American Express Co. recorded 26,525 options contracts traded by 2 p.m. New York time on Thursday, based on exchange data compiled by Bloomberg. Calls accounted for the bulk of activity, totaling 22,148 contracts, while put contracts amounted to 4,377.
The most actively traded single option was the June 26, 2026 $365 call, which saw 13,162 contracts change hands. That single strike's traded volume stands in stark contrast to its reported open interest of 81 contracts.
Beyond that one large block, traders also executed sizable call spread packages tied to July expirations. A July 17, 2026 spread between the $360 and $365 strikes accounted for 1,000 contracts in total. That spread consisted of 500 July 17, 2026 $360 calls, which show open interest of 1,686 contracts, paired with 500 July 17, 2026 $365 calls, which carry an open interest of 38 contracts.
Another July spread, this time expiring on July 10, 2026 between the $360 and $365 strikes, likewise represented 1,000 contracts. The components were 500 July 10, 2026 $360 calls with open interest of 545 contracts and 500 July 10, 2026 $365 calls with open interest of 504 contracts.
The aggregate activity through mid-afternoon shows a clear skew toward call buying and call spread structures for both June and July expiries. The raw counts of contracts traded and the accompanying open interest readings provide a snapshot of where volume concentrated during the trading session and how that compares with standing positions.
Key points
- Options volume in American Express reached 26,525 contracts by 2 p.m. New York time, with calls making up 22,148 and puts 4,377.
- The June 26, 2026 $365 call was the single largest component of activity, with 13,162 contracts traded against an open interest of 81 contracts.
- Two call spread trades for July expiries - July 17 and July 10 between the $360 and $365 strikes - each accounted for 1,000 contracts, with varying open interest across the individual legs.
Risks and uncertainties
- Concentration risk: a large share of the session's volume was concentrated in the June 26, 2026 $365 call, where traded volume (13,162 contracts) far exceeded the reported open interest (81 contracts), indicating a high turnover relative to standing positions.
- Open interest disparities: several strikes in the July spreads show markedly different open interest levels between legs (for example, the July 17 $360 calls have 1,686 open interest versus 38 for the $365 calls), which may reflect uneven existing position depth across strikes.
- Directional balance: the session's skew toward calls (22,148 contracts) versus puts (4,377 contracts) is evident in the data, but the article does not provide information on trader intent or the underlying motivations behind the positions.
This report presents the transaction counts and open interest figures observed through the midday trading window. It does not attempt to infer trader intent or future market direction beyond the recorded activity and standing position levels outlined above.