27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
A whale with a lot of money to spend has taken a noticeably bullish stance on Block.
Looking at options history for Block (NYSE:SQ) we detected 32 strange trades.
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If we consider the specifics of each trade, it is accurate to state that 68% of the investors opened trades with bullish expectations and 31% with bearish.
From the overall spotted trades, 19 are puts, for a total amount of $1,182,228 and 13, calls, for a total amount of $487,501.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $52.5 to $110.0 for Block over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Block's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Block's whale trades within a strike price range from $52.5 to $110.0 in the last 30 days.
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Block Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SQ | PUT | TRADE | BEARISH | 01/19/24 | $110.00 | $437.5K | 20.1K | 118 |
| SQ | PUT | SWEEP | BULLISH | 09/15/23 | $52.50 | $204.7K | 1.1K | 477 |
| SQ | CALL | SWEEP | BULLISH | 06/16/23 | $70.00 | $56.7K | 4.3K | 140 |
| SQ | CALL | SWEEP | BULLISH | 04/21/23 | $68.00 | $54.6K | 1.2K | 450 |
| SQ | CALL | SWEEP | BEARISH | 06/16/23 | $72.50 | $50.5K | 5.6K | 3 |
Where Is Block Standing Right Now?
- With a volume of 14,326,810, the price of SQ is down -1.85% at $67.38.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 31 days.
What The Experts Say On Block:
- Wells Fargo has decided to maintain their Overweight rating on Block, which currently sits at a price target of $108.
- Wedbush downgraded its action to Outperform with a price target of $114
- Mizuho upgraded its action to Buy with a price target of $93
- Morgan Stanley has decided to maintain their Equal-Weight rating on Block, which currently sits at a price target of $70.
- Atlantic Equities downgraded its action to Neutral with a price target of $70
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Block, Benzinga Pro gives you real-time options trades alerts.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.