{"slug":"unusual-options-activity","qid":"oa_board","label":"Unusual options activity: last completed session vs. each underlying's own 20-session average","post_title":"Unusual Options Activity: Last Session","post_url":"/blog/unusual-options-activity#q-oa_board","columns":["ticker","vol_ratio","session_volume_k","baseline_volume_k","prior_high_volume_k","session_label","session_id","baseline_session_count"],"rows":[{"ticker":"MRNA","vol_ratio":14.8,"session_volume_k":591.6,"baseline_volume_k":40,"prior_high_volume_k":112.9,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"PURR","vol_ratio":13.2,"session_volume_k":131.2,"baseline_volume_k":9.9,"prior_high_volume_k":20.1,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"NVAX","vol_ratio":8.2,"session_volume_k":42.8,"baseline_volume_k":5.2,"prior_high_volume_k":12.2,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"TEM","vol_ratio":7.9,"session_volume_k":134.1,"baseline_volume_k":17,"prior_high_volume_k":30.6,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"MSOS","vol_ratio":7.3,"session_volume_k":86.4,"baseline_volume_k":11.9,"prior_high_volume_k":21.9,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"UTHR","vol_ratio":6.8,"session_volume_k":37.7,"baseline_volume_k":5.5,"prior_high_volume_k":67.1,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"MRK","vol_ratio":6.7,"session_volume_k":160,"baseline_volume_k":24,"prior_high_volume_k":54.2,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"RXRX","vol_ratio":6.7,"session_volume_k":59.2,"baseline_volume_k":8.9,"prior_high_volume_k":28.1,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"ETHA","vol_ratio":5.9,"session_volume_k":737.6,"baseline_volume_k":124.6,"prior_high_volume_k":312.3,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20},{"ticker":"MDT","vol_ratio":5.4,"session_volume_k":65,"baseline_volume_k":12,"prior_high_volume_k":28.3,"session_label":"Aug 19","session_id":20260819,"baseline_session_count":20}],"shape":"table","sql":"WITH tape AS (\n    SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS d,\n           sum(toFloat64(volume)) AS vol\n    FROM global_markets.options_minute_aggs\n    WHERE window_start >= toDateTime(today() - 45, 'America/New_York')\n    GROUP BY d\n),\nranked AS (\n    SELECT d, vol, row_number() OVER (ORDER BY d DESC) AS raw_rn\n    FROM tape\n),\ncal AS (\n    SELECT d, vol, rn, sum(if(rn BETWEEN 2 AND 21, 1, 0)) OVER () AS baseline_sessions\n    FROM (\n        SELECT d, vol, row_number() OVER (ORDER BY d DESC) AS rn\n        FROM ranked\n        WHERE vol >= 0.75 * (SELECT quantileExact(0.5)(vol) FROM ranked WHERE raw_rn > 1)\n    )\n),\nday_root AS (\n    SELECT substring(ticker, 3, length(ticker) - 17) AS root,\n           toDate(toTimeZone(window_start, 'America/New_York')) AS d,\n           sum(toFloat64(volume)) AS vol\n    FROM global_markets.options_minute_aggs\n    WHERE window_start >= toDateTime(today() - 45, 'America/New_York')\n    GROUP BY root, d\n),\nscored AS (\n    SELECT r.root AS root,\n           sumIf(r.vol, c.rn = 1) AS last_vol,\n           avgIf(r.vol, c.rn BETWEEN 2 AND 21) AS base_vol,\n           maxIf(r.vol, c.rn BETWEEN 2 AND 21) AS prior_high,\n           countIf(c.rn BETWEEN 2 AND 21) AS root_sessions,\n           max(c.baseline_sessions) AS baseline_session_count,\n           maxIf(toYYYYMMDD(c.d), c.rn = 1) AS session_id,\n           maxIf(formatDateTime(c.d, '%b %e'), c.rn = 1) AS session_label\n    FROM day_root r INNER JOIN cal c ON r.d = c.d\n    WHERE c.rn <= 21\n      AND r.root NOT IN ('SPCX')\n      AND r.root NOT IN ('KORU','SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT')\n    GROUP BY r.root\n    HAVING last_vol >= 25000 AND base_vol >= 5000 AND root_sessions >= 18\n)\nSELECT root AS ticker,\n       round(last_vol / base_vol, 1) AS vol_ratio,\n       round(last_vol / 1000, 1) AS session_volume_k,\n       round(base_vol / 1000, 1) AS baseline_volume_k,\n       round(prior_high / 1000, 1) AS prior_high_volume_k,\n       session_label,\n       session_id,\n       baseline_session_count\nFROM scored\nORDER BY vol_ratio DESC, ticker ASC\nLIMIT 10","computed_at":"2026-08-25T13:12:16.980507+00:00","elapsed":61.753294468}