Market Overview
Wall Street closed a volatile week on a muted note on Friday (September 18) as benchmark US Treasury yields topped 5%, while crude prices reversed earlier gains but remained above $100 per barrel, keeping inflation worries front and center.
Regarding the options market, a total volume of 70,053,353 contracts was traded, of which 59% were call options.
Top 10 Option Volumes
Top 10: TSLA, NVDA, SPCX, MSTR, AAPL, MU, META, INTC, AMZN, HOOD
Source: Tiger Trade APP
Strategy ended the session at $153.92 on Friday, up 16.39% from the previous close.
The session was dominated by an unusually large call-selling structure, with a single displayed trade accounting for a net credit of $3.62 million. Net call premium collection was the defining feature of the day, as traders sold two separate call strikes in the Sep. 25, 2026 expiry without owning the underlying. Activity leaned bearish overall, although one out-of-the-money put sale added a selective supportive tone.
A call premium-selling combination with a net credit of $3.62 million was the largest displayed trade, built by selling 5,000 Sep. 25, 2026 149.0 calls and selling 5,000 Sep. 25, 2026 155.0 calls. This is a same-direction double-call sale, best interpreted as a call spread-style premium collection structure rather than a directional long bet, and the position carries a neutral-to-bearish tone. With MSTR referenced at 153.92, the 149.0 call was in the money while the 155.0 call was out of the money, showing the trader was leaning against further upside and seeking to monetize time decay and a contained trading range rather than paying for convex upside exposure.
A put sale worth $60 thousand was the other displayed large trade, involving the sale of 4,300 Sep. 25, 2026 120.0 puts. With the stock at 153.92, this strike was out of the money, so the trade reflects a moderately bullish stance: the seller is collecting premium while expressing confidence that MSTR can stay above 120.0 into expiration, or at least that downside to that level is unlikely enough to justify short put exposure. Overall, the large-trade flow leans bearish. Although there was some supportive put-selling and a few bullish structures in the broader block activity, the dominant feature was heavy call overwriting and net call premium collection, indicating traders were more focused on capping upside, harvesting premium, and positioning for limited appreciation or consolidation rather than chasing a sustained bullish breakout.
Robinhood Markets, Inc. closed at $119.82, up 9.12%.
Large options trades in Robinhood were dominated by a bearish call spread that collected $315,000 in net credit via short September 2026 $122.00 calls against long $127.00 calls, firmly capping expected upside. A much smaller, $270,000 net debit bull call spread also appeared, buying $116.00 calls and selling $121.00 calls. Despite the stock’s sharp advance, the options block flow leaned clearly bearish, favoring premium sales over aggressive long positioning.
A bearish call spread collecting $315,000 in net credit was one of the standout complex trades, built by selling the September 25, 2026 $122.00 call and buying the September 25, 2026 $127.00 call for 2,330 contracts each. With both calls out of the money versus the $119.82 reference stock price, this spread reflects a moderately bearish to capped-neutral stance, where the trader is positioning for HOOD to stay below $122.00 or at least not rally meaningfully through that level by expiration. The net credit structure points to a premium-collection strategy, expressing the view that upside is limited while defining risk with the higher-strike long call.
A bullish call spread opened for a $270,000 net debit was the other featured large trade, consisting of a purchase of the September 25, 2026 $116.00 call and a sale of the September 25, 2026 $121.00 call for 2,000 contracts each. The long $116.00 call is in the money and the short $121.00 call is out of the money relative to the $119.82 stock price, making this a directional upside bet with capped profit potential. The debit paid shows the trader was willing to spend premium for a controlled-risk bullish position, likely targeting a moderate move higher toward or above $121.00 rather than an unlimited upside breakout.
Unusual Options Activity
Netflix closed at $71.79, down 4.67%.
Large options trades on Netflix showed a consistently cautious tone, with a $4.24 million deep in-the-money put purchase standing as the largest displayed order and a $2.26 million out-of-the-money call sale following close behind. Both flows leaned bearish, and the broader block activity also tilted entirely negative, suggesting institutional traders were positioning primarily for downside risk or capped upside rather than chasing a rebound in the stock.
A put buy worth $4.24 million was the largest displayed trade, with 1,210 contracts bought on the December 18, 2026 $107.00 put. With NFLX referenced at $71.79, this strike sits deep in-the-money, so the position carries substantial intrinsic value and reflects a clearly bearish stance. Buying an in-the-money long-dated put like this typically signals either a strong downside directional bet or a protective hedge against further weakness, with the buyer paying significant premium to secure downside exposure through late 2026.
A call sale worth $2.26 million was the other key displayed trade, with 2,000 contracts sold on the June 16, 2028 $90.00 call. Against the current stock reference of $71.79, the strike is out-of-the-money, making this a bearish-to-cautious income-oriented position. Selling a long-dated out-of-the-money call generally suggests the trader does not expect NFLX to rise materially above $90.00 over the life of the option, and the strategy is consistent with premium collection or with capping upside as part of a conservative outlook.