The S&P 500 and Nasdaq hit record closing highs on Tuesday, as AI-fueled optimism offset anxiety over Middle East peace talks — concerns that were compounded by recent U.S. strikes on Iran.
Regarding the options market, a total volume of 61,819,071 contracts was traded, of which 63% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, MU, AAPL, NOK, MSFT, AMZN, INTC, AMD, ASTS
Source: Tiger Trade App
Micron Technology shares climbed 19.3% on Tuesday to an all-time closing high of $895.88, and to push the company above a $1 trillion market capitalization for the first time.
Compared with past offtake sales agreements that were based on volume, UBS analyst Timothy Arcuri said, “new ‘enhanced’ [long term agreements] now incorporate longer durations, fixed volume commitments and — most importantly — a partially fixed pricing framework.”
There are 1.29 million Micron option contracts traded on Tuesday, of which call options account for 56% of overall option trades. Block trading activity in Micron reflects a positioning structure that is broadly bullish over the medium to long term.
In one notable trade, investors sold a large volume of put options expiring on July 17, 2026, with strike prices of $600 and $620, generating combined premium income of as much as $18.93 million. The far-dated positioning reflects a “short volatility” strategy aimed at collecting premium, effectively betting that the stock will remain well above the $600-$620 range over the next 18 months. The positioning suggests a neutral-to-bullish longer-term outlook.
Source: Tiger Trade App
Separately, a trader purchased 2,000 call options expiring on June 18, 2026, with a strike price as high as $1,300, at a cost of roughly $2.97 million. The trade represents a relatively low-cost strategy designed to capture potential outsized gains in the event of an extreme upside rally in the stock.
Source: Tiger Trade App
Unusual Options Activity
Roundhill Memory ETF closed at $60.51, up 14.56% from the previous session. Implied volatility stood at 91.49%, with the IV percentile reaching 88.57%, indicating options pricing remains elevated relative to historical levels and suggesting the market is bracing for significant future price swings.
Source: Tiger Trade App
The largest options flows were concentrated in out-of-the-money put selling, pointing to medium-term income-generating strategies that carry a neutral-to-bullish bias. At the same time, sizeable purchases of out-of-the-money puts and the establishment of synthetic short positions indicate that bearish positioning and downside hedging remain present. Near-dated activity, however, was dominated by bullish call exposure.
Overall, the market reflects a divided positioning landscape: medium-term strategies are centered on selling volatility with a broadly neutral-to-bullish bias, supplemented by selective downside hedges, while short-term sentiment remains constructive.
In the largest single transaction, traders sold 15,000 out-of-the-money put contracts expiring on Aug. 21, 2026, with a $50 strike price, collecting approximately $6.6 million in premium income. The trade effectively wagers that DRAM shares will remain above $50 through the August expiry.
Source: Tiger Trade App
Source: Tiger Trade App
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