Moderna Call Flow Hits 71% as Shares Retreat From High

GTA Terminal measured $26.0 million in Moderna, Inc. options premium by 3:13 p.m. ET on Nov. 9, with $18.5 million in calls and $7.4 million in puts. Calls represented 71% of that flow, and the put/call volume ratio was 1.0, according to the TradingView chart. For the full session, calls took 60% of premium, while 31 contracts traded above their open interest.

Moderna shares reached a 52-week high of $280.80 on Monday before pulling back to trade near $262 early Tuesday. GTA Terminal said the stock remained well above its 20-day average after a run from a 60-day low of $62.13.

What does this change for MRNA traders?

The practical change is a two-part confirmation test, according to GTA Terminal: a close above $280.80 with calls still leading. GTA Terminal said that outcome would confirm the trend. The chart also put the setup at risk below $237.65 and then the 20-day SMA at $227.62.

GTA Terminal's daily technical readings for Nov. 9 were:

• Close and trend: $269, above the 20-day SMA of $227.62, the 50-day SMA of $194.47, the 100-day SMA of $135.63 and the 200-day SMA of $92.57. GTA Terminal described the averages as stacked in an uptrend.
• Highs: $280.80 marked both the 52-week and 20-day highs, set Monday.
• 20-day low: $179.53.
• RSI 14: 67.2, close to overbought.
• Volume: 0.74 times the 20-day average on Monday. GTA Terminal said the push to the high came on lighter volume.

GTA Terminal's chart combined an uptrend in the moving averages with two cautions: lighter volume behind the high and an RSI near overbought. In that framework, the prior advance remained technically intact, but the new high carried less conclusive momentum.

Options positioning added detail, though not a one-way signal. GTA Terminal highlighted three blocks:

• Dec. 18 $260 puts: 760 contracts, against open interest of 95, worth about $1.8 million.
• Jan. 15, 2027 $280 puts: 304 contracts, against open interest of 38, worth about $1.3 million.
• Nov. 13 $270 calls: 771 contracts, against open interest of 347, worth about $1.2 million.

GTA Terminal interpreted the new December and January put positions as some hedging. The broader intraday tape still leaned toward calls, which accounted for 71% of the premium measured at 3:13 p.m. ET.

Off-exchange trading also moved higher on Nov. 9. GTA Terminal listed these off-exchange shares:

• Nov. 3: 46.3%
• Nov. 4: 44.0%
• Nov. 5: 42.8%
• Nov. 6: 44.4%
• Nov. 9: 51.2%

GTA Terminal's five-day average was 5,923,119 shares a day, 1% above the prior five sessions. Nov. 9's 51.2% was the highest of the five readings.

GTA Terminal set out four reference levels:

• Resistance: $280.80, the Nov. 9 high and 52-week high.
• Support: $253.33, the Nov. 9 low.
• Key support: $237.65, the Nov. 5 swing low.
• Invalidation: $227.62, the 20-day SMA.

For traders, $253.33 is the first support marker. GTA Terminal said a drop below $237.65, followed by the 20-day SMA at $227.62, would invalidate the setup.

GTA Terminal labeled the chart "Not financial advice." The next test is straightforward in its framework: a close above $280.80 with calls still leading confirms the trend, while a drop under $237.65 and then $227.62 invalidates it.