![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg99q5DPob5QqVNN0F69S7267BT_bqSPNQFxtTcs5NNWvNciGX-00sljbB7gAC2WMOHUFYOFybvlVw81ypc89PG-Yv-RxuyvPUYOtsSh2LD4Aw5WtbGKb2UWeljF7w7ZeSjxZgGVbyUiVU/s400/amat_summary.gif)
The company averages 12,640 options traded a day - today over 26,500 have traded with more than an hour to go in the day. Further, nearly 24,000 of those are calls for an 8:1 call:put ratio. The Company Tab snapshot below (click to enlarge) demonstrates this as well as the Net Deltas (positive) and Net Premium (positive) - the order flow has been buying options and getting long delta ---> Buying Calls.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKZq8uuPfyNsfujpuXtYAq1uixth3DYDovGTK137-HsxVFGxZKZDJrMXzT1kxb0hZW98DhoWg8wU949G-ZEXerX-3dgizAivzsNw5loM5uFHTKX5MbWZko3ndp5uju5ceRo5APNS9ONlM/s400/amat_company.gif)
The 7 largest trades of the day are all purchases of the Apr. 15 calls for 33 vol. The Options Tab snapshot illustrates that these are mostly opening orders - 18,620 volume vs 3,463 OI (open interest). Click either image below to enlarge.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiH8SYURSYwdsvmHs8_mzWC0EVQ6rva8eb503AQzFNNc3_8TAUEDtFf6wtLk9jR_a_Z_gnY9day_mFO8etZpMMbdmuChkzaB1oAz8gIfP0F50uIuF7wrsLYLih1U47JLOTYwOW3_fLBzuY/s400/amat_trades.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeboPMT1wItt1HWNvkzTSyENL4yPS74ViWMsfSeFWCHpoZZKjYyDQ2lymOCwqsQybOyP19Cuf7Ff12aGMyUhXxaid0G7rybM1Y26C1pzY4xSwXVa5H6vSiOPXJh9JxF41vHPPKcVs1wn0/s400/amat_options.gif)
Finally, the Charts Tab snapshot below (click to enlarge) illustrates the divergence between the IV30™ (red line) and the HV10™ (white line). However, you can also see that the prior earnings cycle yielded HV10™ of ~50%.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibB459nRTj7xtgua20nrFGgplYuSjmPfi23JSRCTlw3_oJG0X1QsW-rtRhRXLw72iNGw63yb4yj-xqX-Wr1rVLLX3SYM4pfaBZBsqDexr0kQdkZeNGPYkIiiba_9rrfhf4UwCerp5mXa4/s400/amat_charts.gif)
This is bullish in that it is a purchase of calls - but it's not uber bullish in that it deals in Apr. options. This could be a vol bet more than anything else. IV30™ does tend to be higher than current levels over the last 6 months in AMAT and VIX is now below 20.
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