In Whales' Wakes - Looking Back on Unusual Options Activity in Dell Technologies Inc. (DELL)

DELL's price from Sept 16 to 23 per TradingView:
Seen above is Dell Technologies Inc.'s price since September 16th, 2021 until September 23rd, 2021 per TradingView:

A Review of Unusual Options Activity & Whales’ Strategies

On September 16th, 2021,among the underlying components of the NYSE, we reported on unusual options activity in Dell Technologies Inc. (DELL)., which opened then at $100.21.

Reported then were the following trades:

  • A total of 5,000 contracts traded on the $95 strike put option at the bid, dated for December 17th, 2021, representing approximately 500,000 shares.
  • An additional 5,000 contracts traded on the $95 strike put option also at the bid, dated for October 15th, 2021, representing an additional 500,000 shares.
  • And finally, a set of 5,000 contracts traded on the $90 strike put option also at the bid, dated for December 17th, 2021, representing another 500,000 shares.
Seen above are the noteworthy options orders in Dell Technologies Inc. from the Unusual Whales Flow.

Interestingly, these orders had come after Dell Technologies Inc. reported that a majority of organizations were uncertain they could recover from a ransomware attack.

Per the chart above, representing Dell Technologies Inc.’s daily price, in blue, there was a high of 28,558 call volume traded on September 13th, 2021, seen in green, with 15,428 puts traded, in red.

Most significantly was the fact that options order flow was significantly bullish, and that there was a noteworthy high of 28,558 call volume traded on September 13th, 2021, prior to the above whales’ trades.

Retailer Traders Following the Flow

The next day, on September 17th, 2021, one Twitter user posted similar findings, but alerted to the fact that a significantly sized order had been opened, a total of 9,800 contracts traded on the $105 strike call option at the ask, dated for November 19th, 2021, representing approximately 980,000 shares.

Seen above was the trader’s tweet content.
Seen above is the unusual option, pointed out by that trader.‌‌

Later, another Twitter user also echoed the callout, as the orders had come in above-ask and were significantly sized.

Additional Unusual Options Activity That Followed

On September 20th, 2021, Dell Technologies, Inc. opened at $98.85, and the above retailer reported that there was additional incoming flow.

Seen above was the continuation of the unusual activity reported by the retail trader.

The above historical flow and all the activity therein for the October 15th, 2021 $100 strike call option with their requisite open interests implied all of the positions were still open, they deduced.

The Whale Exited Their Position & Retail Traders Followed in the Wake

On September 23th, 2021, Dell Technologies, Inc. opened at $99.75, and the first retail trader reported that they had observed the whales beginning to exit their positions via the Unusual Whales Flow tool.

Seen above, large sized orders, such as the 8,250 trade, were coming through the Unusual Whale Flow.

Upon review of brokers, it was evident that with the volume on the $105 strike call option for November 19th, 2021, that the whales were indeed exiting their positions.

Above is one retail trader’s profits from entering at the time of the whales and only exiting once they had, as well.
Following whales trades blindly exactly as they trade them is never recommended--but investigating and Following the Flow can give you a significant edge over the markets!

Unusual Options Activity After the Wake

As of Thursday, September 23rd, 2021, once the whale had exited their position, the options flow had begun to shift.

Seen above were the ten most recent orders of premiums greater than $10,000 on the Unusual Whales options order flow for September 23rd, 2021.

The premium of the options order flow was now 61.63% bearish versus 38.37% bullish.

The above chart shows Dell Technologies Inc.’s price, in blue, since around June 24th, 2021; call volume is represented in green, put volume in red, and open interest in yellow.‌‌

As seen, call and put volume have begun to trend upward since the highs around our first report while Dell Technologies Inc.’s price has continued to trend up.

Open interest had declined from its high on September 17th, 2021 of 194,799 to 182,013 on September 22nd, and it would be anticipated that open interest would continue to decline as fewer contracts were resolved at Friday’s expiration, as well as positions being closed outright.

Seen above, the majority of betting of minimum premiums of $30,000 or more of the topmost 250 positions were on the December 17th, 2021 expiration, with $42,595,515 bearish premium traded.

The most active chains were at the $105 strike price, amounting to $56,794,020 bearish premium.  90.4% of these $30,000 or more orders were in bearish premiums and 89.95% were bid-side orders; however, 98% of this premium was from call options.

Seen above, for betting of premiums of $1,000 or more.

However, seen above, for betting of premiums of $1,000 or more, there was a different sentiment, wherein the most active chain was still the $105 strike...

However, bullish premium was leading at $6,279,824, and the most active expiration, aside from this report’s weekly expiration, was December 17th, 2021, again in bullish premium being spent, amounting to $2,665,192.  

In other words, $30,000+ premium whales were exiting their orders while $1,000+ whales were still trading them bullishly.

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