---
title: "Tracking 5 Unusual Option Activities"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40061594.md"
description: "$S&P 500(.SPX.US) 7,109(-0.24%)、$NASDAQ Composite Index(.IXIC.US) 24,404(-0.26%)、$VG S&P 500(VOO.US) 651.5(-0.19%)，the broader market experienced a slight pullback. Options activity showed significant divergence: AI infrastructure and mega-cap tech stocks continued to attract capital, with NVIDIA uniquely seeing S+-level short hedging. Today's 5 unusual trades totaled a nominal $12.32M, with a distribution of 4:1..."
datetime: "2026-04-21T10:17:40.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40061594.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40061594.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40061594.md)
author: "[Alpha-Flow](https://longbridge.com/en/profiles/26895775.md)"
---

# Tracking 5 Unusual Option Activities

$S&P 500(.SPX.US) 7,109(-0.24%)、$NASDAQ Composite Index(.IXIC.US) 24,404(-0.26%)、$VG S&P 500(VOO.US) 651.5(-0.19%), the broader market retreated slightly. Options activity showed significant divergence: AI infrastructure and mega-cap tech continued to attract capital, while NVIDIA uniquely saw S+ level short hedging. Today's 5 notable moves totaled a nominal $12.32M, distributed 4:1.

### **Bullish Direction**

1️⃣$Marvell Tech(MRVL.US) ｜Marvell Technology｜Bullish  
Contract: Marvell 260501 157.5 Call + Marvell 260918 145 Put (Income Leg)  
Nominal Size: ~$2.64M (Risk Reversal)  
Recent 24h News: Pre-market +6% digesting Google AI ASIC partnership rumors, Barclays raised target price to $150 (Reuters, 4/20 AM)  
Potential Catalyst: Based on Barclays upgrade and Google ASIC rumors, the far-dated Sell Put collects $2.35M to cover the near-dated Buy Call $286k, a typical RR medium-term bullish expression.  
**🕵️‍♂️Interpretation: Far-dated income covers near-dated directional cost. Institutions are betting on "catalyst realization within 11 days, far-dated 145 not breached"—not a speculative bet, but a high-conviction expression.**  

2️⃣$Netflix(NFLX.US) ｜Netflix｜Bullish  
Contract: Netflix 260529 95 Call (+ $97 Call/DTE32 + $96 Call/DTE25, three legs)  
Nominal Size: ~$1.33M (Laddered Call three-legs)  
Recent 24h News: Q1 earnings EPS missed expectations, after-hours -9%, but ad business +39% YoY, net subscriber adds beat expectations (Bloomberg, 4/17 after-hours)  
Potential Catalyst: Based on the buyback action on the first full trading day post-earnings, institutions believe the -9% overprices the short-term miss, using laddered Calls across strikes and expiries to re-enter in batches.  
**🕵️‍♂️Interpretation: Laddered structure reduces timing risk. The 14:28 S+ level $745k top-up confirms the two trades at 12:18—"batching replaces gambling."**  

3️⃣$Oracle(ORCL.US) ｜Oracle｜Bullish  
Contract: Oracle 260501 182.5 Call (+ $187.5 Call, contract ratio 1992:1136)  
Nominal Size: ~$1.25M (Approximate Ratio Spread)  
Recent 24h News: Oracle up 29% over 5 consecutive days, market cap +$116B, AWS multi-cloud interoperability agreement finalized (WSJ, 4/18)  
Potential Catalyst: Based on the multi-cloud agreement, the 1:1.75 contract ratio between the two strikes, with the main leg premium 2.7x the secondary leg, forms a "bet on continuation while controlling cost" ratio spread.  
**🕵️‍♂️Interpretation: After a strong rally, institutions chose a spread over a naked Call, indicating they still see upside but IV is expensive, and naked Vega is costly. Different institutions added over 3 hours, showing clear consensus.**  

4️⃣$Tesla(TSLA.US) ｜Tesla｜Bullish with Hedge  
Contract: Tesla 260427 440 Call (+ 365 P/DTE18 + 407.5 C/DTE25 + 450 C/DTE39)  
Nominal Size: ~$2.21M (Multi-leg four-leg, Call side $1.43M \> Put side $777k)  
Recent 24h News: Earnings day closed at $400.62 +3%, deliveries of 358K missed expectations but margins beat, energy business a highlight (Reuters, 4/19)  
Potential Catalyst: Based on post-earnings reaction, Calls cover 7-39 DTE, Put is only tail insurance, breaking the Strangle symmetry—essentially bullish.  
**🕵️‍♂️Interpretation: Put is insurance, Call is direction. The pacing of additions shows high confidence in continued upside post-earnings, but keeping a Put as a hedge against Musk's verbal risks.**  

### Bearish Direction

$NVIDIA(NVDA.US) ｜NVIDIA｜Bearish S+  
Contract: NVIDIA 260508 197.5 Put (+ 260515 192.5 Put)  
Nominal Size: ~$4.89M (Laddered Put two-legs · Near ATM)  
Recent 24h News: New restrictions on H20 chip exports to China implemented, market worries about Q1 China revenue, stock -6% from 52-week high (FT, 4/19)  
Potential Catalyst: Based on the export restriction escalation, both are S+ level near-ATM (OTM 1.2% / 4.0%) Buy Puts. Institutions are paying huge Theta costs to bet near ATM.  
**🕵️‍♂️Interpretation: The highest-grade bearish signal of the day. Not cheap far OTM hedging, but a high-conviction bet on "near-term pullback." The strongest directional conviction expression for the day.**  

**Conclusion: Track NVDA's official stance on China business + MRVL order fulfillment signals over the next 48 hours. The bullish side is distributed across two main themes: "AI infrastructure (MRVL/ORCL) + earnings events (NFLX/TSLA)." The bearish side is concentrated on NVDA alone, but its size outweighs the sum of the bullish bets.**

### Related Stocks

- [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md)
- [MRVL.US](https://longbridge.com/en/quote/MRVL.US.md)
- [NFLX.US](https://longbridge.com/en/quote/NFLX.US.md)
- [ORCL.US](https://longbridge.com/en/quote/ORCL.US.md)
- [TSDD.US](https://longbridge.com/en/quote/TSDD.US.md)
- [TSLL.US](https://longbridge.com/en/quote/TSLL.US.md)
- [TSLQ.US](https://longbridge.com/en/quote/TSLQ.US.md)
- [09366.HK](https://longbridge.com/en/quote/09366.HK.md)
- [07766.HK](https://longbridge.com/en/quote/07766.HK.md)
- [07366.HK](https://longbridge.com/en/quote/07366.HK.md)
- [TSLR.US](https://longbridge.com/en/quote/TSLR.US.md)
- [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md)
- [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md)
- [VOO.US](https://longbridge.com/en/quote/VOO.US.md)
- [ORCL-D.US](https://longbridge.com/en/quote/ORCL-D.US.md)
- [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md)
- [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md)

## Comments (3)

- **xx是为了回本 · 2026-04-22T07:47:22.000Z**: Is there any unusual options activity for tonight?
- **周杰伦小迷弟 · 2026-04-21T12:28:55.000Z**: It's very likely to fall tonight.
- **爱理财的kkk. · 2026-04-21T11:52:53.000Z**: Speak human language