Option Movers | SpaceX and Nvidia Options Flow Signals Aggressive Bearish Conviction Despite Contrasting Premium Strategies
Market Overview
The Nasdaq Composite ended sharply lower on Thursday (November 5), notching its deepest one-day drop in 19 months and confirming it was in a correction, as chipmakers sank on fears of tougher AI regulation after Democrats won control of the US Congress.
Regarding the options market, a total volume of 96,268,186 contracts was traded, of which 50% were call options.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $MU(MU)$, $SPCX(SPCX)$, $INTC(INTC)$, $AAPL(AAPL)$, $AMD(AMD)$, $AMZN(AMZN)$, $IREN(IREN)$, $PFE(PFE)$
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$NVIDIA(NVDA)$ closed at $181.60, down 9.26%.
NVIDIA’s implied volatility is 68.70%, and with an IV percentile of 100.00%, current option volatility sits at the extreme high end of its recent range. That places volatility firmly in an elevated regime, indicating that NVIDIA options are priced expensively relative to their own history. The IV/HV ratio of 2.09 further suggests implied volatility is running well above realized volatility, reinforcing the view that the market is assigning a substantial premium to near-term option pricing.
A put spread-style downside combination with a net debit of $105.28 million was the largest displayed trade, built through buying the 340.0 put expiring 2027-12-17 and buying the 225.0 put expiring 2026-11-06. Because the structure contains two long puts, it is best read as a same-direction put combination rather than a hedge financed by short premium, and its size should be measured by the stated net debit of $105.28 million. With NVDA referenced at 181.6, both strikes are in the money, which makes this an aggressive bearish positioning that seeks a substantial downside move while also expressing a volatility-sensitive view through long premium on both legs. Strategically, this is a directional downside bet with significant capital committed, signaling conviction that weakness could extend materially over time.
A bullish call spread with a net debit of $11.34 million was the second displayed trade, consisting of a purchase of the 200.0 call and a sale of the 215.0 call, both expiring 2026-11-20. This is a classic bull call spread, so the correct size is the stated net debit of $11.34 million rather than the gross leg totals. With the stock at 181.6, both calls were out of the money at execution, showing a defined-risk bullish bet that targets upside into the 200–215 zone while capping maximum gains above the short strike. The bought call provides upside participation, while the sold call helps reduce premium outlay, making the structure a directional but cost-controlled expression of moderate bullish expectations rather than an open-ended chase.
Unusual Options Activity
$Tesla(TSLA)$ closed at $343.69, down 10.77%.
Tesla’s implied volatility is 66.35%, and with an IV percentile of 99.20%, current option volatility sits at an extremely elevated level versus its own recent history, indicating that Tesla options are priced expensively. The IV/HV ratio of 1.73 further suggests implied volatility is running well above realized volatility, meaning the options market is embedding a substantial premium for future movement and buyers are paying up for that expectation.
A premium-selling put combination worth $72.16 million in net credit was the largest displayed block, consisting of two sold puts: the December 18, 2026 $500.00 put and the November 6, 2026 $410.00 put, both in-the-money against the $343.69 reference stock price. This is a same-direction short put structure rather than a synthetic, and the trade should be read as a volatility-and-range expression that collects substantial premium while taking on downside assignment risk. Because both legs are short puts, the intent appears to be premium harvesting with a mildly bearish-to-neutral tone in the context of large downside exposure, especially since both strikes sit above spot and therefore carry meaningful intrinsic risk if TSLA remains weak.
A net-debit CALL+PUT combination worth $6.93 million paired a long April 16, 2027 $360.00 call with a long April 16, 2027 $300.00 put, with both legs out-of-the-money at the current $343.69 stock reference. This is neither a synthetic call nor a synthetic put because both legs were bought; instead, it reflects a long-volatility directional-uncertainty stance, effectively positioning for a large move in either direction over a longer horizon. The out-of-the-money call leaves room for upside participation while the out-of-the-money put protects or speculates on a meaningful decline, so the strategic message is that the buyer is paying premium for convex exposure rather than expressing a simple one-way bullish or bearish view.
$SpaceX(SPCX)$ closed at $123.62, down 9.05%.
SpaceX has an implied volatility of 76.39%, and with its IV percentile at 81.99%, current volatility sits in an elevated range, indicating that options are priced expensively versus their own recent history. The IV/HV ratio of 1.31 further suggests implied volatility is running above realized volatility, showing the market is building in a meaningful premium for forward uncertainty.
A bearish put-buying combination worth $15.76 million was the largest displayed trade, structured as a same-direction double-long put position expiring on 2026-11-06. The trader bought the 160.00 put and the 157.50 put, both in the money versus the $123.62 reference stock price, for a net debit of $15.76 million. As a put spread-style downside expression made up of two bought puts rather than a premium-selling structure, this trade signals an aggressive directional bearish view and a willingness to pay substantial premium for downside exposure and potentially large volatility-driven gains.
A premium-collection spread strategy with a $6.00 million net credit was the other displayed block, consisting of a short 140.00 put and a short 140.00 call expiring on 2026-12-18. With both legs sold at the same strike, this is effectively a short straddle-type position, not a synthetic structure, and the trade size should be read as the provided $6.00 million net credit. Given the stock reference price of $123.62, the 140.00 put is in the money while the 140.00 call is out of the money, and the trade reflects a premium-harvesting stance that benefits if realized volatility stays contained, though it also leaves the seller exposed to large directional moves away from the strike.
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$(SPCX)$ $(NVDA)$ $(TSLA)$ $(07366)$ $(07388)$ $(07766)$ $(07788)$ $(09366)$ $(09766)$ $(AAPB)$ $(AAPD)$ $(AAPU)$ $(AAPW)$ $(AAPX)$ $(AAPY)$ $(ANV)$ $(APLY)$ $(CRSH)$ $(DIPS)$ $(NVD)$ $(NVDB)$ $(NVDD)$ $(NVDG)$ $(NVDL)$ $(NVDO)$ $(NVDQ)$ $(NVDS)$ $(NVDU)$ $(NVDW)$ $(NVDX)$ $(NVDY)$ $(NVII)$ $(NVYY)$ $(TESL)$ $(TEST)$ $(TLA)$ $(TSDD)$ $(TSII)$ $(TSL)$ $(TSLG)$ $(TSLI)$ $(TSLL)$ $(TSLO)$ $(TSLP)$ $(TSLQ)$ $(TSLR)$ $(TSLS)$ $(TSLT)$ $(TSLW)$ $(TSLY)$ $(TSLZ)$ $(TSYY)$ $Leverage Shares 100% TSLA and 100% SPCX Daily ETF(ELOL)$ $Corgi TSLA 2x Daily ETF(TESC)$Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
