Notable Monday Option Activity: DDOG, OSCR, CLF

Oscar Health (OSCR) and Cleveland-Cliffs (CLF) are experiencing significant options trading volume today, with OSCR's options representing 54.2% of its average daily share volume and CLF's representing 52.7%. Notably, the $15 strike put expiring November 21, 2025, is seeing substantial activity for OSCR, while the $14 strike call expiring October 17, 2025, is highly traded for CLF, signaling increased speculative or hedging interest around these specific price levels and timeframes.

Analysis

Oscar Health (OSCR) and Cleveland-Cliffs (CLF) are both experiencing a significant surge in options market activity, indicating heightened investor focus and potential strategic positioning. For Oscar Health, today's options volume of 93,443 contracts represents a substantial 54.2% of its average daily share volume. The activity is heavily concentrated in the November 21, 2025, $15 strike put, which has traded 22,591 contracts. This specific, long-dated put activity on 2.3 million underlying shares suggests either a significant bearish bet that OSCR's price will fall below $15 over the next year and a half, or a large-scale hedging operation to protect a substantial equity position. Similarly, Cleveland-Cliffs' options volume of 108,156 contracts accounts for 52.7% of its average daily share volume. The standout activity here is in the October 17, 2025, $14 strike call, with 30,510 contracts traded. This concentration of bullish, long-dated call buying, equivalent to 3.1 million underlying shares, signals a strong conviction from traders that CLF's stock has significant upside potential above the $14 mark by late 2025.

Key Decisions for Investors

• Investors should note the significant concentration in long-dated OSCR puts, as this may signal a major investor hedging a position or anticipating future headwinds, warranting a review of downside risk for the stock through 2025.
• The substantial bullish activity in CLF's long-dated call options at the $14 strike could be interpreted as a positive signal from well-informed traders, suggesting that investors should re-evaluate the stock's long-term upside potential.