Call Traders Target Rallying Robinhood Stock

Robinhood's crypto trading volume in November was a 75% increase from October

Deputy Editor
Dec 5, 2023 at 1:07 PM
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Robinhood Markets Inc (NASDAQ:HOOD) stock is headed for its eighth gain in the past nine sessions, shooting higher after the trading platform announced crypto trading levels for November that were 75% above October levels. At last check, HOOD was up 7.7% at $10.29. Since the start of the year, the equity is up 26.3%. 

Options bulls are flooding HOOD in response. So far, 222,000 calls have been exchanged -- seven times the intraday average volume -- in comparison to 26,000 puts. The weekly 12/8 10- and 10.50-strike calls are the most popular, with new positions being opened at both. Notably, both these contracts are also in the top 10 open interest (OI) positions.

This penchant for calls was prevalent ahead of today as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), HOOD's 10-day call/put volume ratio of 13.34 ranks higher than 96% of readings from the past year, while its 50-day call/put volume ratio of 8.39 sits in the 95th percentile of its annual range. 

On the charts, today's pop has Robinhood stock breaking above the $10 mark, which has provided a firm ceiling since September, and did from March through July as well. The stock is also jumping above recent pressure at its 320-day moving average. 

HOOD Dec5

 

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