Unusual Options Activity: NFLX, HONA, and MSFT Lead the Way With These 3 Options Strategies

Unusual options trading volume emerged across several major large-cap equities during a relatively light trading session where total options market volume reached 44.6 million contracts, roughly 71% of its 90-day average. Netflix (NFLX) led the activity with an exceptionally high volume-to-open-interest (Vol/OI) ratio of 205.13 on its January 2028 $42 put option contracts. Institutional flows indicated a large-scale risk reversal or protective collar strategy deployed on Netflix stock. The trade structure involved selling 7,500 January 2028 $124 calls to generate $4.62 million in premium while buying 24,000 January 2028 $42 puts for $2.88 million, producing a net credit of $1.74 million. This asymmetric structure protects downside risk on approximately 2.4 million shares over a 17-month horizon. Elsewhere in mega-caps, Microsoft (MSFT) also witnessed heightened derivative positioning via a defined-risk bull call spread. Traders executed 14,874 contracts across November $545 and $625 strikes for a net debit of $15.23 million, capturing upside potential while mitigating premium outlay.