Sunrun options activity dominated by a single two-leg structure

Sunrun Inc (RUN) options volume spiked to 251,066 contracts at 2:20 p.m. ET, with nearly the entire activity stemming from a single May 21, 2027 structure: a $12 call paired with a $6 put. The stock was trading at $7.59, down 2.38% as of October 7, 2:48 PM EDT.

Implied volatility remained relatively stable, with a slight 0.13 percentage point drop to 77.41%. The 90/110 skew also saw a minor decrease of 1.18 percentage points to -0.35.

The put volume of 113,495 was the highest since November 5, 2025, indicating a significant level of bearish interest. However, this large trading volume didn't cause a noticeable shift in implied volatility, suggesting the activity was likely a delta-neutral or hedged package.

The market interpreted the trade as such, as a significant move in volatility would typically occur. The data can't confirm the position's stance, but as it represents almost all of the day's options activity, it's likely a fresh, structured trade rather than a broad shift in market sentiment. Open interest updates scheduled for tomorrow will clarify whether the position remains active.