Options Premium Hits $73.6M as SPCX Call Share Reaches 83%

By Olivia Hart

GTA Terminal reported $73.6 million in options premium for SPCX in the latest session, with $61.0 million in calls and $12.6 million in puts. That put 83% of premium on the call side and coincided with a roughly 5% rise Monday to near 141 for Space Exploration Technologies Corp (BATS:SPCX).

Both figures describe trading activity, not necessarily investor conviction. GTA Terminal did not identify whether the trades opened or closed positions, so the data cannot show who ultimately holds the options.

Takeaway: The flow was heavily skewed toward calls, but the source does not establish net bullish positioning.

How strong was the options positioning?

GTA Terminal also listed a 0.62 put/call volume ratio and said 74 contracts traded above their open interest. The report did not define the ratio's basis; the premium split alone implies about 0.21 puts per call, so the 0.62 figure may use a different measure.

GTA Terminal highlighted four contract lines:

• Jun. 17, 2027 calls: 6,725 contracts, open interest 4,223, about $21.7 million.
• Nov. 9 $131 puts: 18,887 contracts, open interest 1,013, about $2.9 million.
• Nov. 9 $132 calls: 5,982 contracts, open interest 1,043, about $2.5 million.
• Nov. 9 $135 calls: 8,884 contracts, open interest 2,601, about $2.2 million.

Those four lines represented about $29.3 million, or roughly 40% of reported session premium. The source did not specify the year for the Nov. 9 contracts, and contract volume alone cannot establish whether investors were buying or selling those options.

Takeaway: The 2027 call line carried the most premium, but the source lacks the trade-direction detail needed to infer a directional bet.

What did the rebound change?

GTA Terminal said SPCX closed at $134.27 on Nov. 6, up 8.6%, one day after the stock dropped to $120.39 on Nov. 5. GTA Terminal identified $120.39 as a 60-day low.

GTA Terminal's daily technical snapshot showed:

• 20-day simple moving average: $144.10.
• 100-day simple moving average: $143.36.
• 50-day simple moving average: $149.17.

At near 141, SPCX remained below all three averages. Its RSI 14 reading was about 47, up from the Nov. 5 low, while the shares remained about 38% below the 52-week high of $225.64.

Takeaway: The rebound restored some momentum, but it had not reclaimed any of the three major averages.

How much trading stayed off-exchange?

Under GTA Terminal's "dark pools" heading, the off-exchange share was 44.9% on Nov. 6, representing 51,550,957 shares. The measure was also 44.9% on Nov. 5, 43.1% on Nov. 4, and 48.3% on both Nov. 3 and Nov. 2.

The category covered nearly half of trading, but GTA Terminal did not identify the venues included or the direction of those trades. The five-session data also provide no comparison with a longer off-exchange average.

Takeaway: Off-exchange activity was substantial, although the source cannot show whether it amplified buying or selling.

What would confirm or break the rebound?

GTA Terminal identified four decision levels:

• $149.17: 50-day simple moving average and resistance.
• $144.10: 20-day simple moving average and first resistance.
• $128.57: Nov. 6 low and support.
• $120.39: Nov. 5 low, 60-day low and invalidation.

GTA Terminal wrote: "a daily close above the 20-day (144.10) with call flow still building would confirm the read; a move back under 128.57 would weaken it, and a break of 120.39 would invalidate it." It labeled the analysis "Not financial advice."

Takeaway: The next session's decisive evidence will be a close above 144.10 with continued call flow, while a break below 128.57 would weaken the rebound case, GTA Terminal said.