Welcome to another unusual options activity Wednesday! Let’s look at what we have, shall we?
#1. Bit Mining Limited (NYSE: BTCM)
I use what’s called the “Sizzle Index” in ThinkorSwim to begin screening for my stocks every Wednesday. The Sizzle Index tracks stocks that have unusual options volume over the last five periods (days, in this case). Today, BTCM has a Sizzle Index of 3. That means there’s three times more options volume on BTCM today than in the last five days.
Then I combine that with an unusual volume filter criteria that I developed. Volume has increased on BTCM 5% over the past five trading days. So, both of these factors combined mean I’m going to add this baby to the watchlist. I’m looking for price to retreat back down to around $4.94 before I would consider entering the positions.