significantly, by about 2-to-1 on above-average volume today, and most of that activity was concentrated in very short-dated call buying. Specifically, the most active options were the weekly 1,200-calls," Optimize Advisors CIO Michael Khouw said Wednesday on "Fast Money."
Those contracts expire Thursday, and were trading for an average of $3.50 per contract in Wednesday's session. That puts the break-even level at an underlying stock price of $1,203.50 at expiration, but it's not the only way that these traders can make money in these contracts. After trading at an average price of $3.50 on Wednesday, those contracts are trading for an average price of about $11 as of 11 a.m. ET on Thursday. That means that instead of holding the contracts to expiration and exercising their right to purchase Tesla at $1,200 per share, these traders can simply turn around and sell these contracts back onto the market for a hefty profit of about $7.50 per individual contract, or $750 in a standard block trade worth 100 shares of stock.
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