Story
On Holding Sees Surge in Bullish Options Trading as Shares Rally
Summary
Options trading volume for On Holding (ONON) surged on Friday, with bullish call options heavily outweighing puts as the company's stock price climbed more than 5%.
On Holding AG (NYSE:ONON) experienced a significant surge in options market activity on Friday, driven by heavy trading in call options as the company's shares posted strong gains.
Options Volume Spikes
According to exchange data compiled by Bloomberg, total options volume for the Swiss sportswear brand reached 11,550 contracts by 2:01 p.m. in New York. The trading was overwhelmingly bullish in nature, with 10,326 call options changing hands compared to just 1,224 put options.
This imbalance, where calls outnumber puts by a ratio of more than 8-to-1, indicates a strong speculative sentiment among some traders that the stock's price may continue to rise in the near to medium term.
Key Contracts in Focus
The most significant volume was concentrated in a long-dated call option, suggesting a bet on substantial future upside. The most active contracts included:
Ad- September 18, 2026 $50 Call: This contract was the most active, with 6,440 contracts traded. This volume notably exceeded the existing open interest of 5,282 contracts, signaling that new positions were likely being established.
- July 17, 2026 $32.50 Call: A shorter-dated contract also saw activity, with 615 contracts changing hands.
Stock Performance and Volatility
The heightened options activity coincided with a strong performance in the underlying stock. On Holding shares climbed 5.55% to trade at $38.81 during Friday's session.
Market data also pointed to a slight increase in expected price swings. The stock's three-month implied volatility rose by 0.68 percentage points to 50.54%. Concurrently, the three-month 90/110 skew, a measure of the relative demand for puts versus calls, also ticked higher, reinforcing the observation of strong demand for bullish options.