ELECT 24 Top Ad

Unpacking Okta Stock's Recent Selloff

Options traders have been loading up on OKTA puts

facebook X logo linkedin


Software stock Okta, Inc. (NASDAQ:OKTA) offers services to more than 10,000 organizations, including JetBlue (JBLU), Nordstrom (JWN), Siemens, Slack Technologies (WORK), T-Mobile (TMUS), Takeda, Teach for America, and Twilio (TWLO).

Carving out a channel of higher highs, OKTA raced to a record high of $294 by Feb. 12. What's followed was a sharp pullback to the $200 level, and a subsequent bearish flag pattern. There could be resistance forming at the -10% year-to-date level, despite the stock's sizable 91.5% year-over-year gain.

Options traders have started to take notice of the technical troubles. The stock sports a 10-day put/call volume ratio of 2.85 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 95% of readings from the past year. This implies a much healthier-than-usual appetite for long puts of late.

Regardless of direction, those looking to bet on Okta stock's next move might want to consider options. In light of the post-earnings volatility crush, the equity's Schaeffer's Volatility Index (SVI) of 44% stands higher than just 15% of all other readings from the 12 months, implying that near-term option traders are attractively priced at the moment, from a historical volatility perspective.

 

Biden’s government just announced a new government "stimulus program"...

And it could hand you a payment for as much as $7,882 — each quarter.

See, it has to do with a recent 19-page memo from Biden’s office...

Directing the government to once again send a form of "stimulus payments" to the mailboxes of Americans during these difficult times.

Better still, you can collect these payouts every single quarter — for life...

Payments run as high as $7,882... And it only takes five minutes to sign up.

I call this the "Stimulus Stipends" program…

And Forbes recently declared that you can "retire rich" thanks to this program.

So if you want to start cashing in your quarterly payouts — courtesy of the U.S government...

Discover how to receive your FIRST "Stimulus Stipends" payment for up to $7,882 here. 
 (ad)
 

election 2024 report

                                                  AD                                                  
best AI trade you can make today…?
(it’s not MSFT, GOOGL, AMZN or AAPL)

                                                  AD                                                  

 
 

VOLATILITY SCORECARD

 


                                               AD                                                    
Crazy Opportunity!! Tiny AI Stock just $3
“This Type of AI Will Be Worth “Ten MSFTs.”

                                               AD                                                    

 
4 AI STOCKS TO BUY NOW
 

                                                  AD                                                  
best AI trade you can make today…?
(it’s not MSFT, GOOGL, AMZN or AAPL)

                                                  AD