A 2-leg, $6.13M options structure landed in $MTUM on Friday, built around the $62.50 to $67.50 strikes. It reads as a strangle, a trade about how far MTUM moves and when, more than a simple call on direction.
What happened
The legs printed together in the final half hour, around 3:50 p.m. ET on Friday, November 6, with $MTUM near $63.73, for $6.13M in combined premium across 20,000 contracts.
The feed groups these legs into one event. The listed sides, quantities and expirations are needed to reconstruct the package; the gross premium alone is not a directional signal.
Netting the legs, the trader collected about $6.13M up front. That credit is theirs to keep if the stock cooperates, but it comes with obligations on the sold side.
- MTUM Feb 19, 2027 $62.50 Put: 10,000 contracts at $3.37 (sold)
- MTUM Feb 19, 2027 $67.50 Call: 10,000 contracts at $2.76 (sold)
Why it matters
A strangle pairs a call and a put at different strikes. It is a view on how far the stock moves, more than which way.
Net of all legs, the structure behaves like being short roughly 20,500 shares of MTUM, about $1.31M of stock exposure.
The strikes run from $62.50 (1.9% below the stock) to $67.50 (5.9% above the stock), so the trade is built around a zone rather than a single target.
With 104 days until Feb 19, 2027, this is positioning for months, not a quick flip. Implied volatility sat near 31%, a middle-of-the-road price for movement.
The numbers
| Structure | Strangle (2 legs) |
|---|---|
| Lean | Direction depends on the legs |
| Expirations | Feb 19, 2027 (nearest in 104 days) |
| Strikes | $62.50, $67.50 |
| Contracts | 20,000 |
| Total premium | $6.13M |
| Net cost | $6.13M credit |
| Stock at the trade | $63.73 |
Three ways this could play out
Bullish continuation
A move through $67.50 puts $MTUM above every strike. A long strangle starts paying past the call strike.
Bearish rejection
A drop under $62.50 takes $MTUM below every strike. A long strangle starts paying past the put strike.
Neutral stabilization
If $MTUM settles between $62.50 and $67.50 into Feb 19, 2027, a short strangle keeps its premium and a long one fades.
What to watch next
- $62.50 and $67.50: the outer strikes that define this trade.
- Open interest on each leg in the next session, compared with total session activity. Opening, closing and rolling trades can offset in the aggregate.
- Feb 19, 2027: expiration, 104 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
