QQQ 550 Call Sees 188,474 Contracts Traded—A 0DTE Option Makes Up 10.3% of Total Volume
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Massive Spike in Jun-27-25 550 Call Volume—Is a Short-Term Move Expected?
With QQQ trading at $548.72 (up 0.46% on the day), one option contract stands out above the rest: the Jun-27-25 550 Call expiring at the close. Over 188,474 contracts have changed hands by 1:45 PM—accounting for 10.3% of the total QQQ option volume. For perspective, this single 0DTE contract’s activity dwarfs that of most other QQQ strikes and maturities today, and the sheer volume signals intense interest in a possible last-hour move above the $550 mark.
Trade Dynamics: Most Activity Centered Around Quick Moves, with Significant Large-Player Involvement
| Option Contract | Volume | Open Interest | % of Total QQQ Volume | High Price | Low Price | VWAP |
|---|---|---|---|---|---|---|
| Jun-27-25 550 Call | 188,474 | 5,429 (Prev. Day) | 10.3% | 1.01 | 0.15 | 0.52 |
The trade has seen its price swing dramatically, from a low of $0.15 to a high of $1.01, settling around a VWAP of $0.52. At current levels, QQQ would need to gain just $1.28—less than a 0.25% move—before expiration for this contract to close in-the-money. Of note, about 59% of today’s volume was from large, likely institutional trades, while 41% came from retail accounts. The balance between buy and sell orders skews toward selling, with 62.3% of the contracts sold, perhaps reflecting profit-taking or bearish bets that the ETF will remain below $550 by close.
Order Flow Analysis: Heavy Selling Dominates as Retail Traders Watch for a Late Rally
Drilling into the data, the heavy proportion of contracts sold versus bought suggests some traders are willing to collect premium or close out short-term positions rather than bet on a break above $550. The sharp intraday price swings in the contract (from $0.15 to $1.01, now at $0.19) underscore the speculative, high-volatility nature of this expiration-day play. However, the participation from both institutions (59%) and smaller accounts (41%) shows that interest isn’t just from pros hedging; it also captures the attention of traders hoping for an afternoon rally.
Takeaway: Could a $1.28 Rally Unlock Value in This 0DTE Contract?
While it’s impossible to determine if these are opening or closing trades, the size and rapid turnover of this 550 Call suggest that traders see a non-negligible chance of a late-day surge in QQQ. With the stock sitting just $1.28 below the strike, the risk/reward calculus shifts by the minute. Historically, end-of-day volatility for QQQ can pick up on active trading days, making this contract a speculative battleground. Traders and investors should keep a close eye on price action into the final hour: even a modest push above $550 could turn this option from a long shot into a winner.
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