and $115 calls added a combined 3,051 contracts. The structure is therefore best interpreted as higher-strike call positioning alongside deferred downside exposure. Investors should monitor whether changes in oil prices are accompanied by continued growth in these positions.

Gold: Calls Remain Dominant as December Trading Concentrates and February Call Additions Stand Out

$黃金主連 2612(GCmain)$ $黃金ETF-SPDR(GLD)$ $微黃金主連 2612(MGCmain)$ $1盎司黃金主連 2612(1OZmain)$

As of November 3, compared with November 2, total open interest in gold futures calls and puts stood at 598,100 and 240,300 contracts. Daily call and put volume totaled 23,290 and 18,021 contracts, while net open interest increased by 7,048 and 5,036 contracts. Calls continued to dominate open interest, volume and new positioning. The call-to-put open interest ratio was approximately 2.49, the volume ratio was about 1.29 and call additions were around 1.40 times put additions. However, put open interest grew by approximately 2.14%, compared with 1.19% for calls. This lowered the call-to-put open interest ratio slightly from about 2.51, indicating that calls remained dominant while puts expanded at a faster relative pace.

December remained the most actively traded expiry, while February 2027 recorded notable call additions. The February $4,050 call traded 642 contracts and added 441, with open interest rising from 61 to 502. The February $5,500, $3,950 and $4,200 calls added 434, 400 and 336 contracts across several strikes. The December $4,000 call traded 544 contracts and added 436, lifting open interest from 1,215 to 1,651. The December $4,100 and $4,265 calls increased by 147 and 136. Meanwhile, the December $4,300, $4,250 and $4,800 calls reduced open interest by 171, 147 and 132 contracts, showing continued repositioning within the same expiry.

On the put side, the short dated G1WX6 $3,800 put traded 640 contracts and added 628, with open interest rising from 66 to 694. This was the largest put increase in the detailed data. The December $3,600 put traded 1,151 contracts and added 502, lifting open interest from 2,012 to 2,514. The December $3,900 put added 245 contracts, while the $3,800 and $3,700 puts reduced open interest by 282 and 155. The June 2027 $3,750 put added 294 contracts, while the $3,700 put declined by 400. Put additions were therefore concentrated in selected expiries and strikes rather than expanding uniformly.

Overall, the latest structure is best summarized as continued call dominance, concentrated December trading, notable February call additions and simultaneous growth in short dated put exposure. Trading activity and new positions were distributed across different expiries, while increases and reductions occurred within the same contract months. This highlights significant divergence across expiries and strikes. Higher open interest does not confirm active buying and remains insufficient to determine the near-term direction of gold prices. Investors should monitor whether additions in the February $4,050 and $5,500 calls persist and whether the short dated $3,800 and December $3,600 puts continue to expand. Gold prices, the US dollar and interest rates will help determine the direction and durability of this positioning.

Large Trade Focus: Short Dated $3,800 Put and February 2027 $4,050 Call

On November 3, the short dated G1WX6 $3,800 put traded 640 contracts and added 628, with open interest rising from 66 to 694. The February 2027 $4,050 call traded 642 and added 441, lifting open interest from 61 to 502. The December $3,600 put also deserves attention after trading 1,151 contracts and adding 502. The latest data show simultaneous growth in short dated puts and longer dated calls. However, volume and open interest alone cannot confirm whether the trades were actively purchased or formed part of the same combination strategy. Their durability should be assessed alongside gold prices and subsequent changes across expiries.

Overall, the latest positioning changes reveal a clear difference between new exposure and existing structures. Nasdaq 100 calls led new additions and nearby positioning was concentrated, although total put open interest remained higher. WTI additions were broadly balanced between calls and puts, with December calls expanding alongside deferred puts. Gold calls retained their advantage, while February calls and selected short dated and December puts added positions simultaneously. Investors should monitor whether nearby Nasdaq call additions persist, whether WTI’s deferred $62 put exposure continues to grow and how gold positioning evolves across different expiries. Stronger prices accompanied by continued call additions would support the persistence of upside positioning. Weaker prices alongside further put growth would indicate stronger risk related positioning. Changes in open interest cannot identify the direction of initiating trades and remain insufficient to determine a one-way price trend.