To The Moon

Options on futures use futures contracts as the underlying asset. Volume and open interest (OI) show positioning across expiration months and strike prices. These offer clues to market expectations, risk appetite and potential support or resistance. The data alone cannot establish a bullish or bearish signal.

Today, we examine large futures options trades and changes in open interest on November 10 versus November 9. These are the latest figures in this release, offering a snapshot of positioning and risk appetite.

The latest data show divergent positioning across markets. Nasdaq 100 put open interest is growing faster in nearby expiries. WTI’s December options show growth in both calls and puts, while gold’s call additions are concentrated in longer-dated contracts. Adjustments across strikes and expiration months define this update.

Nasdaq 100: Put Open Interest Growth Leads

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

On November 10, Nasdaq 100 futures options had 101,600 calls and 127,300 puts in open interest. Trading volume was 18,700 calls and 30,000 puts. Versus November 9, open interest increased by 5,513 calls and 9,779 puts.

Put open interest was approximately 1.25 times the call total. Put volume and net OI growth were 1.61 and 1.77 times the call figures, respectively. Stronger put-side trading was therefore accompanied by greater position expansion. This marks a shift from the previous update, when call additions led.

November remained the main concentration for volume and OI growth. The 25,000 puts added 638 contracts, taking open interest from 57 to 695. The 29,000 calls added 325 contracts, showing continued near-term call positioning, though put additions were stronger. Near-term position growth therefore leans toward puts. Positions tied to downside risk deserve attention.

December put positioning showed mixed changes. The 25,750 and 26,000 strikes added 557 contracts combined, while the 28,000 strike shed 516. Growth was therefore uneven across strikes, offering limited evidence of a broad increase in December put positions.

Further out, March 2027 calls at 33,000 and 35,000 added 410 contracts combined. June 2027 calls at 32,500 added 122. Longer-dated call positioning continues to expand, though changes across expiries still point in different directions.

Overall, stronger near-term put additions coexist with mixed December changes and continued growth in longer-dated calls. Watch whether near-term put growth persists and whether December repositioning becomes more concentrated. OI growth alone cannot distinguish option buying, writing or combination trades. Index prices and implied volatility are therefore needed to assess its directional meaning.

Large Trades in Focus: November 25,000 Puts and Longer-Dated Calls

November 25,000 puts traded 667 contracts, while OI grew by 638 from 57 to 695. This was the most notable put addition in the table. November 29,000 calls traded 1,508 contracts, with open interest up 325.

December put additions at lower strikes coexisted with reductions elsewhere, while higher-strike March 2027 calls continued to expand. Watch whether near-term put positions keep growing and whether longer-dated call additions persist.

WTI Crude: December Call and Put Open Interest Expands

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

On November 10, WTI futures options had 1,263,600 calls and 1,423,400 puts in open interest. Trading volume was 157,300 calls and 120,800 puts. Versus November 9, open interest increased by 25,983 calls and 29,410 puts.

Call volume was approximately 1.30 times put volume. Put open interest and net OI growth were both about 1.13 times the call figures. Positions expanded on both sides, with more active call trading and slightly stronger put additions.

December dominated both volume and OI growth. Calls at $84.50, $85 and $85.50 added 10,315 contracts combined. Puts at $78 and $85 added 10,659, showing substantial expansion on both sides.

Call and put growth at $85 also points to concentrated trading. Trade-level information is needed to determine whether these positions form part of a combination strategy.

December calls at $90, $92, $94 and $96 shed 5,657 contracts combined. Meanwhile, additions were concentrated around $84.50 to $85.50. Positions at higher strikes declined as growth centered on lower strikes.

Put positioning also differed across expiries. December $75 puts shed 1,170 contracts, while January and February 2027 $75 puts added 4,939 combined. Growth at this strike was therefore concentrated in later months. Whether this represents a roll still needs confirmation.

Overall, December growth in both calls and puts dominated, alongside adjustments across strikes and expiries. Put additions slightly exceeded calls, but the gap remains too small to support a clear directional view. Watch whether concentrated December additions persist and whether longer-dated put positions keep growing. Interpret these changes alongside oil prices and implied volatility.

Large Trades in Focus: December $78 Puts and $84.50 to $85.50 Calls

December $78 puts traded 6,421 contracts and added 5,792 in open interest. OI rose from 4,560 to 10,352, the largest put increase in the table.

December calls at $84.50 and $85.50 added 7,661 contracts combined. Their open interest rose to 4,661 and 4,340, respectively.

These contracts saw notable position growth. Watch whether the positions persist and whether oil price moves shift the concentration of further additions.

Gold: Call Open Interest Growth Concentrates in Longer Expiries

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

On November 10, gold futures options had 634,100 calls and 257,600 puts in open interest. Trading volume was 55,800 calls and 22,100 puts. Versus November 9, open interest increased by 8,547 calls and 3,282 puts.

Call open interest, volume and net OI growth were approximately 2.46, 2.52 and 2.60 times the put figures, respectively. Calls therefore dominated both trading activity and position expansion.

July 2027 accounted for the most pronounced call additions. The $4,750, $5,000 and $5,005 strikes added 6,617 contracts combined. Meanwhile, January 2027 calls at $4,350, $4,900 and $5,000 shed 4,295 contracts combined.

New positions were concentrated in longer expiries as nearer-month positions declined. Full transaction data are needed to determine whether this involves rolling positions forward.

December call positioning was also mixed. The $4,450 and $4,550 strikes added 2,491 contracts combined. However, the expiry-distribution chart still shows a net decline in December call open interest. Growth at individual strikes therefore did not offset the overall contraction.

January 2027 $3,300 puts and December $3,900 puts added 439 and 321 contracts, respectively. Lower-strike put positions continued to grow, though their expansion was smaller than that of calls.

Overall, call OI growth led this update, but most additions were concentrated in July 2027. With nearer-month positions also being reduced, the implications for short-term prices remain uncertain. Watch whether longer-dated call additions persist and whether nearer-month reductions continue. OI growth alone cannot distinguish option buying, writing or combination trades. Interpret it alongside gold prices and implied volatility.

Large Trades in Focus: July 2027 Calls at $4,750 to $5,005

July 2027 $5,005 calls traded 2,500 contracts, with open interest rising from zero to 2,500. The $5,000 and $4,750 strikes added 2,070 and 2,047 contracts, respectively.

Together, these three option series recorded volume of 7,050 contracts and net OI growth of 6,617. OI additions were close to traded volume, making this the update’s most notable position change. Watch whether this area continues to expand and whether additions spread to other strikes or expiries.

Next, watch for continued growth in near-term Nasdaq puts, December WTI calls and puts, and longer-dated gold calls. Assess these changes alongside prices and implied volatility. Open interest changes alone cannot identify buying versus selling and should not be used independently to predict price direction.