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Index Options
On February 11 Eastern Time, trading volume in the US stock index options market increased, with a total of 5.48 million contracts traded. The put-to-call ratio fell to 1.06.

As the upcoming expiration date approaches,$S&P 500 Index (.SPX.US)$ The distribution of options trading volume showed the following characteristics: peak put option volume at 6,875 points, peak call option volume at 7,000 points.

Single Stock Options
$Micron Technology (MU.US)$Closed up 9.94%, with 577,100 options contracts traded, and the put-to-call volume ratio dropped to 0.58. Morgan Stanley raised Micron's target price from $350 to $450, with the CFO confirming that HBM4 has begun mass production and shipments.

Looking at this Friday's expiring call options, many of them surged more than threefold.

Observing abnormal large options trades, major options players were predominantly bearish just before the close.

$Robinhood (HOOD.US)$Closed down 8.91%, with 653,200 options contracts traded, and the put-to-call volume ratio dropped to 0.53. Robinhood's Q4 revenue of $1.28 billion missed expectations, with a 38% drop in cryptocurrency trading income dragging down performance.

Observing unusual large options orders, major options players were predominantly bullish just before the close.

Options Volume Leaderboard
Among the top 10 stocks by options trading volume,$Palantir (PLTR.US)$The highest put/call volume ratio reached 1.39. Palantir saw an increase in short-selling activity, with its share price falling by 4%, but Daiwa analysts upgraded their rating to Buy.


Top 10 US stock options by trading volume

Top 10 US Stock ETF Options by Trading Volume

Implied volatility leaderboard (underlying market cap > $10 billion and option volume > 100,000)
$Eos Energy (EOSE.US)$The implied volatility was the highest at 139.18%, up 0.42% from the previous trading day. Eos Energy announced it will release its Q4 and full-year 2025 earnings report on February 26.

$Carvana (CVNA.US)$Implied volatility increased the most, reaching 106.67%, up 10.38% from the previous trading day. Carvana’s stock price fell 10.4% to its lowest level since November 26, facing accusations from short-selling institutions and increased put option activity.

Top 10 most volatile US stock options (underlying market cap > $10 billion and option trading volume > 100,000 contracts)

Top 10 US Stock ETFs by Implied Volatility (Criteria: Market Cap > $100 billion)

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Risk Warning
An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price at any time on or before a specific date. The price of an option is influenced by several factors including the current price of the underlying asset, the strike price, time to expiration, and implied volatility.
Implied volatility reflects the market’s expectation of the future volatility of an option over a certain period. It is data derived inversely from the BS option pricing model and is generally considered an indicator of market sentiment. When investors anticipate higher volatility, they may be willing to pay more for options to hedge risks, resulting in higher implied volatility.
Traders and investors use implied volatility to assess the attractiveness of option prices, identify potential mispricing, and manage risk exposure.
Disclaimer
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may prevent these orders from being executed. You might be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Option trading involves extremely high risks and is not suitable for all investors. Investors should read carefully before engaging in any options trading strategy.Characteristics and Risks of Standardized Options。
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may prevent these orders from being executed. You might be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Option trading involves extremely high risks and is not suitable for all investors. Investors should read carefully before engaging in any options trading strategy.Characteristics and Risks of Standardized Options。
Editor/Lee
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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