To The Moon

U.S. stocks closed mixed Wednesday. Credit Suisse's disclosure that it had found "material weaknesses" in its internal controls and that its major shareholders had resisted further capital injections added to the recent pressure on the financial sector. Big US bank stocks fell, dragged down by Credit Suisse and European banks. Big tech stocks ended the day in positive territory.

The ECB is scheduled to announce its latest rate decision at 21:15 p.m. Beijing time Thursday, followed by a news conference by its president, Christine Lagarde. Today's decision is the most important in months for ECB officials, who will judge whether the market turmoil caused by Credit Suisse is enough to cause them to change the path of interest rate rises.Indicator description:

This indicator tells you if there is more bullish or bearish net option volume on the day. If we take the total bullish trades and subtract total bearish trades, we can see if there is more bullish or bearish volume on balance.

Respectively, if there are more traders betting the stock price will rise, it will result in a positive option delta volume.

The figure below shows you a breakdown of the delta volumes based on the trade type (bought calls, sold calls, bought vertical spreads, sold vertical spreads, etc.).

And a list of the top 10 option contracts by options delta volume. It helps you quickly find which expirations and strikes traders are targeting. And you can easily see if traders are focusing mostly on calls, puts or even rotating into or out of one option to another.

Top Three Bullish：

1. $Netflix(NFLX)$

Netflix closed up 3% yesterday, hitting its 30-week average. Based on optiondelta volume, traders bought a net equivalent of 4,908,503 shares of stock. The largest bullish delta came from selling puts. The daily turnover of large institutions, professional investors, retailers and small brokerages exceeded the 30-day average. Shows a positive view of trends over the next 30 days.The largestdelta volumecame from the 17-Mar-23 350 Put $NFLX%2020230317%20350.0%20PUT$ $NFLX 20230317 350.0 PUT$ , with traders getting long 1,880,300 deltas on the single option contract.

2. $Amazon.com(AMZN)$

Amazon closed up 1.39% yesterday. Based on optiondelta volume, traders bought a net equivalent of 4,736,069 shares of stock. The largest bullish delta came from selling puts. Shows a positive view of trends over the next 10 days.The largestdelta volumecame from the 17-Mar-23 130 Put $AMZN%2020230317%20130.0%20PUT$ $AMZN 20230317 130.0 PUT$ , with traders getting long 3,675,100 deltas on the single option contract.

3. $CVS Health(CVS)$

Health care provider CVS fell -0.21% yesterday, dipping below its 250-week average. News reports suggest that institutions have been increasing their positions in CVS shares recently.

Based on optiondelta volume, traders bought a net equivalent of 2,760,018 shares of stock. The largest bullish delta came from selling puts. Among them, the daily turnover of large institutions exceeded the 30-day average. Shows a positive view of trends over the next 5 days.The largestdelta volumecame from the 17-Mar-23 90 Put $CVS%2020230317%2090.0%20PUT$ $CVS 20230317 90.0 PUT$ , with traders getting long 1,340,192 deltas on the single option contract.

Top Three Bearish：

1. $Tesla Motors(TSLA)$

 Tesla fell 1.53 per cent yesterday. Based on optiondelta volume, traders sold a net equivalent of -1,192,488 shares of stock. The largest bullish delta came from selling puts. The battle between long and short is fierce, and the short strategy prevails. Among them, the daily turnover of large institutions exceeded the 30-day average. Data shows a positive trend for the next 5 days and a negative view for the 5-120 days.The largestdelta volumecame from the 17-Mar-23 220 Put $TSLA%2020230317%20220.0%20PUT$ $TSLA 20230317 220.0 PUT$ , with traders getting long 1,150,300 deltas on the single option contract.

2. $Apple(AAPL)$

Apple rose 0.26% yesterday to close above its 250 moving average. Based on optiondelta volume, traders sold a net equivalent of -1,094,917 shares of stock. The largest bearish delta came from buying puts. The battle between long and short is fierce, and the short strategy prevails. Among them, the daily turnover of professional investors exceeded the 30-day average. Data shows a positive trend for the next 5 days and a negative view for the 5-120 days.The largestdelta volumecame from the 21-Jul-23 180 Call $AAPL%2020230721%20180.0%20CALL$ $AAPL 20230721 180.0 CALL$ , with traders getting short 359,891 deltas on the single option contract.

3. $Etsy(ETSY)$

E-commerce company ETSY rose 1.9% yesterday and is trading below its 250 moving average. Based on optiondelta volume, traders sold a net equivalent of -596,016 shares of stock. The largest bearish delta came from buying puts.Among them, the daily turnover of large institutions exceeded the 30-day average. The data shows a negative trend over the next 5 days.The largestdelta volumecame from the 17-Mar-23 145 Put $ETSY%2020230317%20145.0%20PUT$ $ETSY 20230317 145.0 PUT$ , with traders getting short 220,988 deltas on the single option contract.

Comment:

• This report shows option order flow sentiment for the top holdings in the S&P 500 ETF.
• The top 10 bullish holdings has a net option volume delta value of 18 M.
• The top 10 bearish holdings has a net option volume delta value of -6 M.