CrowdStrike Sees Mixed Unusual Options Activity as Puts Dominate Premium With Stock Near 52-Week Highs

By TrendSpider Editor

CrowdStrike Holdings, Inc. is drawing attention in the options market today, with three unusual contracts flagged totaling $2,855,371 in combined premium, and bearish put activity accounting for the bulk of the flow. Shares of CRWD are trading at $203.13, down 0.31% on the session, sitting comfortab

CrowdStrike Sees Mixed Unusual Options Activity as Puts Dominate Premium With Stock Near 52-Week Highs

CrowdStrike Holdings, Inc. is drawing attention in the options market today, with three unusual contracts flagged totaling $2,855,371 in combined premium, and bearish put activity accounting for the bulk of the flow. Shares of CRWD are trading at $203.13, down 0.31% on the session, sitting comfortably above the 52-week low of $85.68 but just shy of the 52-week high of $217.50. The concentration of put premium at strikes well below the current price raises questions about how traders are positioning heading into the second half of 2026.

Key Drivers of the CRWD Stock Move

• Main Catalyst: Three unusual options contracts were flagged in CRWD today, generating $2,855,371 in total premium. The largest single contract is a PUT at a $162.50 strike expiring November 20, 2026, carrying $979,089 in premium and an open interest ratio of 524%, signaling an aggressive and likely fresh position. A second PUT at the $197.50 strike expiring July 31, 2026 added $67,422 in premium with a 291% OI ratio. A deep in-the-money CALL at the $175 strike expiring today (July 17, 2026) generated the largest single premium figure at $1,808,860.
• Bull Case: The $175 strike CALL expiring today is deep in-the-money and generated $1,808,860 in premium, suggesting a large trader was holding or closing a bullish position with CRWD trading roughly $28 above that strike. The stock remains within striking distance of its 52-week high of $217.50, reflecting sustained strength over the past year.
• Bear Case: The two put contracts carry heavy open interest ratios of 524% and 291%, indicating these are not routine hedges but concentrated new bets. The November $162.50 put targets a level nearly 20% below the current price of $203.13, and together the two puts account for over $1,046,000 in premium, pointing to meaningful downside conviction from at least one large participant.

The forward setup for CRWD is nuanced. The stock has staged a remarkable recovery from its 52-week low of $85.68, more than doubling to current levels near $203.13, which reflects restored investor confidence following the turbulence the company faced in mid-2024. With the 52-week high of $217.50 acting as nearby technical resistance, today's expiring in-the-money call may represent a trader rolling or closing a long-held bullish position rather than initiating fresh upside exposure. Meanwhile, the November put at $162.50 with a 524% open interest ratio is the contract worth watching most closely, as that level corresponds to a significant pullback from current prices and could reflect either a speculative directional bet or a large holder hedging a substantial long equity position ahead of potential catalysts later in the year.

CRWD Unusual Options Activity

• Contract 1: PUT | Strike: $162.50 | Expiry: November 20, 2026 | Volume: 890 | Open Interest: 524% of prior OI | Out of the money | Premium: $979,089
• Contract 2: PUT | Strike: $197.50 | Expiry: July 31, 2026 | Volume: 102 | Open Interest: 291% of prior OI | Out of the money | Premium: $67,422
• Contract 3: CALL | Strike: $175.00 | Expiry: July 17, 2026 | Volume: 596 | Open Interest: 21% of prior OI | In the money | Premium: $1,808,860

CRWD Seasonality

Mid-July options activity in cybersecurity names often reflects positioning ahead of late summer earnings cycles, and with CRWD typically reporting fiscal second-quarter results in late August or early September, traders may be using July and November contracts to straddle that event window. The November $162.50 put in particular gives a holder coverage well through an expected earnings print.

CRWD Relative Performance

CRWD's current price of $203.13 represents a gain of more than 137% from its 52-week low of $85.68, a recovery that substantially outpaces most broad market and sector benchmarks over the same period. With the stock now within approximately 7% of its 52-week high of $217.50, CRWD has demonstrated relative strength compared to the broader technology and cybersecurity peer group, though today's modest decline of 0.31% suggests some near-term consolidation as the stock approaches that overhead resistance level.