Stock Markets June 29, 2026 12:27 PM

Call Spreads Drive Heavy Options Flow in Dlocal Contracts

Activity concentrates in multi-leg call strategies across July, August and November 2026 expirations

By Avery Klein
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Options volume in Dlocal Ltd. (DLO) surged to 7,697 contracts by 12:20 p.m. New York time on Monday, with call positions dominating activity. A pair of diagonal call spreads — pairing a November 20, 2026 $15 call with nearer-dated $13 and $14 calls — accounted for the bulk of trades, while open interest showed concentration in the August 21, 2026 $14 strike.

Call Spreads Drive Heavy Options Flow in Dlocal Contracts
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Key Points

  • Total options volume in Dlocal reached 7,697 contracts by 12:20 p.m. New York time, with calls accounting for 7,152 and puts for 545.
  • Diagonal call spreads involving the November 20, 2026 $15 call with the August 21, 2026 $14 call (2,000 contracts) and with the July 17, 2026 $13 call (1,505 contracts) dominated activity.
  • Open interest was concentrated at the August 21, 2026 $14 call (9,322 contracts) and the July 17, 2026 $13 call (5,548 contracts), indicating clustered positioning across near- and later-dated expirations.

Options market activity in Dlocal Ltd./Uruguay accelerated Monday, totaling 7,697 contracts as of 12:20 p.m. New York time, according to exchange data compiled by Bloomberg. Call options represented the vast majority of that volume, comprising 7,152 contracts, while put contracts amounted to 545.

The single most-traded contract was the November 20, 2026 $15 call, which recorded 2,101 trades and had an open interest of 1,148 contracts.


Structured multi-leg trades featured prominently among the busiest flows. A diagonal spread pairing the November 20, 2026 $15 call with the August 21, 2026 $14 call accounted for 2,000 contracts. Open interest at the August 21, 2026 $14 strike stood at 9,322 contracts, while the November 20, 2026 $15 call registered open interest of 1,148 contracts.

Another notable diagonal spread combined the November 20, 2026 $15 call with the July 17, 2026 $13 call and represented 1,505 contracts in total. That combination within the spread included 747 July 17, 2026 $13 calls, which showed open interest of 5,548 contracts, and 758 November 20, 2026 $15 calls, carrying the same 1,148 open interest reported for that November strike.

Individually, the July 17, 2026 $13 call also appeared among active single-leg contracts, with 531 contracts traded and open interest of 5,548 contracts.


This intraday snapshot highlights concentrated activity in specific call strikes and multi-leg positions across three expirations in 2026. The figures above reflect trade counts and open interest reported at the time noted; they do not include analysis or interpretation beyond the recorded volumes and positions.

Risks

  • Concentration risk: Activity was heavily focused on a small set of call strikes and diagonal spreads, which can create liquidity concentration in those specific expirations and strikes.
  • Imbalance between calls and puts: The large disparity between call volume (7,152) and put volume (545) reflects a lopsided options flow profile for the session.
  • Open interest distribution: A sizeable portion of open interest was clustered in the August 21, 2026 $14 and July 17, 2026 $13 calls, suggesting that exposure is concentrated in those near-dated strikes.

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