Market Overview
The Nasdaq notched a record high close on Tuesday (September 22), lifted by Micron Technology and other AI-related stocks, while the S&P 500 hovered just below a record high as oil prices traded around $100 per barrel.
Regarding the options market, a total volume of 58,391,659 contracts was traded, of which 61% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, AAPL, MU, INTC, AMZN, SPCX, GME, MSTR, BABA
Source: Tiger Trade APP
Micron closed at $1,096.16, up 5.00%.
The session featured exceptionally large and bullish options activity, including a $22.58 million out-of-the-money put sale and an $8.68 million in-the-money call purchase.
A put sale worth $22.58 million was the largest block of the session, with 2,000 contracts traded at the 900.0 strike expiring on 2027-06-17. With Micron referenced at 1096.16, this put was out of the money, making the trade a clearly bullish stance. Selling an OTM put at this level typically signals confidence that the stock will stay above 900.0 into expiration, while also indicating a willingness to accumulate shares at a lower effective entry point if assigned. Strategically, this is a premium-collection trade with a constructive outlook on downside risk.
Source: Tiger Trade APP
An in-the-money call purchase worth $8.68 million was the second standout trade, involving 1,578 contracts at the 1060.0 strike expiring on 2026-10-02. Because the strike sits below the current share price of 1096.16, the call was already ITM, which reinforces the bullish character of the trade. Buying an ITM call in this size suggests a directional upside bet with meaningful delta exposure, allowing the trader to participate in further gains while committing less capital than outright stock ownership. Overall, the large-order flow points to a clearly bullish tone in Micron, with activity dominated by premium-selling on downside strikes and aggressive upside call buying, indicating institutional confidence that the stock can remain resilient and continue moving higher rather than facing a material reversal.
Source: Tiger Trade APP
Unusual Options Activity
Moderna ended the session at $182.56, with a 5.56% gain.
The largest options prints were not aggressive directional bets but two massive premium-selling put spread structures. A $3.97 million net credit trade and a separate $3.88 million net credit trade dominated the tape, with institutions selling far out-of-the-money puts into 2026 and 2027 expirations. Rather than chasing the rally with call buying, these traders monetized elevated volatility while expressing confidence that any downside in Moderna remains contained, signaling a range-bound, premium-collecting stance from large players.
A put spread-style premium-selling trade collecting $3.97 million was the largest featured order, structured as a same-direction double put sale for the November 20, 2026 expiration. The trader sold 2,500 contracts of the $150.00 put and 2,500 contracts of the $115.00 put, with both strikes out of the money versus the $182.56 reference stock price. As a spread strategy, this was done for a net credit of $3.97 million, pointing to an income-generating stance that benefits if Moderna remains above those lower strike areas through expiration. The structure suggests a neutral-to-bearish posture in the sense that the trader is willing to take downside exposure below the strikes, but the primary intent appears to be premium collection while expressing confidence that any decline stays contained.
Source: Tiger Trade APP
Another premium-selling put spread strategy brought in a net credit of $3.88 million, using the March 19, 2027 expiration. In this trade, 2,000 contracts of the $120.00 put and 4,000 contracts of the $95.00 put were sold, and both legs were also out of the money relative to the current stock price. With a net credit of $3.88 million, this position likewise reflects a volatility-selling, range-bound view rather than an outright bullish upside chase. Overall, the large-trade flow points to a bearish tilt in institutional positioning, but not through aggressive downside put buying; instead, the sentiment is expressed through sizeable out-of-the-money put selling structures that indicate expectations for Moderna to avoid a severe breakdown while traders monetize elevated premium and lean on a broad trading range.
Source: Tiger Trade APP