CRDO Call Spread Buyers Pocket 7.1% Gain on $514K Trade as Technicals and Option Skew Flash Bullish Signals

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Large Call Spread on CRDO Delivers Rapid 7.1% Return

Credo Technology (CRDO) options saw a high-volume, strategically-placed call spread trade hit the tape on December 1, 2025, generating immediate interest due to its size and market implications. At 09:35:57, a total of 1,134 contracts traded as part of a 180/210 call spread with a volume-weighted average price (VWAP) of $9.06 per spread. Within less than an hour, the position's value rose to $9.70, translating to a quick gain of $0.64 or 7.1% for the spread buyers. This bump aligned with the underlying stock moving up by $5.32, from $173.68 to $179.00—a move of +3.1%.

Key Trade Details

To further analyze CRDO’s multi-leg option activity, you can use the Multi-Leg Trade Analyzer.

Spread Buyers Risk $514K to Target Over $1.2M in Upside

The sheer scale of this call spread is striking. At $9.06 per contract for 1,134 spreads, the buyers committed over $514,000. If CRDO closes above $210 by expiration, this structure could deliver nearly $1.2 million in gross profits—making it a highly leveraged but potentially lucrative position. For context, the trade achieves maximum profitability only if CRDO ends above $210 by December 5, a mere four trading days away from the transaction.

Technicals Show Strong Uptrend as CRDO Far Outpaces Market

CRDO isn’t just seeing aggressive options bets—the stock’s underlying performance continues to leave the market behind. With the latest close at $179.00, here’s what the technical snapshot looks like:

Recent momentum is equally impressive when comparing CRDO’s performance against the S&P 500 ETF (SPY). The company has outperformed SPY in every major timeframe, with its stock up a staggering +291.2% over the past year versus SPY’s +14.8%.

Technical trend is further validated by CRDO breaking above its expected daily resistance of 190.21, although it has dipped below support at 164.99—a signal of both upside strength and volatility.

Option Skew Signals Strong Bullish Market Sentiment

What are options traders expecting? The answer lies in CRDO’s option skew. According to a proprietary skew indicator, CRDO’s 30-day implied volatility skew sits at an 88% rank, among the most bullish postures over the past year. This elevated reading means option pricing reflects a market betting on further upside—consistent with the aggressive call spread discussed above.

Such skew is often a forward-looking gauge: traders are paying up for calls, possibly bracing for more rapid price gains. For investors interested in monitoring or exploring more of these multi-leg trades, the Market Chameleon Multi-Leg Screener offers additional screening and research tools.

What’s Next? CRDO Bulls Making a High-Stakes, High-Reward Bet

This large CRDO call spread trade showcases aggressive risk-taking, driven by bullish technicals and option market signals. While the rapid gain already captured is noteworthy, the buyer’s maximum payout still relies on a significant further rally in the coming days. CRDO’s outperformance and bullish options pricing warrant attention, especially with short-term volatility at play. The big question for the market: will CRDO’s meteoric run keep defying expectations and reach that $210 mark by expiration?

As always, investors should monitor both technical signals and options activity to get a holistic view of the risk/reward landscape. While history can guide, options markets—like this trade—reveal where the boldest bets are being placed.

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Disclosure: This article was generated with the assistance of AI