Bullish Activity on OPENDOOR stock…

During the past several days, I have been looking at the option statistics on Opendoor stock (symbol:OPEN).  What I have been noticing is something I haven’t noticed on any stock ever.  That something is the put call ratio.  As of this post on June 29, 2021, Opendoor stock put/call ratio was point one.  That’s a 10-1 ratio of calls being traded over puts.  Meaning, for every 10 calls traded, there is only on put traded.  The ratio is 23,700 calls to 2,300 puts.  Not only is it a 10-1 put/call ratio.  It is hardly any puts being traded.  2300 is awfully low.

So what does this all mean.  Well basically, it means that most traders are placing bullish bets on OPENdoor stock.  Most calls were traded at the ask price.  That’s basically saying people were buying calls at any price.  So far this activity hasn’t really moved the stock as it slowly drifts from the lower right to the upper left.  We have to keep an eye on this stock to see if the call traders know something that most of us doesn’t know.  Only time will tell.

I’m not a financial advisor as this post is for entertainment and educational purposes only.  I am long the stock via naked calls that expire in January 2023.  So of course, I am bullish as well.  So far there is no action on the stock and my calls haven’t really appreciated in price.  The stock is not being swift in it’s action to bounce off the low. The volume is interesting though.  Especially the monthly volume.  Monthly volume on the stock is at it’s second highest level for the month and the month is not even over yet.  With one more day of trading, the volume will be close to record monthly volume.  Since daily volume comes in at around 11.5m; it most likely won’t break a monthly volume record.  Volume usually comes first and then price.  We will find out if this holds true in the months to come.

Pull up OPEN on your charting program and tell me what you think.  I can be reached at @dretrades on twitter.