Modine Jumps 31% on Deal News as Call Volume Hits 63% of Premium

By Daniel Okafor

Modine Manufacturing (BATS: MOD) gapped up about 31% to trade near $139 on Nov 13 after deal headlines, and options money leaned hard to calls. The GTA Terminal wire read, taken at 10:52 AM ET, shows 7,039 calls against 3,318 puts. The put/call volume ratio sat at 0.47.

Call premium totaled about $3.5 million versus $2.1 million in puts. That makes calls 63% of the premium pie. Open interest tells the same story: the put/call open interest ratio stands at 0.45.

Where did the new money go?

Several strikes traded more contracts than existed in open interest. That means fresh positioning, not closing trades. The standouts, per GTA Terminal:

• Nov 20 calls: 2,006 contracts traded vs open interest of 527, roughly $522,000 in premium
• Nov 20 puts: 778 contracts vs open interest of 107, roughly $599,000
• Dec 18 calls: 350 contracts vs open interest of 19, roughly $428,000
• Feb 19, 2027 $130 puts: 300 contracts vs zero open interest, roughly $412,000
• Feb 19, 2027 $150 calls: 201 contracts vs open interest of 6, roughly $322,000

The Nov 20 expiration alone drew $2.5 million, with 54% of it in calls. Traders are betting on a fast move. The Feb 2027 strikes show some hedging or longer-dated positioning appeared too.

What did the dark pools show?

Off-exchange share ran above normal levels for five straight sessions. GTA Terminal logged the share at 41.5% on Nov 6, 46.1% on Nov 9, 31.9% on Nov 10, 47.2% on Nov 11 and 51.1% on Nov 12. That last figure came on 824,699 shares, against a normal share of 45.7%. Elevated dark pool activity before a gap-up often signals institutional accumulation.

What does the chart say?

The stock opened at $142.00 and traded in a range of $131.50 to $146.50. Price sits back above the 20-day simple moving average at $124.49. It still trades under the 50-, 100- and 200-day SMAs.

Volume reached about 5.7 million shares against a 20-day average near 2.2 million. RSI 14 sits near 53, recovered from oversold readings around the Nov 5 low.

Today's move left a gap between $110.28, the Nov 12 high, and $131.50, today's low. Gaps like this often act as magnets or as support zones, depending on whether buyers defend the upper edge.

Which levels matter now?

GTA Terminal maps four lines:

• $156.23: 20-day high and first resistance; the 50-day SMA sits just above
• $124.49: 20-day SMA and first support
• $110.28: Nov 12 high and top of the gap
• $87.84: Nov 5 low, the 52-week low, and the invalidation point of the rebound

The distance from current price to first resistance is roughly 12%. The distance down to gap support is about 14%. That asymmetry frames the risk for anyone chasing the move.

What would confirm or break the setup?

The GTA Terminal note sets two confirmation tests. Holding above $131.50 and the 20-day SMA, with calls staying above 60% of premium, would confirm the gap. A fill back into the $110s, or put premium taking over the mix, would weaken the setup. Watch the Nov 20 expiration, since most of the new call money dies there.

Data cited: GTA Terminal. Not financial advice.