$S is another excellent piece of flow we’ve been tracking from the @unusual_whales flow feed. This was a very clean opening position. We saw 5,219 contracts trade at the ask with an average fill of 2.05, totaling about $1.06M in premium. With little prior open interest, this was clearly a new position being opened. The contracts saw a small dip during the broader market pullback but recovered nicely over the past couple of sessions. They’re now about 7% in the money with over 153 days remaining, giving the trade plenty of time to continue working. So far, these contracts have moved from 2.05 to a high of 2.95, marking a maximum return of 43.90%. One important thing to keep in mind with contracts this deep in the money is that if the whale chooses to exercise, you won’t see that show up as intraday volume. Exercise is not a market transaction, it’s the conversion of the contract into shares. Because of that, it doesn’t print on the tape like a buy or sell would. Instead, the only way to confirm exercise is through the next day’s open interest change. If contracts disappear without corresponding volume, that’s a strong sign they were exercised rather than sold. This is another great example of how strong positioning and time on contracts can help withstand drawdowns and still produce strong returns. If you want to track flow like this in real time, you can save 10% on your @unusual_whales monthly or annual subscription using my link https://t.co/xNtvfox5Lf