Market Overview

Wall Street benchmarks closed modestly higher on Wednesday(Jul. 16), with the Nasdaq Composite achieving its latest record finish, despite a chaotic half hour when news reports suggested U.S. President Donald Trump was set to fire Federal Reserve Chair Jerome Powell.

Regarding the options market, a total volume of 51,734,283 contracts was traded.

Top 10 Option Volumes

Source: Tiger Trade App

Tesla shares rose 3.5% on Wednesday. Tesla Inc. is preparing to launch a longer, six-seat version of its Model Y sport utility vehicle in China, where the carmaker has been losing ground to domestic manufacturers with fresher lineups.

There are 2.04M Tesla option contracts traded on Wednesday, up 53% from the previous trading day. Call options account for 56% of overall option trades. Particularly high volume was seen for the $320 strike call option expiring July 18, with 153,159 contracts trading. $TSLA 20250718 320.0 CALL$

Unusual Options Activity

Source: Market Chameleon

Opendoor Technologies shares jumped another 25% in premarket trading on Thursday after soaring 43% on Wednesday. The meme-stock tailwind that has pushed the online home-flipping stock up in recent weeks seemed to gain strength, even though there was no company-specific news out on the stock. The notion that Opendoor could be the next Carvana seems to be picking up steam online in social media forums like X and Reddit, and trading volume in the stock has soared.

There are 677.81K Opendoor option contracts traded on Wednesday, up 180% from the previous trading day. Call options account for 92% of overall option trades. Particularly high volume was seen for the $1.5 strike call option expiring July 18, with 78,813 contracts trading. $OPEN 20250718 1.5 CALL$

TOP 10 S&P 500 Bullish & Bearish

This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).

If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.

Based on option delta volume, traders bought a net equivalent of 1,211,018 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 18-Jul-25 172.50 Call, with traders getting short 478,295 deltas on the single option contract.

Source: Market Chameleon

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