Unusual Options Activity Wednesday (01/03/23)

Welcome to the first Unusual Options Alert of the New Year!

Today, we’re looking at Pure Storage Inc. (NYSE: PSTG)

Here are the details of what I’m seeing:

Volatility Index: +33%

Sizzle Index: 50x above average

Options Flow Strike Prices: 670 Contracts for 15 MARCH 2024 CALLS $41, 1,000 Contracts for 19 JAN 2024 CALLS $39

It looks like a significant buyer is betting that PSTG’s stock price will hit $39 this month. And by March, climb even higher. A potential trade idea would be to buy the 9 JAN 2024 $39 calls for $0.25 per contract. Or if you want a longer time horizon, the 15 MARCH 2024 CALLS $41 are $115 per contract.