MPWR Breaks 20-Day High as $20.1M Options Premium Goes 100% to Calls

By Amara Osei

Every dollar of the $20.1 million in Monolithic Power Systems options premium traded on Nov 11 — through 10:40 AM ET — went to calls, with puts at $0, according to trading desk GTA Terminal. The stock, trading near $1,450 at 10:48 AM ET, was breaking out of its 20-day range.

MPWR was up about 7% on the session and had cleared its Nov 9 high of $1,396.55, the level that had capped the 20-day range, per GTA Terminal's chart note on TradingView. The move puts price above every major daily moving average:

• 20-day SMA: $1,245.25
• 50-day SMA: $1,276.30
• 100-day SMA: $1,308.82
• 200-day SMA: $1,325.71

The 14-day RSI sat at about 61 — rising, but not overbought. Next overhead resistance is the 60-day high at $1,491.64. The 52-week high is $1,714.09.

Where did the $20.1 million go?

Two January 2027 call strikes absorbed the bulk of the flow, and both printed far above existing open interest — a signature of new positions rather than closing trades, GTA Terminal noted. None of the premium is same-day.

• Jan 15, 2027 $1,500 calls: 1,104 contracts vs 97 open interest, $12.8M in premium
• Jan 15, 2027 $1,660 calls: 1,101 contracts vs 8 open interest, $7.3M in premium

The put/call volume ratio stood at 0.06. In plain terms: for every dollar betting on downside protection, roughly sixteen dollars bet on upside.

What are dark pools showing?

Off-exchange share of MPWR trading has run consistently high in recent sessions, per GTA Terminal's dark pool data:

• Nov 10: 30.1%
• Nov 9: 27.2%
• Nov 6: 32.9%
• Nov 5: 30.5%
• Nov 4: 32.4%

Sustained off-exchange activity above 30% often accompanies institutional accumulation, and it frames the call-heavy flow as institutional rather than retail churn.

Which levels confirm or kill the breakout?

GTA Terminal laid out a four-level map:

• $1,491.64 — 60-day high and overhead resistance
• $1,396.55 — Nov 9 high, now breakout support
• $1,325.71 — 200-day SMA, pivot
• $1,245.25 — 20-day SMA, invalidation

The desk's read is conditional. "A hold above 1,396.55 with call money still building would confirm the breakout," GTA Terminal wrote. "A close back under 1,396.55 makes it a failed breakout, and a drop under the 20-day SMA (1,245.25) or put premium overtaking calls would invalidate the read."

Why it matters

The two long-dated call blocks — both dated January 2027 and both opening fresh positioning — aren't day-trade noise. Traders committing $12.8 million and $7.3 million at strikes $1,500 and $1,660 are underwriting a retest of the 52-week high at $1,714.09, which sits 15% and 3% above those strikes respectively, over a 14-month horizon.

The near-term test is the $1,491.64 resistance, roughly 3% above the morning price. If call premium keeps building while MPWR holds above $1,396.55, the desk's breakout thesis stays intact; the first close back below that level flips the signal. GTA Terminal flagged the analysis as not constituting financial advice.