【December 5th US Stock Options Rankings】

Index slight increase: S&P +0.2%, Nasdaq +0.3%, overall oscillating near historical highs, the market continues to bet on another interest rate cut this month, and the 10-year US Treasury yield remains around 4.1%.

$UnitedHealth(UNH)$​ leads in bullish transaction volume, with Calls accounting for 100%, net buying about 11 million USD, B:S≈5:1, typical 'leveraging with options' bullish behavior. The stock price is oscillating around 330 USD, down nearly 40% from the high of 540 at the beginning of the year, with recent research reports providing bullish arguments that 'medical payout rate pressure has peaked, and profit margins will recover starting in 2026', and today there is also a report of 'abnormal volume buying of UNH Calls'.

👉 Strategy: Bullish in the medium to long term but not wanting to heavily hold the underlying stock, can use 3–6 month risk reversal (selling slightly out-of-the-money Puts, buying slightly out-of-the-money Calls) or bull call spreads to enter; for those already holding a position, only a small amount of protective Puts is needed for tail insurance.

$Google A(GOOGL)$​ ranks second in bullish transaction volume, with Calls accounting for 98%, but net selling about 33 million USD, a large order for 26/02 260C directly SELL, clearly a move to lock in profits at high positions rather than chasing more. The stock price oscillates around 320 USD, up nearly 70% year-to-date, Pivotal raised the target price from 350 to 400 USD, stating it is 'leading almost everywhere' in AI TPU, self-developed chips, Gemini, YouTube, etc., but CEO Pichai has also reduced his holdings by about 10 million USD according to the 10b5-1 plan, with valuation expectations being quite full.

👉 Strategy: Those with cash stocks are more suitable to sell slightly out-of-the-money covered calls or do bullish spreads 'to collect rent'; those without positions but bullish can use selling slightly out-of-the-money Puts for distant months to replace placing buy orders, which provides more safety than chasing short-term Calls.

$Nvidia(NVDA)$​ a large order appeared in the rankings with a 26/02 170C SELL of about 30 million USD, indicating that some funds choose to lock in the gains of a significant increase in 2025 by writing Calls above the AI leader. The NVDA stock price slightly fell that day, recently oscillating around the high position of 180 USD, clearly entering a 'digestion period' compared to the broader market.

👉 Strategy: Those with NVDA and other AI positions can refer to this idea, using distant month slightly out-of-the-money covered calls to lock in some gains; for those without positions, don't chase short-term options in the oscillation zone for speculative profits. #OptionsFlow