The meme stocks have continually been the most active traded options contracts over the last few weeks. However, you never know which meme stock will be in the spotlight from week to week. This past week, Workhorse (WKHS) was one of the big movers, up nearly 10% on one day in particular.
On that day, nearly 250,000 options contracts trades, 2x the normal amount. While 87% of the trades were calls (which tend to be bullish), the day’s biggest trade was a put spread. This trade could be a directional trade or a hedge against a down move in the stock.