To The Moon

Options on futures are option contracts whose underlying assets are futures contracts. Trading volume and open interest reveal how capital is positioned across different expiries and strike prices. They provide useful signals on market expectations, risk appetite and potential support or resistance zones, although they should not be interpreted as direct bullish or bearish signals.

Today’s analysis covers changes in large options trades and open interest on October 28 relative to October 27. These are the latest available data in this report and provide a reference for assessing positioning and risk appetite.

The latest futures options data show continued divergence across markets. The S&P 500 saw a wider put-side advantage, with multiple near-term strikes adding positions and the 6,200 put standing out. Nasdaq puts led both existing positions and new additions, although call positioning continued and both sides expanded in later expiries. WTI puts gained a slightly larger share, while some December calls reduced positions and two-way expansion continued in deferred contracts. Gold calls remained dominant, but their relative lead narrowed as December positions expanded on both sides. Silver saw active call additions in nearby contracts alongside higher put exposure at lower strikes. Overall, positioning continued to expand and adjust across products, expiries and strikes. New positions may reflect hedging, option selling or multi-leg strategies, so they must be assessed alongside price action and persistence rather than treated as outright directional signals.

S&P 500: Put-Side Lead Widens as Near-Term 6,200 Strike Sees Standout Position Growth

$標普500(.SPX)$ $標普500ETF(SPY)$ $迷你標準普爾500(.XSP)$ $三倍做多標普500ETF-ProShares(UPRO)$ $三倍做多標普500ETF-Direxion(SPXL)$ $兩倍做空標普500 ETF-ProShares(SDS)$ $2倍做多標普500ETF-ProShares(SSO)$

As of October 28, compared with October 27, total open interest in S&P 500 futures calls and puts stood at 1.5186 million and 3.1822 million contracts, respectively. Daily call and put volume totaled 154,000 and 393,200 contracts, while net open interest increased by 49,600 and 201,300 contracts. Positions expanded on both sides, although puts clearly dominated open interest, volume and new positioning. The put-to-call open interest ratio rose from about 2.03 to 2.10. Put volume was approximately 2.55 times call volume, while the increase in put open interest was about 4.06 times the call increase. This indicates a further rise in the relative weight of put positioning.

Position growth remained concentrated in near-term contracts across a broad range of strikes, with the 6,200 put showing the most notable increase. The E1AX6 6,200 put traded 31,006 contracts and added 30,780 contracts in open interest, which rose from 913 to 31,693 contracts. This was the largest single-strike increase in the dataset. The EWV6 6,450 and 6,600 puts added 8,696 and 6,803 contracts, while the E1CX6 5,800 put added 7,498. The E1AX6 6,425 and 6,175 puts increased by 5,117 and 4,763 contracts. Calls also attracted new positions. The EWV6 7,850 call traded 7,149 contracts and added 3,482, while the E5DV6 8,050 and 8,170 calls increased by 2,805 and 1,717 contracts. This shows that two-way positioning continued in nearby expiries, although call additions were much smaller than put additions. Some deferred contracts reduced exposure. The December 6,500 put lost 3,089 contracts, while the 8,400 and 8,200 calls declined by 648 and 561 contracts.

Overall, the structure remained put-heavy, and the put-side advantage widened further. Multiple nearby strikes added positions simultaneously, with the new positioning at the 6,200 put particularly notable. However, changes in open interest do not reveal whether trades were initiated through purchases or sales. They may involve protective hedges, option selling or multi-leg strategies. Investors should therefore monitor whether the 6,200 put continues to accumulate, whether nearby put positioning broadens further and whether call additions begin to accelerate.

Large Trade Focus: E1AX6 6,200 Put

The contract traded 31,006 contracts and added 30,780 contracts in open interest, which rose from 913 to 31,693. The close alignment between volume and new open interest indicates substantial new positioning. Meanwhile, the nearby EWV6 7,850 call added 3,482 contracts, showing that two-way exposure remains in place. However, new put positioning was much more prominent in this report. Investors should watch whether the 6,200 put continues to accumulate and whether the change coincides with a weaker index. If put exposure declines while call additions expand, the interpretation of the positioning bias should be adjusted accordingly.

Nasdaq 100: Put Additions Lead as Call Positioning Continues and Deferred Exposure Expands on Both Sides

$美光科技(MU)$ $英偉達(NVDA)$ $亞馬遜(AMZN)$ $特斯拉(TSLA)$ $微軟(MSFT)$ $Meta Platforms, Inc.(META)$ $谷歌(GOOG)$ $蘋果(AAPL)$ $納指100ETF(QQQ)$ $納指三倍做多ETF(TQQQ)$ $納指三倍做空ETF(SQQQ)$ $納斯達克(.IXIC)$ $NQ100指數主連 2612(NQmain)$ $微型NQ100指數主連 2612(MNQmain)$

As of October 28, compared with October 27, total open interest in Nasdaq 100 futures calls and puts stood at 87,600 and 123,900 contracts, respectively. Daily call and put volume totaled 17,100 and 23,400 contracts, while net open interest increased by 5,908 and 10,493 contracts. Puts led in open interest, volume and new positioning. The put-to-call open interest ratio was about 1.41, the volume ratio was about 1.36 and the ratio of new put to call positions was about 1.78. This indicates that new exposure was more concentrated on the put side and that defensive positioning increased.

Call additions covered several expiries from late October through November and December. The November 33,000 and 34,000 calls traded 316 and 317 contracts and each added 297 contracts. A November 32,000 call from another expiry series traded 312 contracts and added 281. The late October 30,300 call traded 358 contracts and added 255, while the 30,000 and 30,200 calls increased by 162 and 138 contracts. The December 32,000 and 31,000 calls added 211 and 204 contracts, indicating continued upside positioning across both nearby and deferred expiries.

Put additions were more pronounced. The November 29,000 put traded 979 contracts and added 969, with open interest rising from 9 to 978 contracts. This was the most significant single-contract increase in the report. The late October 27,200, 28,900 and 29,600 puts added 206, 188 and 181 contracts, while the 27,500 and 28,000 puts increased by 169 and 137. In another November expiry series, the 27,500 and 29,000 puts added 148 and 138 contracts. This shows continued growth in downside exposure among near-term contracts.

Two-way positioning also expanded in deferred expiries. In addition to higher December call exposure, the December 26,250 put added 125 contracts. The 12,000 put added 183 contracts, although this strike is far removed from the main positioning range and should be assessed separately. The March 2027 27,000 put traded 265 contracts and added 233, while the 33,000 call in the same expiry added 96. This indicates new positioning at both the upper and lower ends of the range in longer-dated contracts.

Overall, put additions led the latest positioning changes, while call exposure continued to expand and deferred contracts saw two-way growth. Faster expansion in downside positions may reflect stronger hedging or defensive demand. However, calls continued to add exposure, showing that investors are still positioning for potential upside. Open interest changes do not reveal the direction of the initiating trades, so the data must be assessed alongside index performance, persistence and relationships across expiries.

Large Trade Focus: November 29,000 Put and November 33,000 and 34,000 Calls

The November 29,000 put traded 979 contracts and added 969, showing clear new-position characteristics. At the same time, the November 33,000 and 34,000 calls each added 297 contracts. Their open interest rose from 392 to 689 and from 37 to 334 contracts, respectively. The simultaneous expansion of upper and lower strikes across different expiries is best interpreted as stronger defensive demand alongside continued positioning for upside. If put additions persist while the index weakens, downside protection will remain important. If the index strengthens and call exposure continues to expand, investors should assess whether the upside positioning can be sustained.

WTI Crude Oil: Put-Side Share Edges Higher as December Calls Diverge and Deferred Contracts Expand on Both Sides

$美國原油ETF(USO)$ $馬拉松原油(MPC)$ $WTI原油主連 2611(CLmain)$ $小原油主連 2611(QMmain)$

As of October 28, compared with October 27, total open interest in WTI crude oil calls and puts stood at 1.1153 million and 1.2914 million contracts. Daily call and put volume totaled 69,700 and 79,700 contracts, while open interest increased by 14,700 and 25,000 contracts. Both sides continued to expand, although put additions were about 1.70 times call additions. The put-to-call open interest ratio edged up from 1.15 to about 1.16, while put volume was about 1.14 times call volume. Puts therefore led both trading activity and new positioning.

Weekly options accounted for much of the nearby activity, while December and June 2027 were the most active standard monthly expiries. The December $110 call traded 5,859 contracts and reduced open interest by 2,449, while the $120 call traded 4,793 and declined by 2,275. In contrast, the $140 call added 1,207 contracts, while the $105 and $160 calls increased by 696 and 660. This indicates continued repositioning across call strikes. Among puts, the December $90 contract traded 4,763 and added 1,153, while the $85 and $77.50 puts increased by 587 and 540. The $65 put reduced open interest by 519, showing similar divergence across put strikes.

In deferred expiries, the June 2027 $105 call traded 4,219 contracts and added 3,843, making it the largest call increase in the table. The June 2027 $75 put traded 6,339 contracts and added 2,628, while the $82 put increased by 1,000. The $60 put traded 3,020 contracts and reduced open interest by 1,408. This reflects simultaneous expansion on both sides alongside local position reductions. Elsewhere, the February 2027 $60 put added 1,048 contracts, while the March $90 and $65 puts increased by 1,004 and 820. The January $105 call reduced open interest by 692. New positions therefore covered several deferred expiries, with June 2027 showing particularly strong expansion on both sides.

Overall, positions continued to expand in both directions, with a modest increase in the relative weight of puts. Position reductions in some December calls coincided with higher call exposure in deferred contracts, showing continued adjustment across expiries and price ranges. Volume and open interest changes alone cannot identify whether trades were buyer or seller initiated and remain insufficient to determine the direction of oil prices. Investors should monitor whether reductions in the December $110 and $120 calls continue, whether two-way growth in June 2027 persists and whether the put-side advantage widens further.

Large Trade Focus: March 2028 $80 Call and March 2027 $97 Put

The March 2028 $80 call traded 450 contracts and added 450, while the March 2027 $97 put traded 501 contracts and added 501. In both cases, trading volume matched the increase in open interest, indicating clear new positioning. Because the contracts differ in both expiry and option direction, the data are insufficient to classify them as parts of the same strategy. Future changes in these strikes should be monitored.

Gold: Calls Remain Dominant as December Positions Expand on Both Sides

$黃金主連 2612(GCmain)$ $黃金ETF-SPDR(GLD)$ $微黃金主連 2612(MGCmain)$ $1盎司黃金主連 2612(1OZmain)$

As of October 28, compared with October 27, total open interest in gold futures calls and puts stood at 575,600 and 233,100 contracts. Daily call and put volume totaled 37,555 and 26,434 contracts, while net open interest increased by 14,019 and 10,401 contracts. Calls continued to dominate open interest, volume and new positioning, with call additions about 1.35 times put additions. However, puts recorded a faster relative growth rate. The call-to-put open interest ratio fell to about 2.47, while the volume ratio stood near 1.42. Calls retained a clear advantage, although downside positioning also strengthened.

Trading and new positioning were concentrated mainly in December contracts. The December $4,350 call traded 9,464 contracts and added 4,833, with open interest rising from 1,702 to 6,535. This was the largest single call increase in the report. The December $4,250, $4,500 and $4,200 calls added 451, 401 and 346 contracts, while the $4,050 and $4,400 calls increased by 230 and 202. Meanwhile, the December $5,000 and $4,080 calls reduced open interest by 312 and 184, showing continued repositioning across strikes within the same expiry.

On the put side, the December $3,680 contract traded 8,940 contracts and added 4,930, with open interest rising from 66 to 4,996. The increase was similar in scale to that of the December $4,350 call. The December $3,645, $3,845 and $3,800 puts added 189, 178 and 172 contracts. In contrast, the $3,900, $3,750 and $4,000 puts reduced open interest by 251, 135 and 128. This shows continued repositioning among downside strikes, with new exposure concentrated particularly at $3,680.

Given gold’s sensitivity to interest rates, the US dollar and safe haven demand, the latest structure is best interpreted as continued call-side dominance, simultaneous expansion at upper and lower December strikes and ongoing repositioning across selected strikes. Higher open interest does not confirm active buying and remains insufficient to determine the near-term direction of gold prices. If gold strengthens while call exposure continues to rise, investors can assess whether upside positioning remains sustainable. If gold weakens alongside stronger put additions, attention should shift to whether demand for downside protection is increasing.

Large Trade Focus: December $4,350 Call and $3,680 Put

The December $4,350 call traded 9,464 contracts and added 4,833, while the December $3,680 put traded 8,940 and added 4,930. Both contracts recorded substantial position growth, indicating simultaneous attention to upside exposure and downside protection in December. However, aggregate data cannot confirm whether the two increases form part of the same combination strategy. Gold’s direction, subsequent position changes and trading structure will determine whether this two-way positioning persists.

Silver: Nearby Call Additions Remain Active as Put Positioning Adjusts in Parallel

$白銀主連 2612(SImain)$ $微白銀主連 2612(SILmain)$ $白銀ETF-iShares(SLV)$ $2倍做多白銀ETF-ProShares(AGQ)$ $迷你白銀主連 2612(QImain)$ $白銀2610(SI2610)$

As of October 28, compared with October 27, total open interest in silver calls and puts stood at 58,435 and 28,937 contracts. Daily call and put volume totaled 2,768 and 1,749 contracts, while open interest increased by 1,305 and 652. Calls led existing positions, volume and new exposure, with call additions about twice as large as put additions. The call-to-put open interest ratio remained near 2.02, indicating little change in the overall structure.

Call additions were concentrated mainly in December 2026 contracts near the $57 to $60 range. The $57 call traded 231 contracts and added 169, making it the largest call increase in the table. The $60 and $58 calls traded 293 and 102 contracts and each added 70, while the $57.50 and $59 calls increased by 45 and 40. The June 2027 $70 call also traded 70 contracts and added 70, indicating some new positioning in more distant expiries. On the put side, the January 2027 $48.25 contract traded 118 and added 110, the December 2026 $49.75 put traded 80 and added 80, and the March 2027 $46.50 put traded 62 and added 61. Meanwhile, the January 2027 $54 put traded 147 contracts and reduced open interest by 73. This reflects continued repositioning across put strikes.

The latest structure is best understood as active nearby call additions alongside higher put exposure at lower strikes. This resembles the previous week’s pattern of active nearby call positioning combined with adjustments on the put side. However, open interest changes alone cannot identify buyer or seller initiated trades and remain insufficient to confirm a one-way bullish signal. Investors should watch whether silver prices strengthen alongside continued additions in the December $57 to $60 calls. If silver weakens while lower-strike put exposure continues to expand, defensive positioning may be increasing.

Large Trade Focus: December 2026 $57 Call

The contract traded 231 contracts and added 169 contracts, with open interest rising from 182 to 351. Strong trading activity and a clear increase in open interest make it an important contract to monitor. However, volume and open interest alone cannot distinguish between call buying, call selling and combination strategies. The strength of the signal will depend on whether positions continue to accumulate and whether silver prices rise at the same time.

Overall, positioning remained divergent across markets. The S&P 500 saw a wider put-side advantage, led by strong additions at the nearby 6,200 strike. Nasdaq put additions dominated, although call positioning continued and deferred contracts expanded on both sides. WTI puts gained a slightly larger share, with divergent December calls and two-way growth in deferred expiries. Gold calls remained dominant, while December positions expanded at both upper and lower strikes. Silver recorded active nearby call additions alongside higher put exposure at lower strikes. Investors should focus on whether these new positions persist and whether price action confirms their significance. Sustained call additions accompanied by stronger prices would support continued upside positioning. Weaker prices and further put expansion would indicate stronger defensive demand. Open interest changes alone cannot identify the direction of initiating trades or determine a one-way price trend.