【December 12 US Stock Options Top Traders】

$Meta(META)$ Call trading volume $ 651 million, accounting for 99.6%, as institutions use options to replace spot positions or restructure holdings. The stock surged to 711 intraday before falling back to close at 645, showing high volatility. Recently, the market has become more scrutinizing of Meta's AI investment returns, and the EU has launched an antitrust investigation into WhatsApp AI usage, with regulatory discounts still in effect. Strategy: Avoid chasing naked calls when bullish; prioritize long-term bull spreads/calendar spreads; use a Collar (sell Call + buy Put) to lock in volatility.
$Merck(MRK)$ Call trading volume $89.13 million (Put:Call = 1:∞), net active buy $17.97 million (B:S 4.7:1), clearly betting on positive news realization. The company announced that WINREVAIR received a positive opinion from CHMP in the EU (expanding indications), a high-certainty regulatory catalyst for pharma companies. Strategy: Use bullish call spreads (to prevent reversion) for a bullish bias; for existing positions, consider small OTM Call sales to enhance income.
$Strategy(MSTR)$ Put trading volume $158 million (Put proportion 88.8%), net active buy $12.63 million (B:S 7.2:1), a typical “buy protection first.” Reuters mentioned the debate over its inclusion in the Nasdaq 100 annual rebalancing; exclusion could trigger passive fund rebalancing, combined with BTC volatility, making the stock more event-driven. Strategy: During uncertain periods, use Put spreads/hedging straddles for more stability; avoid naked selling Puts or deep OTM naked buying.
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