The book bought tail protection and gold calls while three desks called for higher
SPY confirmed 1,066,518 put opens against 165,407 call opens on the settled book, a put share of 0.68 on 983,531 confirmed opens in the SPX family. Nomura, JP Morgan and Bank of America each published bullish SPX views into a week where the index options complex built downside and gold added 566,922 call opens.
- Confirmed opens
- 15.02M1.72M closed · net +13.30M
- Contract volume
- 83.5Mtraded across the confirmed week
- Net premium
- $6.97bnon $190.79bn gross · 3.65%
- Candidates surfaced
- 43across 5 discovery passes, before settlement confirmation
Fuzion Analytics · confirmed through Thu 13 Aug
The book
SPY was the week's largest single-name story. The settled book confirmed 1,066,518 put opens against 165,407 call opens — and the puts were not near-dated. The Nov-20 $520P opened 150,009 contracts from a prior of 317, the Oct-30 $570P opened 149,933 from 573, the Oct-30 $670P opened 75,099 from 306, the Oct-30 $470P opened 75,073 from 623, and the Nov-20 $640P opened 75,011 from 654. GLD ran the other way: confirmed call opens totalled 566,922 against 185,002 put opens, led by the Sep-18 $420C at 115,857 contracts, the Sep-18 $445C at 115,361, and the Sep-18 $415C at 81,430. HYG added 476,755 put opens against 68,081 call opens, anchored by the Jan-15 $76P at 91,816 contracts — credit protection bought months out, matching the posture in equities.
Fuzion Analytics · settled open interest · as of Thu 13 Aug close
Fuzion Analytics · settled open interest · as of Thu 13 Aug close
Fuzion Analytics · settled open interest · as of Thu 13 Aug close
Fuzion Analytics · settled open interest · as of Thu 13 Aug close
Fuzion Analytics · settled open interest · week to Thu 13 Aug
The tape
Net directional premium for the week was +$6.97B against $190.8B gross, a net share of 0.037. The session profile was lopsided: Wednesday printed +$4.45B net against $40.1B gross, the week's high by a wide margin. Thursday added +$2.10B against $41.8B gross. Monday was slightly negative at −$0.33B, and Friday faded to +$0.36B against $35.7B gross. The bid did not reverse after the consumer data; it simply stopped arriving.
Fuzion Analytics · directional net premium · week to 14 Aug
| Session | Net | Gross | Net % of gross |
|---|---|---|---|
| Mon 10 Aug | $-333.7m | $40.28bn | -0.83% |
| Tue 11 Aug | $387.2m | $32.93bn | +1.18% |
| Wed 12 Aug | $4.45bn | $40.09bn | +11.11% |
| Thu 13 Aug | $2.10bn | $41.84bn | +5.02% |
| Fri 14 Aug | $358.5m | $35.66bn | +1.01% |
Fuzion Analytics · directional net premium · week to 14 Aug
Findings
Three desks published bullish SPX views this week, and the settled book does not corroborate any of them. Nomura (McElligott) flagged a dispersion PnL spike to approximately 50 and a constructive equity posture. JP Morgan's Market Intel desk carried a bullish stance. Bank of America's Global Equity Volatility desk wrote that it likes SPX Sep calls for asymmetric upside exposure. Against all three, the SPX family confirmed 983,531 opens with a put share of 0.68 — two puts for every call. Bank of America separately recommended buying the SPX 30-Sep 6350–6100 put spread, which does align with the book's downside tilt, but the same desk's call recommendation does not. The week's most telling package was in XLY: 109,000 contracts tagged as a vertical across the Dec-18 $112.5P and Dec-18 $107.5P, but the settled book shows the $107.5P leg closed from 54,919 to 427 — a roll, not a spread, leaving an uncapped long put where the tag implied a capped payoff.
SPY Nov-20 $520P opened 150,009 contracts (317 → 150,326)
SPY · etf · pass A
| Contract | Settled | OI before | OI after | Change | Week volume |
|---|---|---|---|---|---|
| Nov-20 $520P | confirmed open | 317 | 150,326 | 150,009 | 150,037 |
Fuzion Analytics · settled open interest
The book opened 150,009 contracts against 150,037 traded on the contract — position and tape agree.
SPY confirmed opens skewed put-side: 1,066,518 put opens against 165,407 call opens
SPY · etf · pass B
| Contract | Settled | OI before | OI after | Change | Week volume |
|---|---|---|---|---|---|
| Nov-20 $520P | confirmed open | 317 | 150,326 | 150,009 | 150,037 |
| Oct-30 $570P | confirmed open | 573 | 150,506 | 149,933 | 150,115 |
| Oct-30 $670P | confirmed open | 306 | 75,405 | 75,099 | 75,080 |
| Oct-30 $470P | confirmed open | 623 | 75,696 | 75,073 | 75,112 |
Fuzion Analytics · settled open interest
Confirmed opens ran 901,111 contracts more put-side than the other way, on 1,231,925 confirmed opens in the name.
VCIT confirmed OI moves totalled 57,525 contracts, 569.6x its 101-lot weekly norm
VCIT · etf · pass C
| Contract | Settled | OI before | OI after | Change | Week volume |
|---|---|---|---|---|---|
| Sep-18 $80P | confirmed open | 1 | 30,006 | 30,005 | 30,005 |
| Sep-18 $81P | confirmed open | 0 | 15,005 | 15,005 | 15,005 |
| Sep-18 $82C | confirmed open | 31 | 12,546 | 12,515 | 12,535 |
Fuzion Analytics · settled open interest
57,525 confirmed contracts against a 101-lot weekly norm — 570x. Unusual for VCIT rather than large in absolute terms.
XLY tagged vertical on 12 Aug, 109,000 contracts across 2 legs — the sold leg closed
XLY · etf · pass D
| Contract | Settled | OI before | OI after | Change | Week volume |
|---|---|---|---|---|---|
| Dec-18 $112.5P | confirmed open | 4,075 | 58,574 | 54,499 | 54,516 |
| Dec-18 $107.5P | confirmed close | 54,919 | 427 | -54,492 | 54,525 |
Fuzion Analytics · settled open interest
Both legs printed together in matched size, which reads as a spread. The settled book says otherwise: Dec-18 $107.5P held 54,919 contracts before the trade and settled at 427. It was closed, not opened — a roll, which leaves an uncapped long option where the tag implied a capped payoff.
VIX confirmed opens skewed call-side: 160,124 put opens against 582,304 call opens
VIX · index · pass B
| Contract | Settled | OI before | OI after | Change | Week volume |
|---|---|---|---|---|---|
| Nov-18 $35CM | confirmed open | 23,353 | 120,297 | 96,944 | 102,932 |
| Sep-16 $20CM | confirmed open | 181,218 | 236,462 | 55,244 | 92,714 |
| Oct-21 $16PM | confirmed open | 69,512 | 113,609 | 44,097 | 67,573 |
| Sep-16 $18.5CM | confirmed open | 22,538 | 61,434 | 38,896 | 47,818 |
Fuzion Analytics · settled open interest
Confirmed opens ran 422,180 contracts more call-side than the other way, on 742,428 confirmed opens in the name.
HUBG confirmed OI moves totalled 12,142 contracts, 189.7x its 64-lot weekly norm
HUBG · stock · Integrated Freight & Logistics · pass C
| Contract | Settled | OI before | OI after | Change | Week volume |
|---|---|---|---|---|---|
| Sep-18 $40C | confirmed open | 0 | 6,073 | 6,073 | 6,073 |
| Sep-18 $50C | confirmed open | 0 | 6,069 | 6,069 | 6,070 |
Fuzion Analytics · settled open interest
12,142 confirmed contracts against a 64-lot weekly norm — 190x. Unusual for HUBG rather than large in absolute terms.
Volatility
VIX closed Friday at 14.27, down from 14.88 the prior week. The VIX book itself told a different story: the Sep-16 $35C monthly closed 116,830 contracts, falling from 252,507 to 135,677, while the Oct-21 $35C monthly opened 115,531 and the Nov-18 $35C monthly opened 96,944. That is a roll out of September into October and November at the same 35 strike — maintaining upside vol exposure through the autumn rather than letting it expire. Nomura notes SPY put implied volatility at 18.3 and SPX up-day realized volatility at 17.9; our book corroborates the demand for downside protection that would sustain those levels.
Fuzion Analytics · settled open interest · as of Thu 13 Aug close
| Expiry | Calls | Puts | Net |
|---|---|---|---|
| Aug-19 2026 | +55,273 | -63,595 | -8,322 |
| Sep-16 2026 | +246,809 | +117,048 | +363,857 |
| Oct-21 2026 | +171,037 | +80,819 | +251,856 |
| Nov-18 2026 | +184,778 | +38,253 | +223,031 |
| Dec-16 2026 | +62,795 | +5,583 | +68,378 |
| Jan-20 2027 | +6,372 | +4,267 | +10,639 |
| Feb-17 2027 | +20,900 | +5,309 | +26,209 |
| Mar-17 2027 | +297 | +44 | +341 |
| Apr-21 2027 | +514 | +165 | +679 |
Fuzion Analytics · settled open interest · week to 13 Aug
Moves along the curve
Strikes that moved materially in two or more expiries. A strike is not a single option here — each expiry prices off its own future, so this is a position travelling along the term structure.
- $35C moved along the curve: Sep-16 -116,830, Oct-21 +115,531, Nov-18 +96,944. Sep-16 closed 116,830 and Oct-21 opened 115,531 — matched. A further 96,944 was added beyond that pair.
- $16P moved along the curve: Sep-16 +26,689, Oct-21 +44,097.
With VIX in the low teens, a far upside strike is a crash hedge. Read the moves above as protection being extended and sized, not as a view on the index.
Earnings
Reporting next
| Name | Reports | Spot | Straddle | Implied |
|---|---|---|---|---|
| BABA | Thu 20 Aug BMO | 123.75 | 8.62 | ±7.0% |
| WMT | Thu 20 Aug BMO | 115.27 | 5.67 | ±4.9% |
| APLD | Thu 20 Aug AMC | 31.20 | 2.73 | ±8.8% |
| BULL | Wed 19 Aug AMC | 8.04 | 0.74 | ±9.3% |
| TGT | Wed 19 Aug BMO | 154.50 | 10.68 | ±6.9% |
| BIDU | Tue 18 Aug BMO | 103.69 | 7.47 | ±7.2% |
Reported last week
NBIS priced ±13.1% and realised +34.3% — the week's widest miss, beyond what the chain implied.
| Name | Reported | Implied | Realised | Result |
|---|---|---|---|---|
| SMCI | Tue 11 Aug AMC | ±15.0% | +18.6% | exceeded |
| CRWV | Tue 11 Aug AMC | ±13.7% | +19.2% | exceeded |
| NBIS | Wed 12 Aug BMO | ±13.1% | +34.3% | exceeded |
| SNDK | Thu 13 Aug BMO | ±6.6% | +13.7% | exceeded |
| ONDS | Thu 13 Aug BMO | ±13.9% | −8.9% | within |
| CSCO | Wed 12 Aug AMC | ±9.2% | −8.4% | within |
| WULF | Fri 14 Aug BMO | ±10.3% | +6.7% | within |
| ACHR | Mon 10 Aug AMC | ±14.5% | +8.2% | within |
| RIOT | Mon 10 Aug BMO | ±11.9% | −5.5% | within |
| RKLB | Mon 10 Aug AMC | ±13.4% | −0.2% | within |
Fuzion Analytics · earnings implied vs realised · week to 14 Aug
Week ahead
- Tuesday 18 August, 08:30 ET — Building Permits (Jul).
- Tuesday 18 August, 08:30 ET — Housing Starts (Jul).
- Wednesday 19 August — VIX monthly expiry. Where the VIX Aug-19 $17CM expire.
- Wednesday 19 August, 14:00 ET — FOMC Minutes.
- Friday 21 August — Equity monthly expiration (OPEX). Where the IWM Aug-21 $292P expire.
Fuzion Analytics · week ahead · week to 14 Aug
Unusual volume
Option volume against each name's trailing 20-session average, filtered to names with real weekly liquidity so a thinly-traded name cannot post an inflated multiple on a tiny denominator. Funds and single stocks share this ranking.
| Name | vs 20-session ADV |
|---|---|
| IHI | 18.66× ADV |
| AS | 12.17× ADV |
| BIRK | 9.76× ADV |
| TPG | 9.05× ADV |
| DHT | 8.00× ADV |
| OWL | 7.90× ADV |
| STNE | 7.20× ADV |
| TPR | 6.49× ADV |
| VALE | 6.42× ADV |
| INDI | 6.40× ADV |
Fuzion Analytics platform · Scanner · as of Fri 14 Aug close
The settlement lineBelow: unsettled
Everything above is confirmed against a settled book. Everything below is Friday 14 August, unsettled. 2 contracts among the session's largest prints by premium carried no open interest in Friday's book: $2.14bn that had not yet reached the contract record.
Friday's prints are not yet in the settled book. The session carried $35.7B gross and +$0.36B net directional premium, but open interest settles overnight, so we cannot confirm whether those prints opened or closed positions. Monday's snapshot resolves it, and we will report the distinction then rather than guess now.
These are not independent prints. SPX Feb-19 carries 17 tagged vertical packages on this strike — one structure printing repeatedly at the same strike. It is a single recurring trade, not several large ones.
| Contract | Class | Session volume | Premium | OI on record | What can be said |
|---|---|---|---|---|---|
| SPX Feb-19-2027 4700/4750 call spread | index | 2,800 | $1.76bn gross · $13.5m net | 0 | 2 legs; net shown, not a position |
| XOM 9-leg structure, Sep-18-2026, Jan-21-2028 | stock | 124,800 | $507.1m gross | 6,146 | 9 legs, gross; not a position |
| SPX Mar-19-2027 4700/4750 call spread | index | 600 | $379.2m gross · $2.9m net | 0 | 2 legs; net shown, not a position |
| SNDK $900 call calendar, Aug-14/Aug-28 | stock | 2,050 | $296.9m gross · $435k net | 11 | 2 legs; net shown, not a position |
| SPX 10-leg structure, Sep-18-2026, Feb-19-2027, Jun-17-2027, Dec-17-2027, Jun-16-2028 | index | 9,315 | $223.3m gross | 11,474 | 10 legs, gross; not a position |
| SPXW 4-leg structure, Sep-25-2026 | index | 3,000 | $194.7m gross | 1,950 | 4 legs, gross; not a position |
| SPX 4-leg structure, Dec-21-2029 | index | 1,600 | $185.1m gross | 577 | 4 legs, gross; not a position |
| XOM 15-leg structure, Aug-21-2026, Sep-18-2026, Jan-21-2028 | stock | 52,320 | $159.4m gross | 4,994 | 15 legs, gross; not a position |
| XOM 11-leg structure, Aug-21-2026, Aug-28-2026 | stock | 92,160 | $159.2m gross | 4,950 | 11 legs, gross; not a position |
| SPX 4-leg structure, Sep-18-2026 | index | 4,700 | $141.3m gross | 317,899 | 4 legs, gross; not a position |
| COP 14-leg structure, Aug-21-2026, Sep-18-2026 | stock | 69,600 | $111.1m gross | 4,027 | 14 legs, gross; not a position |
| SPX Jun-17-2027 6575/7925 call spread | index | 513 | $107.6m gross · $52.1m net | 115 | 2 legs; net shown, not a position |
Fuzion Analytics · unsettled session · Fri 14 Aug
Method
- Open interest confirms; prints do not
- A print is not a position. Every claimed open or close is confirmed Friday-to-Friday against the settled book and cross-checked against the week's volume on that contract. Open interest moving by an amount of the same order as the volume that produced it is a confirmed open or close. Volume far exceeding the change in open interest is a cross, an auction or a same-day round trip, and is not a position.
- The settlement line
- Listed open interest settles overnight, so Friday's prints are not in Friday's book. Everything above the settlement line is confirmed against a settled book; everything below it is the most recent session, shown as an unsettled preview.
- Adjustment versus close
- Both collapse open interest. A real close requires volume at least as large as the position retired; open interest moving on almost no volume is a contract adjustment and is excluded.
- Multi-leg packages
- Whether a leg was bought or sold is a fact about the transaction, not the position: selling to close a long is indistinguishable on the print from selling to open a short. Only open interest resolves it. Where the legs of a package are not individually confirmed, the legs and their sizes are described and the geometry is not named.
- Directional net premium
- Calls bought plus puts sold, less calls sold plus puts bought — positive is net bullish, negative is net bearish. Premium trading at the mid carries no aggressor and is excluded from direction. Net is always reported against gross.
- Gross premium
- Total traded premium across every side, aggressor or not. Gross is the scale of activity; net is its direction — the two are reported together because either alone can mislead.
- Implied move
- The Friday at-the-money straddle mid on the first expiry after the print, divided by spot.
- Sector
- Constituent breadth, not an aggregate position — single stocks only.
- Industry
- A label on findings, never a ranking.
- Disclaimer
- Figures are computed from Fuzion Analytics' own book. This note is research, not investment advice, and is not a recommendation to buy or sell any security.
Weekly Options Monitor — 14 August 2026 — Fuzion Analytics