Unusual Options Activity: NFLX, HONA, and MSFT Lead the Way With These 3 Options Strategies

Unusual options activity dominated on Wednesday, with three major stocks leading the pack. Netflix (NFLX), Honeywell Aerospace (HONA), and Microsoft (MSFT) had the highest Vol/OI ratios for options expiring in six days or more. Netflix's Jan. 21/2028 $42 put option had the highest ratio at 205.13, while the Dec. 18 $210 call for Honeywell Aerospace topped at 101.70.

Microsoft's Nov. 20 $625 call rounded out the top three with a Vol/OI ratio of 78.80. The low options volume of 44.6 million, just 71% of the 90-day average, seemed to spotlight these well-known names. The strategies behind these trades included a Risk Reversal for Netflix, a Long Call Ratio Spread for Honeywell Aerospace, and a Bull Call Spread for Microsoft.