SPX 6900 Call Sees 4,273 Contracts Traded—Retail Traders Drive 85% of Activity Amid Balanced Order Flow
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Highest-Volume SPX Option: 05-Dec-25 6900 Call Accounts for 2.1% of All Trades
This morning, the most actively traded option on the SPX index is the 05-Dec-25 6900 call, which has already seen 4,273 contracts cross the tape. To put this in perspective, this contract represents 2.1% of total options volume in SPX so far today—a clear standout on a busy morning.
| Option Contract | Volume | Percent of Total Volume | VWAP (Avg. Price) | Last Trade Price | Open Interest (7:00 AM) |
|---|---|---|---|---|---|
| 05-Dec-25 6900 C | 4,273 | 2.1% | 3.33 | 2.05 | 14,740 |
Retail Traders Make Up 85% of SPX 6900 Call Action—Professional Participation Is Muted
Breaking down the order flow shows a remarkably balanced market, with exactly 50% of the contracts bought and 50% sold—an unusually even split. Even more notable: 85% of the activity is attributed to small or retail-sized trades, leaving only 15% to institutional or professional market participants. This dynamic points to broad retail interest, while professionals are comparatively sidelined for now.
Price Action Remains Tight—Last Trade at $2.05, VWAP at $3.33, and Wide Intra-day Range
Option prices on this SPX contract have shown some volatility this morning. After opening at $3.50, the contract briefly traded as high as $4.50 and dipped as low as $1.20 before settling to a last trade of $2.05. The VWAP sits at $3.33, indicating a bias toward higher prices earlier in the session, possibly when market enthusiasm was peaking.
| Opening Price | High | Low | Last Trade | Previous Close |
|---|---|---|---|---|
| 3.50 | 4.50 | 1.20 | 2.05 | 3.40 |
SPX Edges Up 0.18%—Open Interest Swells Ahead of Key Market Events
As of 09:57 AM, the SPX reference price is up 0.18% to 6868.80, giving some technical confirmation to today’s call buying interest. Open interest for the 6900 call was already up by 2,772 contracts to 14,740 this morning, showing fresh money had entered or rolled positions as of the previous settlement—though we’ll need tomorrow’s update to know whether today’s surge in volume further expanded positions.
Key Takeaway: Is the Retail Surge Foreshadowing a Move?
Today’s rush into the 05-Dec-25 6900 call, led mostly by retail investors, could reflect optimism that the index’s steady climb will continue—or it could simply be a short-term bet on further momentum. With professionals on the sidelines and price action still finding direction, this option activity is worth watching for signals about shifting market sentiment.
For investors and traders, the key question is whether retail optimism will prove prescient or fleeting. The next update in open interest and ongoing price action should offer further clues. Either way, the SPX 6900 call has earned a spot on the watchlist for anyone tracking market sentiment shifts in real time.
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