Take-Two Interactive options flow leans bearish with put-heavy volume

Take-Two Interactive (TTWO) options saw a strong put-heavy volume pattern at 1:40 p.m. ET on Tuesday. The number of put contracts outnumbered call contracts by a ratio of 58%, making up 15,059 contracts compared to 10,853 calls. This significant discrepancy implies a substantial single large position.

The total puts and calls combined amounted to 25,912 contracts, with the November 20, 2026 $165 put contract taking the lead, accounting for 7,556 contracts. This equates to roughly half of all put volume traded. Open interest, which measures the total number of outstanding options contracts, was only 181, suggesting that this heavy trading activity was likely initiated by a single trader or institution.

However, the data doesn't specify whether these put contracts were bought or sold. Additionally, three-month implied volatility climbed to 47.26%, while the 90/110 skew rose slightly to 0.20. A rising skew indicates that downside puts are becoming relatively more expensive compared to upside calls. Yet, the skew is only slightly positive, meaning the market is not yet paying a substantial premium for put protection.

Such elevated volatility is indicative of heightened risk associated with the upcoming release of Grand Theft Auto VI (GTA VI).

No single news headline was identified for today's market drop. Recent coverage indicates that hedging demand remains robust, but the skew suggests that panic does not seem imminent. The unusual November 20 $165 put contract is the outlier, and it's impossible to determine its direction solely from the available volume data.