Feb 20th 2015 SPY $215 Calls Open Interest

T

TulsaTrader

The open interest for the Feb 20th 2015 $215 spy calls is currently at 435K.
This looks to be higher than most other strikes/expirations.

I don't trade SPY options much does this appear to be anything notable?

The $214 is 158K.

Thanks,
TT
 
It is very large. I'm not sure if you can use that information to enter a trade that will provide you an edge.
 
Might also want to check the aggregate OIs of strikes around that as well. It's possible that these are part of spreads rather than being a single strike where everyone is piling into long calls.
 
I'm taking a shot at this, but I'm buying the Feb 27th $215 calls. My thinking is the S&P 500 may stall out around 2150 ($215 SPY) and close below it next week so all those calls expire worthless. After that it's free to continue its rise. I want to give it an extra week to get above $215.

TT
 
Looks like those 400K Feb 20th $215s are toast. It will take a 2.5% rally to get those in the money. I don't see it happening in a single day.

TT
 
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