SPY’s 680 Call Sees 36,697 Contracts Traded—What Does the 7.5% Volume Spike Reveal?
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Most Active SPY Option: 680 Call Contract Trades 36,697 Times—A 7.5% Share of Today’s Action
It’s just after the opening bell, and already the SPY Dec-01-25 680 Call has become the market’s focal point, with 36,697 contracts changing hands by 9:54 AM. This contract alone makes up a staggering 7.5% of SPY’s total options volume so far today—making it the clear standout among hundreds of choices.
The surge in trading is paired with brisk movement in underlying prices: SPY itself has moved within a tight band of $678.76 to $680.31, with the current spot price at $680.15—just $0.15 above this call’s strike. Notably, the option’s trade prices have spanned from a low of $1.17 to a high of $1.86, with the last trade clocking in at $1.58. These numbers stand in stark contrast to the prior day’s closing value of $4.07, and they reveal how sensitive the contract is to every cent of price action this morning.
| Contract | Volume | % of Total Option Volume | Trade Price Range | VWAP | Previous Close | Current Price |
|---|---|---|---|---|---|---|
| Dec-01-25 680 Call | 36,697 | 7.5% | $1.17–$1.86 | $1.51 | $4.07 | $1.58 |
Order Flow and Volume Breakdown Suggest No Clear Bull or Bear Edge
The flow of trades today skews just slightly toward sellers: 55.8% of the action has been on the sell side, with buyers accounting for 44.2%. In terms of who is participating, retail investors lead the charge (52% of trades), but large and professional players are not far behind (48%). The high volume on both sides signals that traders are divided—possibly seeing either opportunity or risk as SPY hovers near a key price level at option expiry.
One note for context: open interest, which tells us how many contracts remain open from previous sessions, will only be updated the next business day. The last read, at 4,594 contracts as of Nov 28, shows a significant drop (down 1,150 contracts). This hints that many previous holders may have already closed out their positions before today’s session, adding to the intrigue over whether this morning’s surge reflects new risk-taking or late-day hedging.
| Metric | Value |
|---|---|
| Overall Percent Bought | 44.2% |
| Overall Percent Sold | 55.8% |
| Percent Large Trade/Pro | 48% |
| Percent Small/Retail | 52% |
| Open Interest (Nov 28, 7AM) | 4,594 (-1,150) |
Volatility in Prices Hints at Intraday Tug-of-War Near Expiration
With the 680 call expiring at the close of business today, and the stock trading nearly right at the strike, this option is extremely sensitive to even the smallest price movement. The wild $0.69 range in option prices—from $1.17 up to $1.86 within just the first hour of trading—shows how traders are responding in real-time to every SPY tick.
It’s this fine margin, with SPY just pennies above the strike, that’s driving urgency: for call holders, the difference between a windfall and a total loss can flip on a dime. For market watchers, it’s a live demonstration of the intensity and risk embedded in 0 DTE (zero days to expiration) contracts, where time is literally money and every second counts.
Takeaway: Neutral Sentiment but a Potential for Volatility Surge
While the heavy activity in SPY’s 680 call hasn’t tipped the balance decisively bullish or bearish, it does underline just how active, and potentially risky, the close-to-expiry options landscape has become. If today’s SPY price closes above $680, call buyers stand to gain—if not, their investment evaporates instantly.
With such a large share of total options activity focused on this single strike and an even split between professional and retail participation, this is one contract to watch into the close. It could signal shifting sentiment—or serve as a case study in how option expiration day can supercharge even the narrowest trading range.
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