U.S. stock indexes finished higher after a choppy trading session on Wednesday(April 2). But S&P 500 futures, NASDAQ 100 Futures and Dow Jones fall sharply on bigger-than-expected Trump tariffs.

Regarding the options market, a total volume of 40,276,848 contracts was traded on Wednesday.

Top 10 Option Volumes

Top 10: TSLA; NVDA; Amazon.com ; PLTR; AAPL; Strategy ; U.S. Steel ; Meta Platforms, Inc. ; Broadcom ; Robinhood

Source: Tiger Trade App

Amazon.com rose 2% in regular trading on Wednesday on a report that the e-commerce giant has put in a bid to buy all of TikTok. A person familiar with the matter confirmed to Barron's the company shared its intentions in an offer letter addressed to Vice President JD Vance and Commerce Secretary Howard Lutnick. The bid came ahead of a deadline of April 5 for a potential ban of the video-sharing platform.

A total number of 779.75K options related to Amazon.com was traded on Wednesday, up 64% from the previous trading day, of which 75% were call options. A particularly high trading volume was seen for the $200 strike call option expiring April 4, with a total number of 64,170 option contracts traded as of Wednesday. $AMZN 20250404 200.0 CALL$

Unusual Options Activity

Source: Market Chameleon

Steel, aluminum and a long list of other metals won’t be subject to “reciprocal” tariffs, the White House said on Wednesday, in a move that provides relief to domestic buyers and suggests the administration is exercising some caution around commodities where the US is heavily reliant on imports.

A total number of 313.04K options related to U.S. Steel was traded on Wednesday, 3 times higher than the previous trading day, of which 80% were call options. A particularly high trading volume was seen for the $45 strike call option expiring April 11, with a total number of 58,126 option contracts traded as of Wednesday. $X 20250411 45.0 CALL$

TOP Bullish & Bearish Single Stocks

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 -656,156 shares of Pfizer stock. The largest bearish delta came from selling calls. The largest delta volume came from the 15-Jan-27 27 Call, with traders getting short 564,394 deltas on the single option contract.

Source: Market Chameleon

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