Shares of Tilray (NASDAQ:TLRY) saw some unusual options activity on Wednesday. Following the unusual option alert, the stock price moved down to $17.56.
- Sentiment: BEARISH
- Option Type: SWEEP
- Trade Type: CALL
- Expiration Date: 2021-07-09
- Strike Price: $19.50
- Volume: 2585
- Open Interest: 733
Three Ways Options Activity Is ‘Unusual'
One way options market activity can be considered unusual is when volume is exceptionally higher than its historical average. The volume of options activity refers to the number of contracts traded over a given time period. The number of contracts that have been traded, but not yet closed by either counterparty, is called open interest. A contract cannot be considered closed until there exists both a buyer and seller for it.
The trading of a contract with an expiration date in the distant future is another sign of unusual …