Zero Dated Options Activity & Intraday Action - 4/10/24
Today is typical of the down days. A quick gap down and then trade in a narrow range the rest of the day. The opening 5 minute range on the S&P 500 via SPY is $513.66 to $512.76. SPY ran to $516 before hitting a wall. The close yesterday was $519.29.
Currently, we are at $513.73 at 3:14 p.m. EDT. If you look at today’s option expirations, then you will see some weird action. 7 call strikes have traded more than 100,000. On the put side, there have been 6 put strikes that have trade more than 100,000 contracts as well.
What is interesting is that the $520 Call and $507 Put have traded above 100,000 contracts. This is unusual as it appears someone or several people made bets beyond the normal extremes. A close around $515 makes sense for today as that is the most active contract on the call side and the highest put is at $514, so all those would expire worthless at 4:00 p.m. EDT.