Market Overview

Major stock indexes and the U.S. dollar dropped on Thursday (Apr. 10), with the S&P 500 ending down more than 3% as investors remained skittish, a day after U.S. President Donald Trump's move to temporarily lower tariffs on many countries caused a massive relief rally.

Regarding the options market, a total volume of 64,800,434 contracts was traded, down 14% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, AAPL, VIX, AMD, PLTR, AMZN, MSTR, META, BABA

Source: Tiger Trade App

After a historic day of gains for the chip sector, many big semiconductor stocks pulled back sharply on Thursday, as President Donald Trump’s pause of tariff hikes on most countries wasn’t enough to remove the cloud of uncertainty hanging over the technology sector. Nvidia shares sank 5.9%, while AMD tanked 8.4%.

There are 5.25 million Nvidia option contracts traded on Thursday, down 25% from the previous trading day. Call options account for 54% of overall option trades. Particularly high volume was seen for the $110 strike call option expiring April 11, with 278,640 contracts trading. NVDA 20250411 110.0 CALL

Apple shares tumbled 4.2% on Thursday, giving back some of their gains from a historic rally yesterday when President Trump paused most of the tariffs that took effect overnight. 

There are 1.7 million Apple option contracts traded on Thursday, down 24% from the previous trading day. Put options account for 51% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring April 11, with 59,640 contracts trading. AAPL 20250411 200.0 CALL

Unusual Options Activity

Source: Market Chameleon

Gold prices jumped nearly 3% to an all-time high on Thursday, as a drop in the dollar and an escalating trade war between the U.S. and China drove investors towards the safe-haven allure of the precious metal. SPDR Gold Shares (GLD) gained 2.4%.

There are 725.3K GLD option contracts traded on Thursday, down 13% from the previous trading day. Call options account for 66% of overall option trades. Particularly high volume was seen for the $310 strike call option expiring June 20, with 41,719 contracts trading. GLD 20250620 310.0 CALL

Tesla declined 7.3% to $252.40 on Thursday after skyrocketing 23% on Wednesday. UBS and Mizuho analysts lowered their targets for Tesla on Thursday, citing the potential of tariffs to weaken the broader auto industry. Direxion Daily TSLA Bull 2X Shares (TSLL) tumbled 14.3%.

There are 240.8K TSLL option contracts traded on Thursday, down 32% from the previous trading day. Call options account for 63% of overall option trades. Particularly high volume was seen for the $8.5 strike call option expiring April 11, with 18,674 contracts trading. TSLL 20250411 8.5 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 3,360,312 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 11-Apr-25 130 Put, with traders getting long 941,478 deltas on the single option contract.

Top 10 bullish stocks: NVDA, PLTR, WMT, AMT, F, CVS, GOOGL, UBER, UNH, CVX

Top 10 bearish stocks: PFE, NKE, EBAY, AAPL, AMZN, META, GOOG, AVGO, XOM; SBUX

Source: Market Chameleon

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