Mike Khouw Sees Unusual Options Activity In Shopify

On CNBC's "Options Action," Mike Khouw said that Shopify Inc (NYSE: SHOP) is up a lot and so is its options volume. He noticed that calls outpaced puts by more than 2 to 1 on Tuesday and most of the action was short dated.

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The most active options were the July $1,100 calls as over 7,000 contracts traded for an average price of $13, said Khouw. He added that the buyers were probably the retail traders as the average trade size was just two contracts.