Market Overview

Cooler-than-expected inflation data and upbeat corporate earnings lifted all three major U.S. stock indexes to all-time closing highs on Friday (Oct. 24), setting the stage for next week's earnings reports and an expected interest rate cut by the Federal Reserve.

Regarding the options market, a total volume of 71,640,156 contracts was traded, up 24% from the previous trading day.

Top 10 Option Volumes

Top 10: TSLA, NVDA, BYND, INTC, AMD, OPEN, AAPL, AMZN, PLTR, F

Source: Tiger Trade App

Tesla stock, surprisingly, had a post-earnings rally after weak results. Those gains didn’t extend to Friday, however. On Friday, the stock dropped 3.4% to $433.72, leaving shares down about $5 over the two days post-earnings.

There are 3.97 million Tesla option contracts traded on Friday, down 8% from the previous trading day. Call options account for 57% of overall option trades. Particularly high volume was seen for the $400 strike call option expiring October 24, with 203,296 contracts trading. TSLA 20251024 400.0 CALL

The brutal losses continued Friday, as Beyond Meat stock pared earlier gains and sank 23.1% to $2.19. Hopes that it may become the next mega meme stock may be fading—while volatility is elevated, the company’s fundamentals remain weak, Mizuho analysts wrote Friday.

There are 2 million Beyond Meat option contracts traded on Friday, up 20% from the previous trading day. Call options account for 58% of overall option trades. Particularly high volume was seen for the $2.5 strike put option expiring October 24, with 157,723 contracts trading. BYND 20251024 2.5 PUT

Unusual Options Activity

Source: Market Chameleon

Intel pared earlier gains, but still closed 0.3% higher on Friday. investors rallied behind CEO Lip-Bu Tan's aggressive cost-cutting measures that helped the chipmaker surpass quarterly profit estimates and regain stability amid a flurry of high-stakes bets on future growth.

There are 1.73 million Intel option contracts traded on Friday, up 68% from the previous trading day. Call options account for 69% of overall option trades. Particularly high volume was seen for the $39 strike call option expiring October 24, with 86,042 contracts trading. INTC 20251024 39.0 CALL

AMD shares jumped nearly 8% on Friday following a report that IBM can utilize the company’s chips to run a quantum computing error correction algorithm.

There are 1.66 million AMD option contracts traded on Friday, up 188% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $250 strike call option expiring October 24, with 145,329 contracts trading. AMD 20251024 250.0 CALL

Ford shares surged 12.2% on Friday. Investors were so impressed by Ford Motor's third-quarter results that they overlooked a guidance cut.

There are 641.93K Ford option contracts traded on Friday, up 136% from the previous trading day. Call options account for 73% of overall option trades. Particularly high volume was seen for the $14 strike call option expiring October 24, with 48,631 contracts trading. F 20251024 14.0 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 1,374,095 shares of Ford stock. The largest bullish delta came from buying calls. The largest delta volume came from the 31-Oct-25 12.50 Call, with traders getting long 309,181 deltas on the single option contract. F 20251031 12.5 CALL

Top 10 bullish stocks: F, IBM, VZ, GOOG, AMD, COIN, NEM, GS, LUV, APP

Top 10 bearish stocks: TSLA, INTC, NFLX, PFE, CMG, META, WMT, NVDA, HAL; T

Source: Market Chameleon

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