Trading in options tied to Herbalife Ltd. reached a total of 32,666 contracts by 3:20 p.m. New York time on Thursday, based on exchange data compiled by Bloomberg. The session was overwhelmingly call-heavy: 32,592 call contracts were traded versus 74 put contracts.
The majority of the activity centered on a call spread tied to the August 21, 2026 expiration. That spread accounted for 32,044 contracts in aggregate, structured as 16,022 contracts at the $15 strike and 16,022 contracts at the $17.50 strike.
Open interest figures at the two strike levels were noticeably different. The $15 calls showed open interest of 260 contracts, while $17.50 calls carried open interest of 16,309 contracts.
This snapshot of activity reflects a concentrated trade posture during the time window reported. The numbers indicate both the raw volume of contracts exchanged and a marked skew toward call positions within Herbalife options on the day in question.
Summary
By mid-afternoon on Thursday, Herbalife options trading totaled 32,666 contracts, with calls accounting for virtually all activity. A single August 21, 2026 call spread - split evenly between $15 and $17.50 strikes - made up the bulk of trading. Open interest is much larger at the $17.50 strike than at $15.
Key points
- Volume: Total options contracts traded reached 32,666 by 3:20 p.m. New York time on Thursday, per exchange data compiled by Bloomberg.
- Call dominance: Calls made up 32,592 of the trades, while puts were 74.
- Concentration in a single spread: An August 21, 2026 call spread comprised 32,044 contracts - split into 16,022 at the $15 strike and 16,022 at the $17.50 strike - with open interest at $15 of 260 contracts and at $17.50 of 16,309 contracts. Sectors impacted include equity markets, options trading desks, and consumer staples equities exposure.
Risks and uncertainties
- Concentration risk - A large portion of the session's volume is concentrated in a single call spread, which may amplify position-specific exposure in the options market. This primarily affects options market participants and equity holders in consumer staples names.
- Open interest disparity - The sizable difference in open interest between the $15 and $17.50 calls (260 versus 16,309 contracts) points to uneven positioning across strikes, an asymmetry that could influence liquidity and price behavior in related options.
- Snapshot limitation - The figures represent activity up to 3:20 p.m. New York time on Thursday and are a time-bound snapshot; they do not describe intraday dynamics outside that window or subsequent days' trading.
All numerical details above are drawn from the exchange data compiled by Bloomberg and reflect the activity reported for the specified time.