Option Flow: Delta Chase Move

In this week’s edition of Option Flows, Tony Stewart is commenting on the recent market movements.

Signalling by Trump on an imminent Iran solution forced short Calls to cover and push up to higher strikes as BTC breached 78k. Not all were convinced as large exchanges took place in 70k Puts and further interest below. As the weekend rolled in, Iran pushed back, as did BTC.

As the recent 65-75k range was broken, a surge of Option rotations took place.

May 70k Call TPd $6m+. May 82k Call buy maybe linked. May 84+85k short Calls rolled up+out to Jun 88-95ks April 75k Calls rolled up+out to Apr+May8 81k Calls. April+May8 70k, Jun 50+60k Puts bought.

While increased option flows were triggered, the implied vols are showing complete apathy to the mixed verbal and actionable messages sent by the US and Iran.

Early Euro action this morning brought in upside buying of May29th 82-90k Call spreads with IV+Spot below Fri lvls.

See original post on X here.