High Volume Options Activity
Today, an extraordinary surge in options trading was witnessed among some prominent S&P 500 components. NVIDIA Corp (Symbol: NVDA), in particular, experienced a remarkable trade volume, with a staggering 1.4 million contracts exchanging hands. This substantial figure translates to approximately 137.9 million underlying shares, a figure that represents an astounding 249.3% of NVDA’s average daily trading volume over the past month, historically pegged at 55.3 million shares.
Significantly high trading volumes were attributed to the $920 strike call option expiring on March 08, 2024, with an impressive 53,667 contracts being traded so far today, amounting to roughly 5.4 million underlying shares of NVDA. This spike in activity is visually depicted in the chart below, outlining NVDA’s trading history over the past twelve months, with the $920 strike exemplified in a captivating shade of orange.
Netflix Inc (Symbol: NFLX) was not left behind in this surge of options activity. NFLX recorded a trading volume of 39,639 contracts today, representing a substantial 4.0 million underlying shares, a volume that mirrors a noteworthy 111.5% of NFLX’s average daily trading volume over the past month of 3.6 million shares.
The $650 strike call option set to expire on March 15, 2024, garnered notable attention with 2,378 contracts traded so far today, amounting to approximately 237,800 underlying shares of NFLX. The chart below illustrates NFLX’s trading history over the past year, highlighting the $650 strike in an eye-catching orange hue:
Additionally, Fox Corp (Symbol: FOXA) displayed a substantial options trading volume of 41,660 contracts today. This volume equates to around 4.2 million underlying shares, signifying a significant 100.8% of FOXA’s average daily trading volume over the past month, which was 4.1 million shares.
The $37 strike call option expiring on July 19, 2024, attracted notable interest with 22,198 contracts traded today, representing approximately 2.2 million underlying shares of FOXA. Below is a graphical representation of FOXA’s trading history, with the $37 strike highlighted for emphasis:
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