Daily Options Outlook | Memory stocks like Micron pull back in pre-market trading; gold rises in pre-market; NVIDIA reports earnings this week, with options market expecting volatility of ±5.6%

Today's Options Opportunity Outlook

On the macro front,$Invesco QQQ Trust (QQQ.US)$Down 0.62% in pre-market trading,$SPDR S&P 500 ETF (SPY.US)$Down 0.16% in pre-market trading, the Nasdaq-100 faces multiple tests this week: $NVIDIA (NVDA.US)$ Earnings released on Wednesday, with the market focusing on ROI for AI computing investments; Fed Chair Walsh speaks at Jackson Hole on Friday, which will influence rate hike expectations and tech stock valuations; meanwhile, the breakdown of US-Canada trade talks has escalated tariff tensions, and the 30-year US Treasury yield approaching the 5% mark is intensifying market volatility. Options data shows QQQ's Put/Call volume ratio dropped to 0.99 in the previous session, with Implied Volatility (IV) reaching 22.20%.

$Tesla (TSLA.US)$Down 0.32% in pre-market trading, after rising 5.14% in the previous session. Tesla received approval from Nevada to deploy 5,000 Cybercab robotaxis in Las Vegas. Options data shows the stock's Put/Call volume ratio dropped to 0.58, with Implied Volatility reaching 44.46%.

$XAU/USD (XAUUSD.CFD)$ The recent strong momentum continues into the pre-market session. Market focus remains on US fiscal pressure, long-term debt issues, and policy signals from this week's Jackson Hole symposium. The current trading logic for gold has expanded from traditional inflation hedging to a comprehensive framework involving "USD creditworthiness + fiscal risk + interest rate path." If Jackson Hole releases dovish signals this week, falling real rates could continue to support gold; regarding options, $SPDR Gold ETF (GLD.US)$ it is suitable for trend-following strategies. If you are bullish on gold continuing its rise, consider using a Bull Call Spread to reduce time decay; if you are concerned about an overly rapid short-term rally, consider a Covered Call to enhance income.

$Micron Technology (MU.US)$ The stock price fell approximately 3% in pre-market trading, $SanDisk (SNDK.US)$$SK hynix (SKHY.US)$ Memory stocks weakened in tandem. Last Friday, Samsung Electronics' shareholder return plan, which favored dividends over buybacks, greatly disappointed the market, causing Samsung's stock price to plunge more than 8% in a single day today. JPMorgan stated bluntly that the plan held "no surprises," with many details postponed until next January. The叠加 uncertainty, combined with multiple headwinds such as NVIDIA price hikes and the breakdown of US-Canada trade, has led to sustained weakening sentiment in the Asia-Pacific market. From an options perspective, it is more suitable to observe support levels after the pullback. The options market shows a Put/Call volume ratio of 0.79 for this stock, with an implied volatility of 65.99%.

Recap of yesterday's options activity

Index Options

On August 21 (Eastern Time), trading volume in the US index options market increased, with a total of 6.11 million contracts traded. The Put/Call volume ratio declined to 0.85.

For the upcoming expiration date,$S&P 500 Index (.SPX.US)$ The distribution of options trading volume showed the following characteristics: the peak put option volume was at the 7,670 strike price, and the peak call option volume was at the 7,675 strike price.

Single-Stock Options

$Robinhood (HOOD.US)$Closed up 13.70%, with 793,400 options contracts traded; the Put/Call volume ratio rose to 0.37. Robinhood shares surged 13.7% on Friday, boosted by Bitcoin soaring to $77,000 and Trump's push for the passage of cryptocurrency legislation.

$NVIDIA (NVDA.US)$Closed down 0.98%, with 3.1006 million options contracts traded; the Put/Call volume ratio rose to 0.60. NVIDIA notified customers that AI server prices would increase by over 15% due to skyrocketing memory chip costs. The market has entered a waiting phase ahead of the earnings report on August 26. The biggest catalyst this week is NVIDIA's quarterly earnings; the market expects revenue to maintain high-speed growth. Pre-earnings implied volatility for NVIDIA continues to rise, with the options market expecting a move of ±5.6%.

Options Volume Rankings

Among the top 10 stocks by options volume,$Moderna (MRNA.US)$had the highest Put/Call volume ratio, reaching 0.90. Moderna and Merck & Co.'s jointly developed personalized mRNA cancer vaccine succeeded in Phase III clinical trials for melanoma, causing the stock to surge 177% in a single day.

The highest put/call open interest ratio is$Moderna (MRNA.US)$reaching 1.53.

Implied Volatility Leaderboard (underlying market cap > $1 billion and options volume > 100,000)

$Sellas Life Sciences (SLS.US)$Implied volatility saw the highest level and the largest growth, reaching 171.89%, an increase of 11.56% from the previous trading session. Sellas Life Sciences options saw active trading, with 123,000 contracts traded on August 21 and open interest reaching 1.02 million contracts.

$Strive (ASST.US)$Implied volatility recorded the second-largest growth, reaching 107.43%, an increase of 7.23% from the previous trading session. Strive's SATA is expected to have raised enough funds to purchase over 160 Bitcoins, with its stock price rising more than 10% in line with the cryptocurrency sector.

Risk Warning

An option is a contract that grants the holder the right—but not the obligation—to buy or sell an underlying asset at a predetermined price on or before a specified date. Option prices are influenced by multiple factors, including the current price of the underlying asset, strike price, time to expiration, and implied volatility.

Implied volatility reflects the market’s expectation of future price fluctuations over a given period. It is derived by reverse-engineering the Black-Scholes option pricing model and is generally viewed as an indicator of market sentiment. When investors anticipate greater volatility, they may be willing to pay higher premiums for options to hedge risk, resulting in higher implied volatility.

Traders and investors use implied volatility to assess the attractiveness of option prices, identify potential mispricings, and manage risk exposure.

Disclaimer
This content does not constitute an offer, solicitation, recommendation, advice, opinion, or any guarantee regarding any securities, financial products, or instruments. The risk of loss in trading options can be substantial. In certain circumstances, your losses may exceed the initial margin deposit. Even if you place contingent orders such as 'stop-loss' or 'limit' orders, you may not be able to avoid losses. Market conditions may prevent the execution of such orders. You may be required to deposit additional margin on short notice. If you fail to meet such margin requirements within the stipulated time, your open positions may be liquidated. You remain fully liable for any resulting deficit in your account. Therefore, you should thoroughly research 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 handling expiration, as well as your rights and obligations upon exercise or expiration. Options trading involves substantial risk and is not suitable for all investors. Investors should carefully read"Characteristics and Risks of Standardized Options"。

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