Notable Monday Option Activity: MNMD, PGY, CVX

Pagaya Technologies (PGY) and Chevron (CVX) are exhibiting significant options trading activity today, with PGY's 18,430 contracts representing 51.5% of its average daily share volume and CVX's 37,822 contracts accounting for 49.1% of its average daily share volume. This heightened interest is particularly concentrated in the PGY $40 call (Feb 2026 expiry) and CVX $162.50 call (Oct 2025 expiry), indicating notable speculative or strategic positioning regarding potential future price appreciation for both stocks.

Analysis

Pagaya Technologies (PGY) and Chevron Corporation (CVX) are both exhibiting unusually high options trading activity, indicating significant market interest beyond typical equity trading. PGY's options volume of 18,430 contracts represents 51.5% of its average daily share volume, while CVX's 37,822 contracts account for 49.1% of its daily average. This activity is not diffuse; it is concentrated in specific long-dated call options. For Pagaya, notable volume is seen in the February 2026 $40 strike calls, and for Chevron, in the October 2025 $162.50 strike calls. Such focused interest in out-of-the-money calls with distant expiration dates suggests that a segment of the market is positioning for substantial price appreciation in these stocks over the next one to two years, or potentially hedging significant short positions.

Key Decisions for Investors

• Investors should monitor the open interest and volume for the specified PGY and CVX call options, as this concentrated activity could foreshadow increased volatility or a directional move in the underlying stocks.
• The specific strike prices, the $40 level for PGY and the $162.50 level for CVX, can be viewed as important psychological and technical levels that large traders are focused on for the long term.
• While this call volume is a bullish indicator, it should be treated as a signal for further due diligence rather than a direct trade recommendation, as the activity could also represent hedging against existing positions.