SPY’s 595 Call Surges to 317,199 Contracts: Largest Trade Today Signals Short-Term Speculation
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Heavy Trading in 0DTE 595 Call—Over 8% of Today’s SPY Options Volume
Today, the spotlight in the options market fell on the SPY June-03-25 595 Call contract, expiring at the close. By 12:34 PM, a remarkable 317,199 contracts had traded hands—accounting for 8.3% of SPY’s total option volume so far. With SPY itself ticking up 0.58% to $596.14, just above the 595 strike, traders zeroed in on this strike as a magnet for short-term bets.
| Contract | Volume | % of Total | VWAP | Prev Close | Open Price | High | Low | Last |
|---|---|---|---|---|---|---|---|---|
| Jun-03-25 595 Call | 317,199 | 8.3% | 0.72 | 0.77 | 0.46 | 1.71 | 0.28 | 1.58 |
Large, Professional Trades Outweigh Retail—63% Pro Participation
Diving into the order flow, 63% of these contracts came from large or professional trades, leaving retail traders at 37%. That means most of the volume reflects significant institutional interest in the outcome of today’s session. Notably, 56.5% of contracts appear to be sold—implying either profit-taking as SPY crossed above 595 or active premium selling to capture time decay in the final trading hours. Only 43.5% of trades were buys.
Technical Indicators Lean Bullish as SPY Trades Above Strike
The SPY traded in a range of $591.85 to $596.14 during today’s session, ending the period with a $1.14 cushion above the 595 call strike. With the last trade in the option priced at $1.58, near the session high of $1.71, bulls have had the edge in premium—especially compared to the earlier low of $0.28. This jump in option value alongside price momentum signals late-session bullish sentiment and opportunistic trading as SPY rallied through the strike.
Massive Open Interest Spike Reflects Shifting Market Sentiment
Open interest in this 595 call ballooned by 6,334 contracts versus yesterday’s level (from 2,177 to over 8,500), indicating a surge in fresh trading activity—even as it’s not clear whether these positions were mostly opened or closed intraday. The previous close at $0.77 now looks cheap compared to where the option last changed hands, emphasizing the volatility—and the willingness of traders to chase late-day upside moves.
Takeaway: Bulls in the Lead, but Caution Warranted with Short-Term Expiries
What does all this mean for the average trader? While large players leaned toward selling premium into the rally, the last trade was at the high end of the day and the stock finished above the critical 595 strike. For traders, this massive short-term volume is a sign that professionals and retail alike are positioning for fast moves and are unafraid to bet big on the final hours. As always with 0DTE contracts, sharp reversals remain possible—but the data suggests short-term optimism ruled today’s session.
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