QQQ 520 Call Sees Over 118,000 Contracts Traded—Does Today’s 0.39% Rally Signal a Bullish Opportunity?
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Record Activity: 118,822 Contracts on a Single 0 DTE Option
In a day packed with action, the standout trade in the QQQ options market is the Jun-02-25 520 Call expiring at the close. This single strike saw a whopping 118,822 contracts change hands—representing 6.3% of the entire QQQ options volume by 1:37 PM ET. To put that in perspective, the open interest from yesterday was just 1,931, which means today's trades eclipsed previous open positions by a factor of more than 60x.
| Option Contract | Volume | Open Interest (Prev) | % Total Volume | Last Trade | High | Low |
|---|---|---|---|---|---|---|
| Jun-02-25 520 Call | 118,822 | 1,931 | 6.3% | 1.59 | 2.70 | 0.50 |
Stock Price Breaks Above Strike as QQQ Gains 0.39%
QQQ itself is modestly higher, up $2.05 (or 0.39%) at $521.16, keeping the ETF just above the key $520 strike price. The underlying traded between $515.97 and $521.75, with bulls managing to hold the upper end of today’s range so far.
Mixed Order Flow: Slight Lean Toward Sellers, Retail Takes the Lead
Looking closer at the order flow, trades on this contract are nearly split: 46.9% were bought (likely opening new bullish bets), while 53.1% were sold (potential profit-taking or fresh hedges). The majority of trades (57%) are attributed to retail-sized orders, while larger or institutional players make up the remaining 43%.
| Metric | Value |
|---|---|
| Percent Bought | 46.9% |
| Percent Sold | 53.1% |
| Percent Large/Pro | 43% |
| Percent Small/Retail | 57% |
Trade Action Reflects Intraday Volatility—Is There Still Room to Run?
The contract’s price tells a story of swift movement: starting as low as $0.50, spiking to $2.70, and recently changing hands at $1.59—while the VWAP for today is $1.29. Notably, yesterday’s closing price was $2.38, meaning buyers today had an opportunity to pick up contracts at a deep discount earlier in the session, only to see them appreciate quickly as QQQ pressed higher.
What Does This Mean for Traders Watching QQQ?
The sheer magnitude of this volume, especially in a 0 DTE contract, underscores a surge in intraday risk appetite. With the underlying ETF currently above the 520 strike, anyone still holding long calls into the close stands to benefit if QQQ can finish strong. Yet, with the majority of the order flow attributed to retail traders and sellers slightly outweighing buyers, there’s no overwhelming conviction either way.
For traders eyeing late-day moves or short-term volatility, this option action is a reminder: even small index rallies can create outsized opportunities (and risks) in 0 DTE contracts. If you’re considering similar trades, it may be worth tracking where the price closes relative to the strike, as well as the follow-through in post-market sentiment.
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