Options Square: SpaceX IPO Countdown! How to Trade Options?
Index Options
On January 28 Eastern Time, trading volume in the U.S. stock index options market declined, with a total of 4.29 million contracts traded. The put/call ratio fell to 0.94.

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 6,950 points and peak call option volume at 7,045 points.

Single Stock Options
$Intel (INTC.US)$Intel closed up 11.04%, with 1.3611 million options contracts traded, while the put/call volume ratio rose to 0.50. Intel's CFO purchased $250,000 worth of shares after the stock price dropped, demonstrating confidence in the company. Additionally, news that NVIDIA plans to shift some chip production from Taiwan Semiconductor to Intel by 2028 drove the stock up 11%.

Observing this Friday's expiring call options, several surged over 12 times.

Monitoring unusual large options trades, there was fierce competition among major players.

$Palantir (PLTR.US)$Closed down 5.04%, with 623,000 options contracts traded, and the put/call volume ratio fell to 0.69. Palantir received rating upgrades from multiple analysts; Phillip Securities issued a buy rating with a target price of $208, while Citi raised its target price to $235. The company also expanded its partnership with Hyundai Heavy Industries and was selected for a European-Middle Eastern-African sovereign AI data center project.

Looking at put options expiring this Friday, many saw gains exceeding threefold.

Monitoring unusual large options trades, there was fierce competition among major players.

Options Volume Leaderboard
Among the top 10 stocks by options trading volume,$UnitedHealth (UNH.US)$The highest put/call volume ratio reached 0.86. UnitedHealth Group’s Q4 earnings missed expectations, and the 2027 Medicare Advantage rate increase of only 0.09% was far below analyst expectations of 4-6%. Following a 20% stock plunge, several investment banks lowered their target prices but maintained their buy ratings.

The highest put/call open interest ratio is$Micron Technology (MU.US)$Reaching 1.28. Micron Technology announced a $24 billion investment to expand its facilities in Singapore to meet surging AI-driven storage demand, benefiting from tight supply-demand dynamics in the memory industry that are driving price hike expectations.

Top 10 Most Actively Traded US Stock Options

Top 10 US Stock ETF Options by Trading Volume

Implied volatility leaderboard (underlying market cap > $10 billion and option volume > 100,000)
$USA Rare Earth (USAR.US)$Implied VolatilityThe highest increase, reaching 140.14%, grew by 7.63% from the previous trading day. American Rare Earths secured a $1.6 billion funding commitment from the US government along with a 10% equity stake. Canaccord Genuity raised its target price from $23 to $33, though the Trump administration announced it would no longer guarantee price floors for critical mineral projects.

$Plug Power (PLUG.US)$Implied volatility increased the most, reaching 123.55%, growing by 12.18% from the previous trading day. Plug Power plans to increase its authorized capital stock from 1.5 billion to 3 billion shares to meet financial obligations and maintain operational flexibility. Additionally, it completed the installation of a 100MW electrolyzer project at Galp’s refinery in Portugal, which can produce 15,000 tons of renewable hydrogen annually and reduce carbon dioxide emissions by 110,000 tons.

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 assessoption pricesattractiveness, identify potential mispricings, 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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