Top 20 underlyings by open interest

What traders can take away

Based on the top 100 by open interest

Several stocks posted sharp increases in option interest this week, including Marvell (MRVL), CrowdStrike (CRWV), and PDD, each with double-digit OI gains. That often points to growing institutional attention, either for speculation or hedging.

On the volatility side, Kenvue (KVUE) and PG&E (PCG) show the highest implied volatility ranks, meaning the market is paying up for protection or anticipating key developments.

Finally, some names stand out for their extreme put-to-call ratios. SMH, HYG, and CORZ all show heavy put activity—suggesting traders are positioning defensively. In contrast, ultra-low ratios in WBD and GRAB hint at speculative call interest.

A few observations

Based on the top 100 by open interest

Volatility expectations remain split. Some names—WULF, SMH, and HTZ—show near-zero implied volatility rank, suggesting traders expect little short-term movement.

At the same time, high put-to-call volume in SMH, HYG, and CORZ points to active hedging. This often reflects concern over rates, credit risk, or sector-specific volatility.

Semiconductors continue to dominate option flow. With NVDA, MRVL, and SMH among the top in OI and volatility, this sector remains a key area of institutional focus.

Conclusion

This week’s option activity paints a mixed picture. Index-level open interest remains dominant, but pockets of strong activity—especially in semiconductors—signal where traders see opportunity and risk. Adobe’s pre-earnings setup is particularly notable, with expensive volatility pricing in a wide move. Meanwhile, defensive positioning in credit and tech suggests some traders are bracing for bumps ahead.

For investors, options continue to offer clues—not just about sentiment, but about how markets are preparing for what’s next.

Glossary

• Ticker: the exchange-listed symbol for the underlying stock, ETF, or index. Indices are noted with a $ prefix in general use, but we map them to specific exchange codes in the ticker string.
• Name: the company or ETF name associated with the ticker. ETFs typically describe their focus, such as “S&P 500” or “20+ Year Treasury Bonds.”
• Last: The last traded price of the underlying asset (stock, ETF, or index). This gives a reference point for where the asset currently trades and helps identify how close it is to key strike levels in the option chain.
• IV Rank (%): Implied Volatility Rank (IV Rank) shows where current implied volatility sits relative to the past 12 months. A reading of 0% means IV is at its lowest point of the year; 100% means it's at the highest. Higher IV Rank suggests options are more expensive compared to recent history, which may favour premium-selling strategies.
• Total Open Interest (Total OI): This is the total number of open option contracts across both calls and puts for the underlying. It represents outstanding positions that have not yet been closed or exercised. High OI is often associated with deep liquidity and significant institutional interest.
• 1M OI % Change: Shows how much total open interest has changed over the past month. A rising figure can point to fresh positioning or increased speculation, while a falling number may indicate closed-out trades or reduced interest in the underlying.
• Options Volume: The number of option contracts traded during the most recent session. High volume relative to open interest may suggest new trades are being initiated. Sudden spikes often coincide with market-moving news or upcoming events.
• Put/Call Volume Ratio (P/C Vol): This ratio compares the volume of puts traded to calls on the same day. A ratio above 1.0 implies more puts were traded (often for downside protection), while a value below 1.0 shows call-heavy flow (often speculative or bullish). Extreme readings can highlight skewed sentiment or potential contrarian signals.