Option Signals | Nike Options Volume Surged Sixfold Compared to 30-Day Average; July 3 Call with $68 Strike Price Jumped 438% on Friday; Circle Dropped 24% Last Week, Bullish Options Took a Hit
Dow Jones Industrial Average DJI | 46402.10 | -0.35% |
NASDAQ IXIC | 21789.75 | -0.23% |
S&P 500 index SPX | 6562.67 | -0.19% |
SPXW 180725 P 5075 |
| |
NVIDIA Corporation NVDA | 176.39 | +0.37% |
Market Overview
As of last Friday's close, the Dow Jones Industrial Average(DJI.US) rose by 1.0%, finishing at 43,819.27 points. The NASDAQ(IXIC.US) gained 0.52%, ending at 20,273.46 points, while the S&P 500 index(SPX.US) increased by 0.52%, closing at 6,173.07 points.
Notably, the trading volume for S&P 500 (SPX) put options reached 2.3926 million contracts, compared to 2.1259 million call option contracts. This results in a put/call ratio of approximately 1.13, indicating a stronger bearish sentiment among investors. Among these, the SPXW 180725 P 5075 put option saw a volume of 12,000 contracts, with a VOL/OI ratio of 52.41. This contract, with a strike price of 5,075.00, declined by 2.78%.
Top 10 Options Trading Volume:
NVIDIA Corporation(NVDA.US): Last Friday, NVIDIA shares rose by 1.76%, with options trading volume reaching 4.25 million contracts, an increase of 819,900 contracts from the previous day, marking a 0.24 times increase. The open interest stands at 20.05 million contracts.
NVIDIA CEO Jensen Huang made his first stock sale since September last year, selling 100,000 shares valued at approximately $14.4 million between June 20 and 23, according to SEC filings.
Tesla Motors, Inc.(TSLA.US): Tesla shares fell by 0.66% last Friday, with options trading volume hitting 3.29 million contracts, up by 1,248,100 contracts from the previous day, a 0.61 times increase. The open interest is 8.67 million contracts.
Tesla has appointed Henry Kuang, a former executive from GM's autonomous driving subsidiary Cruise, as its AI director, as the company seeks to expand its autonomous taxi business in the U.S.
NIKE, Inc. Class B(NKE.US): Nike shares surged by 15.19% last Friday, with options trading volume reaching 980,000 contracts, an increase of 571,600 contracts from the previous day, and six times the 90-day average volume. The open interest is 1.85 million contracts. Following a strong earnings report, Nike's stock closed over 15% higher, with notable activity in the July 3 expiration $68 call option (NKE 030725 C 68), which jumped 438% on Friday.
Nike's latest Q4 financial results showed revenue of $11.1 billion, a 12% year-over-year decline but 3.8% above market expectations of $10.72 billion. Adjusted EPS fell 86% to $0.14, beating forecasts by 2 cents.
Circle(CRCL.US): Circle shares dropped 15.54% last Friday, with options trading volume reaching 760,000 contracts, an increase of 299,000 from the previous day, marking a 0.65 times increase. The open interest is 560,000 contracts. JPMorgan initiated coverage on Circle with an "Underweight" rating and a target price of $80.00.
Coinbase(COIN.US): Coinbase shares fell 5.77% last Friday, with options trading volume at 730,000 contracts, a decrease of 74,300 from the previous day, marking a 0.09 times decrease. The open interest is 1.46 million contracts.
| Code | Closing Price | Volume | Open Interest | PUT/CALL |
|---|---|---|---|---|
| NVIDIA Corporation(NVDA.US) | 157.75 | 4.25M | 20.05M | 0.9 |
| Tesla Motors, Inc.(TSLA.US) | 323.63 | 3.29M | 8.67M | 0.9 |
| Palantir(PLTR.US) | 130.74 | 1.38M | 3.21M | 0.8 |
| Amazon.com, Inc.(AMZN.US) | 223.3 | 1.14M | 3.77M | 0.8 |
| Advanced Micro Devices, Inc.(AMD.US) | 143.81 | 1.13M | 3.84M | 0.8 |
| Apple Inc.(AAPL.US) | 201.08 | 1.02M | 5.23M | 0.7 |
| MicroStrategy Incorporated Class A(MSTR.US) | 383.88 | 0.98M | 2.33M | 0.9 |
| NIKE, Inc. Class B(NKE.US) | 72.04 | 0.98M | 1.85M | 0.9 |
| Circle(CRCL.US) | 180.43 | 0.76M | 0.56M | 1.1 |
| Coinbase(COIN.US) | 353.43 | 0.73M | 1.46M | 0.6 |
PUT/CALL: Counts the percentage of open put and call option holdings for the listed stocks during the trading day.
Options Activity Tracking:
NIKE, Inc. Class B(NKE.US): Last Friday, Nike shares rose by 15.19%. The call option with a strike price of $80.0, expiring on July 3, 2025 (NKE 030725 C 80), saw a volume of 13,300 contracts and increased by 28.57%.
Circle(CRCL.US): Circle shares fell by 15.54% last Friday, with notable activity in call options:
- The call option with a strike price of $195.0, expiring on June 27, 2025 (CRCL 270625 C 195), had a volume of 11,500 contracts and dropped by 99.94%.
- The call option with a strike price of $190.0, expiring on June 27, 2025 (CRCL 270625 C 190), had a volume of 21,000 contracts and fell by 99.83%.
T-Mobile(TMUS.US): T-Mobile shares rose by 1.65% last Friday. The call option with a strike price of $235.0, expiring on June 27, 2025 (TMUS 270625 C 235), saw a volume of 17,900 contracts and decreased by 86.96%.
| Code | Option Type | Strike Price | Expiry Date | Volume | Open Interest | Vol/OI |
|---|---|---|---|---|---|---|
| NIKE, Inc. Class B(NKE.US) | CALL | $80.0 | 07/03/25 | 13.29K | 140 | 94.96 |
| Circle(CRCL.US) | CALL | $195.0 | 06/27/25 | 11.49K | 125 | 91.9 |
| Circle(CRCL.US) | CALL | $190.0 | 06/27/25 | 20.97K | 233 | 90.0 |
| NIKE, Inc. Class B(NKE.US) | PUT | $70.0 | 06/27/25 | 15.88K | 181 | 87.73 |
| T-Mobile(TMUS.US) | CALL | $235.0 | 06/27/25 | 17.86K | 212 | 84.25 |
| 3M Company(MMM.US) | CALL | $140.0 | 09/19/25 | 28.55K | 391 | 73.02 |
| C3.ai Inc(AI.US) | CALL | $26.5 | 07/03/25 | 23.69K | 350 | 67.68 |
| Cipher Mining Inc. - Common Stock(CIFR.US) | PUT | $3.5 | 08/01/25 | 9.43K | 151 | 62.44 |
| NIKE, Inc. Class B(NKE.US) | PUT | $69.0 | 06/27/25 | 7.81K | 127 | 61.51 |
| PG&E Corporation(PCG.US) | PUT | $13.5 | 07/18/25 | 15.13K | 247 | 61.25 |
vol/oi: The ratio of options volume to the number of open positions in the contract, with higher vol/oi indicating that the market is creating an abnormal number of new positions.
Option IV Unusual Movements:
Circle(CRCL.US): Last Friday, Circle's stock fell over 15%, with total options trading volume reaching 760,000 contracts. Put options accounted for 56% of the total volume, and the implied volatility was 137.74%.
Peter Eberle, CIO of crypto investment firm Castle Funds, commented that the stock's pullback was "not surprising," as previous gains were too rapid and high, exceeding the reasonable range based on fundamentals.
High IV stocks:
| Code | Volume | IV (%) | IV Rank (%) | IV Percentile (%) |
|---|---|---|---|---|
| INmune Bio Inc.(INMB.US) | 113.12K | 444.57 | 84.17 | 96 |
| Sunrun Inc.(RUN.US) | 104.52K | 162.47 | 100.00 | 100 |
| Circle(CRCL.US) | 762.28K | 137.74 | 40.22 | 57 |
| Aeva Technologies, Inc. (AEVA.US) | 5.73K | 132.90 | 60.48 | 91 |
| BigBear.ai Holdings(BBAI.US) | 171.74K | 132.44 | 37.68 | 57 |
| Pony AI Inc.(PONY.US) | 41.01K | 125.75 | 16.99 | 20 |
| Core Scientific Inc Ordinary Shares - New(CORZ.US) | 347.30K | 123.17 | 73.97 | 96 |
| Viking Therapeutics, Inc.(VKTX.US) | 30.12K | 118.06 | 78.11 | 91 |
| Nektar Therapeutics(NKTR.US) | 4.74K | 116.18 | 17.21 | 43 |
| TSS, Inc.(TSSI.US) | 6.26K | 115.98 | 49.85 | 47 |
Source: Barchart, data as of Eastern Time, June 28, 2025.
Read More: A quick look at the pros and cons of index options!
Note: Implied volatility estimates the expected fluctuation of a stock's price and is derived from the cost of its options. High and low levels of implied volatility signify market sentiment and option supply and demand dynamics. Feeding into an option's premium, implied volatility, time value, and directional movement embody the core aspects influencing option pricing. Traders navigate their strategies within this three-dimensional framework.
Volume reflects the aggregate volume of options contracts executed in a single day.
IV Rank gauges the standing of the current implied volatility within the highest and lowest values observed over the past year, serving as a relative measure.
IV Percentile denotes the proportion of days during the past year when the implied volatility was lower than the present rate, providing a statistical norm.
IV Yearly High marks the apex of an option's implied volatility recorded within the preceding year, signaling its peak uncertainty or risk