Market Overview
On August 25, The U.S. major indexes closed as follows: Dow Jones up 0.30% at 53,577.40; S&P 500 up 0.32% at 7,677.28; NASDAQ up 0.66% at 26,151.30. A retreat in energy prices and steady Treasury yields helped all three benchmarks notch moderate gains, with the tech-heavy NASDAQ setting the pace.
According to MarketChameleon, the total trading volume of U.S. stock options on that day was 48,491,581, while the average daily option volume was 63,834,923. Puts accounted for 38% of the volume and calls for 62%.
Top 10 Option Volumes
Top 10: NVIDIA、Tesla Motors、AAPL、Cboe Volatility Index、SpaceX、Intel、Amazon.com、Micron Technology、Advanced Micro Devices、Meta Platforms, Inc..
Nvidia Ends Seven-Day Losing Streak; Options Signal Bullish Conviction on Upside
NVIDIA closed at $213.05, rising 2.19%. Large options trades in NVDA flashed a distinctly bullish institutional tone, headlined by a $1.41 million bull call spread and a $1.01 million outright call purchase. Both trades were out of the money and paid net premium for upside exposure, reinforcing expectations for continued gains rather than defensive positioning.
>>>Click to claim your commission-free cards before trading!
Large Trades
A bull call spread with a $1.41 million net debit was the largest displayed trade, built by buying 2,300 October 16, 2026 $220.00 calls and selling 2,300 October 16, 2026 $245.00 calls. With NVDA referenced at $213.05, both strikes were out of the money, making this a defined-risk bullish vertical spread that targets upside over a longer time horizon while capping gains above $245.00. The net debit structure shows the trader was willing to pay premium for upside exposure rather than collect income, which points to a directional bullish bet with some cost control compared with an outright long call.
A $1.01 million call purchase was the other highlighted large trade, consisting of 6,000 September 18, 2026 $240.00 calls bought outright. Since the $240.00 strike sat above the $213.05 reference price, the position was out of the money and represents a straightforward bullish wager on a sizable upside move before expiration. Compared with a spread, this single-leg call buy keeps unlimited upside while accepting full premium decay risk, suggesting conviction that NVDA could rally materially enough to push through the strike and continue higher.
Overall, the bulk-order flow was clearly bullish. The tape was dominated by repeated bull call spreads and additional outright call buying, showing traders consistently paid net premium for upside participation rather than emphasizing defensive hedges or premium-selling structures.
SK Hynix Rises Over 2%; Big Money Stays Cautious
SK hynix closed at USD 159.53, up 2.68%. Additional put buying in the full tape reinforced downside caution. With implied volatility near its own historical low and call/put volume at 0.87, the bulk flow indicated limited upside expectations and growing hedging interest.
>>>Click to claim your commission-free cards before trading!
Large Trades
A call sale worth $5.13 million was the standout large trade, with 1,250 contracts sold at the 165.0 strike expiring on 2027-06-17. With SKHY referenced at 159.53, this call was out of the money at the time of execution, making it a bearish-to-neutral income-oriented position that benefits if the ETF remains below the strike or fails to rally meaningfully over time.
Strategically, this kind of upside call writing suggests the trader was willing to cap upside in exchange for premium, pointing to restrained expectations for future price appreciation.
Overall, the bulk-order flow was clearly bearish. The dominant activity was concentrated in downside-leaning structures, led by the large out-of-the-money call sale and reinforced by additional put buying in the full tape, which together indicate caution on SKHY’s forward price path.
The trading pattern suggests institutional participants were positioned for limited upside at best and potential weakness at worst, leaving the near-to-medium-term sentiment tilted decisively negative.
Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.
