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Large Volume Call Spread Trade Nets 13% One-Day Gain
A high-volume options call spread trade in Tsakos Energy Navigation (TEN) options just produced a fast 13% return, drawing focus due to its size and alignment with technical market indicators. Here, we break down the structure of the trade, its potential risk/reward, and what market signals could mean for TEN's near-term outlook.
Key Trade Details: $155K for a Shot at $95K Profit
| Trade Component | Value |
|---|---|
| Expiration | 19-Dec-25 |
| Call Spread Strikes | 22.5-25 |
| Contracts Traded | 2,000 |
| Days to Expiration | 32 |
| VWAP Trade Price | 1.55 |
| VWAP Bid/Ask | 1.03 / 2.43 |
| Stock Reference Price at Trade | 25.43 |
| Profit as of 11:30am | +0.20 (+13.0%) |
At a volume of 2,000 contracts and a VWAP price of 1.55, the spread cost over $155,000. By 11:30am, it marked a gain of $0.20 per contract—or $40,000 total—reflecting the underlying stock’s $0.10 rally. If TEN remains above $25 by December 19th, the trade’s maximum profit is around $95,000 for the buyer. To see more details, view the multi-leg trade analyzer.
Why Buy This Spread? Defined Risk, Big Upside
The 22.5-25 call spread is a defined risk strategy. By purchasing the 22.5 call and selling the 25 call, the trader limits their maximum loss to the net premium ($1.55 per share) while capping profit potential at the spread's width minus cost. The math breaks down as:
- Maximum Profit (per spread): $2.50 - $1.55 = $0.95
- Total Risk/Investment: $1.55 x 2,000 contracts x 100 = $310,000
- Total Profit Potential: $0.95 x 2,000 contracts x 100 = $190,000
- Current Gain: 13% in one session as TEN rose 0.4%
The trader bets that TEN will hold or climb above $25, banking the full reward if shares close at or above $25 on December 19. If not, losses are strictly limited to the upfront premium paid.
Technical Indicators Signal Uptrend Momentum
Multiple price-based indicators back the bullish lean of the call spread:
| Indicator | Value |
|---|---|
| Stock Price | 25.53 |
| 20 Day Moving Avg | 24.06 |
| 50 Day Moving Avg | 22.98 |
| 250 Day Moving Avg | 19.21 |
| Price vs 52-Week Low/High | +90.5% / -1.3% |
| Performance vs SPY (1Y) | +28.7% vs +14.4% |
Trend-following metrics are strongly positive: The price is well above all major moving averages and outpaces both its own historical highs and broad market benchmarks. For context, TEN is up 28.7% over the past year—nearly double the S&P 500’s 14.4%. Even on short-term intervals, TEN continues to outperform. Here’s a summary table comparing returns:
| Duration | TEN Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +0.3% | 25.09 | 25.61 | 0.0% |
| 2 Weeks | +4.7% | 23.42 | 25.87 | -1.5% |
| 1 Month | +20.8% | 21.31 | 25.87 | +1.4% |
| 3 Months | +27.7% | 19.85 | 25.87 | +4.4% |
| 6 Months | +43.5% | 17.14 | 25.87 | +14.9% |
| 1 Year | +28.7% | 13.40 | 25.87 | +14.4% |
| YTD | +50.7% | 13.40 | 25.87 | +15.5% |
Momentum is so strong that the price is currently challenging daily resistance at 25.98 while sitting above the short-term and long-term moving averages by margins up to 32.9%.
Option Skew Remains Bullish at 89% Rank
Options market sentiment aligns with the technical backdrop. TEN’s 30-day implied volatility skew sits at an 89% rank—a bullish stance based on proprietary measures of how calls are priced versus puts across the forward curve. In other words, option traders see more probability for upward movement in the coming month. Learn more about how these multi-leg option trades are tracked and compare new setups with the multi-leg trade screener.
Takeaway: Are Traders Seeing More Upside?
The combination of a rapid gain on a large call spread, persistent price momentum, and bullish skew indicates traders are positioning for strength as the year wraps up. With a tightly controlled risk, the call spread buyer needs TEN to remain above $25 to lock in maximum gains, while even moderate upside maintains profitability.
While options activity never guarantees the future, the coordinated signals between technicals and the options market provide a strong clue: Bulls are in the driver’s seat for TEN—at least in the near term. If you want to monitor more trades like this, check out the multi-leg trade analyzer.
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NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.
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Disclosure: This article was generated with the assistance of AI