SPY’s 650 Call Option Sees 330,803 Contracts Traded—Making Up 12.7% of Total Volume
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If there’s one option stealing the spotlight today, it’s the SPY Sep-08-25 650 call. With 330,803 contracts exchanged—an impressive 12.7% of all SPY options volume so far—this contract has become the focal point for short-term traders eyeing potential end-of-day moves.
Short-Term Speculation Intensifies with SPY Hovering Just Below Strike
As of 11:36 AM, SPY was trading at $649.18—just $0.82 below the critical 650 strike. The ETF has fluctuated between $647.75 and $649.81 in morning trade, setting up a compelling backdrop for zero days to expiration (0DTE) bets. Today’s most active option, expiring at the closing bell, captures trader expectations for an end-of-day push over the $650 level.
Option Trade Stats: Volume, Price Range, and Notable Metrics
| Contract | Volume | % of Total SPY Volume | VWAP | Open Interest (Prev) | Change in Open Interest | Trade Price Range | Last Trade Price |
|---|---|---|---|---|---|---|---|
| Sep-08-25 650 Call | 330,803 | 12.7% | 0.38 | 27,111 | +13,370 | 0.15 – 0.61 | 0.39 |
The Sep-08-25 650 call saw a trade price range from $0.15 up to $0.61, with most activity concentrated near a volume-weighted average price (VWAP) of $0.38. The last trade came in at $0.39, while yesterday’s closing price was $0.27, marking a notable price uptick alongside today’s activity.
Institutional Activity Leads, with 69% of Trades Classified as 'Large/Pro'
Delving into order flow, approximately 58.3% of contracts were sold while 41.7% were bought. Strikingly, 69% of all trades originated from institutional-sized orders, versus just 31% from retail accounts. This signals a substantial presence of professional participants either hedging short-term risk or speculating on a close above the $650 threshold. However, without confirmation of opening or closing trades, whether new money is pouring in or profit is being taken remains ambiguous for now.
Open Interest Surged by 13,370—Implications for the Next Trading Day
As of this morning, open interest rose to 27,111 contracts, up by 13,370 from yesterday’s level. While today's surge in volume won’t be reflected in open interest until settlement overnight, the increase in recent sessions indicates growing engagement with this particular strike—potentially positioning for more fireworks if SPY breaches the 650 mark.
Key Takeaway: Elevated 0DTE Call Volume Reveals Active Short-Term Positioning
The data reveals intense interest at the 650 strike just as SPY sits less than a dollar away. The prevalence of large trades suggests institutions may be bracing for late-day volatility or seeking short-lived leverage as the contract heads to expiration. For traders, the outsized volume and notable price lift in today’s leading call contract may signal expectations for continued activity—or heightened caution as the clock ticks down.
As we wait to see how SPY closes out the session, all eyes will remain on the battle for 650 and the rapid-fire flow in today’s hottest option. Whether this proves prescient or premature, the outcome could inform strategies for those following the money at day’s end—and into tomorrow’s open.
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