Investing with options: Adyen - post Investor Day Investing with options: Adyen - post Investor Day Investing with options: Adyen - post Investor Day

Investing with options: Adyen - post Investor Day

Options 10 minutes to read
Koen Hoorelbeke

Options Strategist

Summary:  Adyen NV's Investor Day has sparked a flurry of optimistic trading, with its shares climbing 30%. As the company projects solid growth until 2026, traders are engaging with a series of strategic options trades. Highlighted strategies include a long call, showcasing bullish sentiment; a short iron condor, indicating a neutral stance with a substantial yield over its lifetime; and a short call vertical spread, suitable for yield optimization on existing positions. These scenarios reflect the market's adaptability to Adyen's promising yet adjusted financial targets.

Adyen's Investor Day Drives Positive Market Moves

Post-Investor Day, Adyen's shares have experienced a notable 30% rise. The company's revised outlook indicates robust annual revenue growth till 2026, despite a slight dip in EBITDA margin goals. Key points from the day included Adyen's ongoing global expansion, a simplified payment process for major clients, and a conservative hiring outlook for the latter half of 2023. With solid volume growth and sustainable valuation levels, Adyen has become a focal point for traders deploying various optimistic strategies in response to its promising financial trajectory.

The ensuing sections will delve into three distinct options trading strategies that have emerged in the market following Adyen's announcements. These strategies include a long call, a short iron condor, and a short call vertical spread, each providing a unique approach to market conditions and reflecting traders' varying degrees of risk tolerance and market outlook.

Important note: the strategies and examples provided in this article are purely for educational purposes. They are intended to assist in shaping your thought process and should not be replicated or implemented without careful consideration. Every investor or trader must conduct their own due diligence and take into account their unique financial situation, risk tolerance, and investment objectives before making any decisions. Remember, investing in the stock market carries risk, and it's crucial to make informed decisions. 

An important characteristic to note about Adyen's options is that each contract represents only 10 shares, as opposed to the standard 100 shares typical in options contracts. This distinction is particularly significant due to the high nominal value of Adyen's shares. The smaller contract size offers greater flexibility and potentially lower capital requirements for individual investors, making it a noteworthy point for those considering options strategies with Adyen.

Bullish outlook

Long call on Adyen NV (ADYEN:xams)

  • Underlying stock: ADYEN:xams, last traded at 958.80 EUR
  • Options details:
    • Buy to Open 1x 800 Call, 20-Dec-2024, Bid/Ask: -, Delta: 0.7538
  • Trade setup:
    • Type: Limit, quantity: 1, price (debit): 2788.00 EUR, duration: Day Order
  • Financials:
    • Premium (debit): 2788.00 EUR
    • Margin impact: 0.00 EUR
    • Max risk: -2788.00 EUR
    • Max profit: Infinity
    • Breakeven: 1078.80 EUR

  • The trade involves purchasing a long call option with a strike price of 800 EUR on Adyen NV. With no immediate margin impact, the trade carries a maximum risk equal to the premium paid and offers unlimited profit potential above the breakeven point of 1078.80 EUR, signifying a bullish market expectation. The significant delta indicates a strong belief in the underlying stock's upward movement before the expiry in December 2024.

Short iron condor on Adyen NV (ADYEN:xams)

  • Underlying stock: ADYEN:xams, last traded at 958.80 EUR
  • Options details:
    • Sell to Open 1x 1400 Call, 20-Dec-2024, Bid/Ask: -, Delta: -0.2815
    • Sell to Open 1x 600 Put, 20-Dec-2024, Bid/Ask: 32.90, Delta: -0.1152
  • Trade setup:
    • Type: Limit, quantity: 1, price (credit): 95.40 EUR, duration: Day Order
  • Financials:
    • Premium (credit): 954.00 EUR
    • Margin impact: 667.69 EUR
    • Max risk: Infinity
    • Max profit: 954.00 EUR
    • Breakevens: 504.60 EUR and 1495.40 EUR

  • This strategy involves selling a 1400 strike call and a 600 strike put, both expiring in December 2024. The trader receives a net credit of 954.00 EUR with breakeven points at 504.60 EUR and 1495.40 EUR. This position indicates a neutral market stance with defined profit and potentially unlimited risk if the stock moves beyond the breakeven points. The significant deltas reflect the strategy's responsiveness to stock price movements in either direction.
  • Possible outcome scenarios:
    • Profitable range scenario with yield: If Adyen’s stock price remains between 600 and 1400 EUR at expiration, the trader retains the 954 EUR premium. Given the margin impact of 667.69 EUR, the yield over the trade's lifetime (until December 2024) would be approximately 143% [(954 / 667.69) * 100], assuming the margin requirement is the capital put at risk.
    • Above 1400 EUR scenario without existing stock: Should the stock rise above 1400 EUR, the call sold is in-the-money and the trader may face losses, which increase the further the stock rises.
    • Above 1400 EUR scenario with existing stock: If the stock price exceeds 1400 EUR and the trader holds Adyen shares, they may be obligated to sell at this price due to the exercised call. This scenario would not generate a loss but cap the profit on the owned shares. Effectively, this strategy serves as a yield enhancement on an existing stock position, by collecting premiums while setting a potential future sale price.
    • Below 600 EUR scenario: If the stock falls below 600 EUR, the put sold is in-the-money and the trader may have to buy the stock at 600 EUR, incurring losses, especially if the stock continues to drop.
    • In all these scenarios, it's important to remember that the contract size of 10 shares will affect the total profitability and risk, with lower capital requirements and potentially lower profits or losses in absolute terms compared to the standard 100-share contracts. The trader would need to adjust their strategies accordingly, keeping in mind Adyen's high share price and the specific terms of their options contracts.

Short call vertical spread on Adyen NV (ADYEN:xams)

  • Underlying stock: ADYEN:xams, last traded at 958.80 EUR
  • Options details:
    • Buy to Open 1x 1200 Call, 20-Dec-2024, Bid/Ask: -, Delta: 0.4165
    • Sell to Open 1x 1000 Call, 20-Dec-2024, Bid/Ask: -, Delta: -0.5835
  • Trade setup:
    • Type: Limit, quantity: 1, price (credit): 70.65 EUR, duration: Day Order
  • Financials:
    • Premium (credit): 706.50 EUR
    • Margin impact: 218.12 EUR
    • Max risk: -1,293.50 EUR
    • Max profit: 706.50 EUR
    • Breakeven: 1,070.65 EUR

  • The trade exhibits a short call vertical spread where a 1200 strike call is bought and a 1000 strike call is sold, both for December 2024. The trader enters the position for a credit of 706.50 EUR and assumes a maximum risk of -1,293.50 EUR, with a breakeven stock price of 1,070.65 EUR. This strategy suggests a neutral to bearish outlook, limiting upside exposure while providing a premium income.

Conclusion: Market Strategies Reflect Adyen's Growth Prospects

Adyen's revised growth strategy and the market's subsequent rally have given rise to diverse trading strategies that mirror the varied investor sentiment and expectations. From bullish over neutral to bearish, these strategies demonstrate the adaptability of market participants to the evolving financial landscape shaped by Adyen's ambitions. As the company steers through the intricate dynamics of global payments, maintaining solid growth, traders and investors align their portfolios to leverage Adyen's potential for sustained growth and scalability. The options strategies discussed offer insights into the tactical maneuvers employed in the marketplace, highlighting a keen balance between risk management and the pursuit of opportunities presented by Adyen's trajectory.

Options are complex, high-risk products and require knowledge, investment experience and, in many applications, high risk acceptance. We recommend that before you invest in options, you inform yourself well about the operation and risks. In Saxo Bank's Terms of Use you will find more information on this in the Important Information Options, Futures, Margin and Deficit Procedure. You can also consult the Essential Information Document of the option you want to invest in on Saxo Bank's website.

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.