Market Overview

The S&P 500 ended higher on Thursday (Feb. 13), lifted by gains in Nvidia, Apple and Tesla, after U.S. President Donald Trump unveiled a roadmap for charging reciprocal tariffs on U.S. trading partners.

Regarding the options market, a total volume of 53,879,607 contracts was traded, up 17% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, INTC, AAPL, SMCI, AMD, PLTR, HOOD, VIX, META

Source: Tiger Trade App

Tesla shares jumped 5.8% on Thursday after a U.S. State Department forecast was reported Wednesday afternoon, revealing that the electric vehicle maker is a possible choice for an estimated $400 million contract for armored electric vehicles.

There are 2.78 million Tesla option contracts traded on Thursday, unchange from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $350 strike call option expiring February 14, with 134,870 contracts trading. TSLA 20250214 350.0 CALL

Unusual Options Activity

Source: Market Chameleon

Intel shares jumped another 7.3% on Thursday, extending their recent rally on speculation of a deal with TSMC.

There are 1.72 million Intel option contracts traded on Thursday, up 95% from the previous trading day. Call options account for 75% of overall option trades. Particularly high volume was seen for the $25 strike call option expiring February 14, with 68,457 contracts trading. INTC 20250214 25.0 CALL

Trade Desk forecast its first-quarter revenue below analysts' estimate, signaling softer demand for its digital advertising services in the connected TV market, sending its shares down almost 33% on Thursday.

There are 430.64K Trade Desk option contracts traded on Thursday, up 434% from the previous trading day. Call options account for 54% of overall option trades. Particularly high volume was seen for the $85 strike call option expiring February 21, with 12,260 contracts trading. TTD 20250221 85.0 CALL

Riot Platforms, a prominent Bitcoin mining company, announced the appointment of three new directors to its board, signaling a strategic pivot towards artificial intelligence (AI) and high-performance computing (HPC) amid the challenges facing the cryptocurrency mining industry. The shares jumped 9.6% on Thursday.

There are 384.86K Riot Platforms option contracts traded on Thursday, up 382% from the previous trading day. Call options account for 74% of overall option trades. Particularly high volume was seen for the $14 strike call option expiring June 20, with 45,227 contracts trading. RIOT 20250620 14.0 CALL

AppLovin shares soared 24% on Thursday after the company reported earnings and revenue that sailed past analysts’ estimates and issued better-than-expected guidance. AppLovin was the best-performing U.S. tech stock last year, soaring more than 700%, driven by the company’s artificial intelligence-powered advertising system.

There are 308.78K AppLovin option contracts traded on Thursday, up 222% from the previous trading day. Call options account for 56% of overall option trades. Particularly high volume was seen for the $450 strike put option expiring February 14, with 12,047 contracts trading. APP 20250214 450.0 PUT

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 sold a net equivalent of -1,434,492 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 14-Feb-25 Call, with traders getting short 940,594 deltas on the single option contract.

Top 10 bullish stocks: NVDA, AMGN, CVX, MMM, SBUX, INTC, TSLA, UAL, ABNB, MU

Top 10 bearish stocks: AAPL, MRK, GOOGL, AVGO, GOOG, KO, BAC, BA, MSFT, SMCI

Source: Market Chameleon

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