【July 25th US Stock Options Leaderboard】

$NVIDIA (NVDA)$ leads today's Call trading list ($249 million), but the directional bias is bearish: net sell reached $43.03 million, B:S is only 0.3:1. During the day, there were two large near-month Calls—25/08 134C ($102 million, MID) and 150C ($49.9 million, SELL), with funds suspected to be rolling down volatility at high levels, reducing positions and rolling over months, rather than aggressively increasing positions.

$Tesla (TSLA)$ ranks second on the Call list ($116 million), but similarly, net sell reached $50.3 million; Put side trading was only $55.52 million, also a net sell ($2.44 million). Continuing yesterday's post-earnings strategy, institutions prefer to “sell options to collect rent” rather than chasing directional short positions. The earnings report showed a year-on-year revenue decline of 12% and a drop in EPS, with Musk stating that the next few quarters may be difficult, but the stock price has already rebounded from its low during the day.

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