Market Overview
Nov 3 - The Nasdaq ended higher on Tuesday as AI heavyweights rebounded ahead of US midterm election results, while Apple fell after the iPhone maker joined the list of Big Tech companies whose quarterly results failed to impress investors.
Regarding the options market, a total volume of 48,864,693 contracts was traded, of which 55% were call options.
Top 10 Option Volumes
Top 10: NVDA, AAPL, TSLA, INTC, SPCX, MU, META, SMCI, MSTR, COIN
Source: Tiger Trade APP
NVIDIA closed at USD 206.69, rising 2.29% from the previous session.
Large options trades leaned bullish, highlighted by a $5.08 million outright call purchase at the $230 strike and a $2.68 million synthetic long. Both structures extend into 2027, suggesting traders are positioning for longer-term appreciation rather than near-term moves. With implied volatility elevated, the flow shows conviction in upside participation despite rich option pricing.
A $2.68 million synthetic call option was one of the day’s most notable bullish structures, combining a purchase of the February 19, 2027 $210.00 call with a sale of the February 19, 2027 $170.00 put. Using the preprocessed classification directly, this is a synthetic long position with a total size measured by its net debit of $2.68 million. With NVDA referenced at $206.69, the long $210.00 call is slightly out of the money and the short $170.00 put is also out of the money, creating a leveraged upside stance that closely resembles long stock exposure while taking in premium from the put sale to offset part of the call cost. Strategically, this reflects a clearly bullish longer-dated directional bet, suggesting the trader is positioning for appreciation over time rather than seeking near-term income.
A $5.08 million single-leg call purchase in the June 17, 2027 $230.00 strike was the largest outright options buy among the displayed trades and adds another distinctly bullish signal. The call was bought outright, expires well into 2027, and sits out of the money versus the $206.69 reference share price, indicating the trader is paying premium for upside participation above current levels. As a single-leg long call, the structure expresses a straightforward bullish view with defined risk and strong convexity, implying the buyer expects a meaningful advance in NVDA over the longer horizon. Overall, the large-trade flow leans moderately bullish: the highlighted orders are both upside-oriented, long-dated, and positioned above or below current spot in ways that favor appreciation, while the broader bulk-order mix also points to only a slight bullish edge rather than an aggressively one-sided market view.
Unusual Options Activity
SpaceX closed at $141.31, rising 3.62%.
A dominant $47.86 million short put spread dwarfed a $3.80 million long call in today's large options tape. The put spread, structured through the 145.0 and 110.0 strikes expiring in December 2028, signals heavy premium collection despite an in-the-money upper put. The smaller call purchase targets the 170.0 strike for January 2028. Net positioning leans cautious to bearish, as institutional traders favor income and downside exposure over upside speculation.
A put-selling spread structure collecting $47.86 million in premium was the dominant large trade, consisting of the sale of the 145.0 put and the 110.0 put, both expiring on 2028-12-15. This is a same-direction short put combination, so it should be read as a premium-collection spread strategy rather than a synthetic position, and its size is the stated net credit of $47.86 million. With the 145.0 put in the money against the $141.31 reference stock price and the 110.0 put out of the money, the trade suggests a willingness to absorb downside exposure while monetizing elevated premium, pointing to a range-bound to mildly bearish view rather than an outright collapse scenario. The seller appears to be expressing confidence that SpaceX will avoid a deeper breakdown toward the lower strike over the life of the position, while still accepting some downside risk nearer the upper strike.
A call purchase worth $3.80 million targeted the 170.0 strike expiring on 2028-01-21. This was a single-leg upside trade, and with the strike above the current $141.31 stock reference, it is out of the money. The structure is straightforwardly bullish: the buyer paid premium for leveraged upside participation over a long-dated horizon, implying an expectation that SpaceX could stage a meaningful rally above 170.0 before expiration. Even so, when viewed alongside the much larger premium-selling put combination and the broader block-flow mix, the overall large-trade tone remains bearish. The tape shows downside and premium-collection activity outweighing bullish upside speculation, so the clearest conclusion is that institutional positioning leans cautious to negative, with traders generally favoring income generation and defensive posture over aggressive upside chasing.
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