--- title: "PDD options: call volume runs 3.42 times its 20-day average at 52,500 contracts" type: "News" locale: "en" url: "https://longbridge.com/en/news/304061795.md" description: "Call volume reached 52,500 contracts, 3.42 times its 20-day average, while the put/call ratio of 0.18 sits below the low end of its band. No contract in the screened universe cleared the large-trade thresholds." datetime: "2026-11-03T06:10:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/304061795.md) - [en](https://longbridge.com/en/news/304061795.md) - [zh-HK](https://longbridge.com/zh-HK/news/304061795.md) generator: "portal-rs" --- # PDD options: call volume runs 3.42 times its 20-day average at 52,500 contracts Options on $PDD Holdings(PDD.US)$ traded 62,000 contracts on Monday, Nov. 2 — 52,500 calls against 9,487 puts, for a put/call ratio of 0.18. The total came to 2.39 times the 20-day average of 25,900 contracts and stayed inside the range. Call volume at 52,500 was 3.42 times its 15,400 average and pushed past the top of that range. Puts at 9,487 ran at 0.90 times their 10,600 average. The 0.18 ratio sits below the 0.77 average and beneath the lower edge of a 0.21 to 1.41 band. ## The large trades Nothing in the screened universe cleared the thresholds. A contract needed full-session volume of at least 500, premium of at least $100,000 and a volume-to-open-interest ratio of at least 2.0, plus 7 to 90 days to expiration and absolute delta between 0.15 and 0.80. Among the 120 contracts across 4 expiries within about ±9% of the close, zero calls and zero puts qualified. A zero count is not the same as quiet trading. The busiest contract in the universe was the Nov. 20 $85 call, at 4,742 contracts against 5,711 contracts of open interest (OI), a vol/OI of 0.83. The Nov. 20 $80 call traded 3,249 contracts against 6,369 in OI, a ratio of 0.51, and carried $1.55 million in premium. Both ratios below 1.0 mean volume did not exceed the positions already on the books, a pattern closer to turnover of existing exposure than to fresh positioning. The put side carried less size. The Nov. 20 $75 put traded 412 contracts, a vol/OI of 0.05. The $89 call ran a ratio of 3.90 on open interest of just 61 contracts, a base too small to register as a large trade. ## Open interest and volatility Call open interest is heaviest at the $80 strike with 8,028 contracts, followed by $85 with 6,729. Puts cluster at $75 with 10,466 and at $80 with 10,246. Both sides crowd into the $75 to $85 stretch, which overlaps most of the $74 to $89 band the 85% straddle convention marks out. That overlap is where the options market is pricing the stock to trade. Total option open interest is 979,500 contracts, 0.98 times its 20-day average. 30-day at-the-money implied volatility (IV) came in at 44.1%, averaged across the call and the put at the Dec. 4 $82 strike, against 27.1% historical volatility on the same contract. On the 85% straddle convention, that expiry prices a move of roughly ±8.9%. The put/call open interest ratio is 0.74, inside the 0.72 to 0.75 band of the past 20 days, so the tilt in volume has not reached positioning. ## How to read this, and how not to A large call trade is not, by itself, evidence that institutions are bullish. The same fill can come from a covered-call writer, one leg of a spread, or a hedge against a long stock position. Direction needs at least three confirmations: whether the trade went off at the bid or the ask, whether open interest rises the following session, and whether the opposing strike saw size at the same time. This article reports publicly available trade data and the screen used to select it. It is not investment advice. Source: publicly reported U.S. options trades. Coverage window: regular U.S. trading hours, Nov. 2, 2026. Universe: 4 expiries from 7 to 90 days out, strikes within about ±9% of the close, 120 contracts. Screen: full-session volume of at least 500 contracts, premium of at least $100,000, volume-to-open-interest ratio of 2.0 or higher; 7 to 90 days to expiration; absolute delta between 0.15 and 0.80. ### Related Stocks - [PDD.US](https://longbridge.com/en/quote/PDD.US.md) - [PDDL.US](https://longbridge.com/en/quote/PDDL.US.md) ## Related News & Research - [What Investors Got Wrong About PDD Before The Drop](https://longbridge.com/en/news/304680140.md) - [PDD (NASDAQ:PDD) Stock Sees Heavy Call Option Buying](https://longbridge.com/en/news/304012714.md) - [Citi: 1st Phase of Double 11 E-commerce GMV Grows 4%+ YoY; Divergence Among Platforms](https://longbridge.com/en/news/304375970.md) - [EU accepts Temu plan to remedy Digital Services Act breach](https://longbridge.com/en/news/303085772.md) - [Should Earnings Forecast Cut Require Action From PDD Holdings (PDD) Investors?](https://longbridge.com/en/news/301732176.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**