Stocks quoted in this article:
The 20 stocks listed in the table below are the names that have attracted the highest weekly options volume during the past 10 trading days. Those highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. One name of notable interest today is Micron Technology, Inc. (NASDAQ:MU), with call volume doubling put volume this afternoon.
As alluded to, Micron Technology, Inc. calls are more popular than their put counterparts today, as seven of the 10 most active strikes are calls. Nevertheless, the most active weekly option -- and the third most active MU option overall -- is the 12/5 35-strike put, where more than 4,000 contracts have crossed the tape.
These contracts aren't necessarily of the bearish variety, though. About 91% of the volume at the weekly strike has traded at the bid price, and volume outstrips open interest, suggesting traders may be writing to open these positions. In fact, data from the International Securities Exchange (ISE) confirms some sell-to-open activity.
Long story short, these sellers anticipate MU will maintain its perch atop $35 through the close next Friday, when the weekly series expires. Delta on the put is currently hovering at negative 0.44, meaning the options market is giving the contract a less than 1-in-2 chance of being in the money at expiration.
This probability was slightly higher last night, when delta was negative 0.54, but has declined on the equity's intraday gains. Micron Technology, Inc. (NASDAQ:MU) has tacked on 1.1% this afternoon to trade at $35.19, bringing its year-to-date advance to nearly 62%. What's more, the outperforming shares touched yet another 12-year high of $35.29 in mid-morning trading.