ASML options flow shows bullish long-dated call positioning despite near-term weakness

The options activity of ASML Holding NV (ASML) reveals a bullish long-dated call positioning, despite recent market weakness. Of today's volume, 85.2% are call options (10,713 vs. 1,863 puts), resulting in a low put/call ratio of 0.174, indicating bullish sentiment rather than hedging. The four highlighted strike prices all share a December 18, 2026 expiry, approximately three months away.

The current price of ASML is €1,403.20 as of September 15, 3:21 PM CEST. The near-zero open interest on the €1,900 and €1,600 calls suggests new directional bets opened today, not the rollover of prior positions. There is speculation that ASML will trade 35% higher by December. The daily technical indicators, including RSI at 39.6, negative MACD, oversold StochRSI at 17.4, and a Bearish Engulfing pattern, present a bearish outlook.

Additionally, the daily timeframe shows a Strong Sell signal. Despite a 3-month decline of ~13.5% from the €1,741 52-week high, the monthly chart shifts to a Strong Buy signal, indicating that longer-term investors view this pullback as a buying opportunity, which aligns with the 3-month call positioning.