To The Moon

$NVIDIA(NVDA)$

Call options expiring this week continue to see heavy opening positions, but put options are also pulling in the opposite direction. Although the pullback pressure isn’t particularly strong, the main strikes for put option openings are 140, 139, and 135. The stock is likely to close this week in the range of 135–140.

Notably, someone opened 120,000 contracts of next week’s 140 call $NVDA 20250228 140.0 CALL$  and 140 put $NVDA 20250228 140.0 PUT$ .

Judging by the transaction prices, the likelihood is high that these are part of a double-sell strategy (selling calls and puts simultaneously)—a typical strategy for shorting earnings volatility. Based on this strategy, it can be inferred that NVIDIA’s volatility range for next week is 126.4–153.6, with a price movement of no more than 10%.

$Tesla Motors(TSLA)$

Tesla seems to be setting up to mislead bullish traders this week. It’s hard to say where the upper limit of Friday’s closing price will be, but the lower limit is highly likely to remain above 350.

$KraneShares CSI China Internet ETF(KWEB)$

Put option openings are unremarkable, with a projected pullback to a low of 33. However, bullish momentum remains stronger, as call options are eagerly entering to go long. Call options with strike prices above 40 are opening particularly aggressively.

Two large orders are worth noting:

1. An Iron Condor strategy with 220,000 total contracts: The direction isn’t very clear, and the strike prices are closely spaced, allowing for multiple combinations. However, based purely on the openings, this volume of contracts is likely to lock the stock price into a specific range, namely 34.5–37.

   • $KWEB 20250228 37.0 CALL$ 

   • $KWEB 20250228 40.0 CALL$ 

   • $KWEB 20250228 33.5 PUT$ 

   • $KWEB 20250228 34.5 PUT$ 

     

2. A large institutional order: Closing April 38 calls and opening positions in the 36–40 range. The direction is also unclear, but it’s speculated to involve buying 36 calls and selling 43 calls.

   • Closed $KWEB 20250417 38.0 CALL$ , trading volume of 7,000 contracts

   • Opened $KWEB 20250417 36.0 CALL$ , trading volume of 7,000 contracts

   • Opened $KWEB 20250417 43.0 CALL$ , trading volume of 7,000 contracts

     

$iShares China Large-Cap ETF(FXI)$

Like $KWEB$, $FXI$ continues to target 40.

This involves multiple 40 call options across different expiration dates, divided into two main large orders:

1. A calendar spread: The transaction prices are unclear, so the exact structure of the calendar spread is uncertain, but overall, it still reflects a bullish outlook for 40.

   • Opened $FXI 20250417 40.0 CALL$ 

   • Opened $FXI 20250516 40.0 CALL$ 

     

2. Leveraged bullish positions:

   • Buy $FXI 20250620 40.0 CALL$ 

     

$Pinduoduo (PDD)$

An institutional order for $PDD 20250321 165.0 CALL$  appeared. The direction is unclear, so it may not necessarily indicate bearish sentiment.