Home Depot Sees Bullish Unusual Options Activity as Traders Target $380-$385 Calls Ahead of September Expiry

By TrendSpider Editor

Traders are making a notable bullish bet on Home Depot, Inc. (HD), with three unusual call contracts totaling $1,780,325 in premium detected today. The activity is concentrated in out-of-the-money strikes at $380 and $385, both expiring September 18, 2026, suggesting some market participants expect

Home Depot Sees Bullish Unusual Options Activity as Traders Target $380-$385 Calls Ahead of September Expiry

Traders are making a notable bullish bet on Home Depot, Inc. (HD), with three unusual call contracts totaling $1,780,325 in premium detected today. The activity is concentrated in out-of-the-money strikes at $380 and $385, both expiring September 18, 2026, suggesting some market participants expect a meaningful move higher over the next roughly 11 weeks. HD shares are currently trading at $349.84, up 0.49% on the session, and sit in the lower half of their 52-week range of $289.10 to $426.75.

Key Drivers of the HD Stock Move

• Main Catalyst: Three unusual call contracts were flagged today across two strikes, the $385 call expiring September 18, 2026 (445 contracts, $260,325 in premium) and two separate prints on the $380 call expiring September 18, 2026 (1,500 contracts at $1,140,000 and 500 contracts at $380,000). All three contracts are out of the money relative to the current price of $349.84.
• Bull Case: The $380 call with 1,500 contracts saw open interest expand by 89%, while the $385 strike saw open interest surge 2,472%, signaling aggressive new positioning rather than routine hedging. Combined, the three contracts represent $1,780,325 in total premium committed to the upside.
• Bear Case: All three contracts are out of the money, with HD needing to rally more than 8.6% to reach the $380 strike and more than 10% to reach $385 from the current price of $349.84. At $349.84, the stock is well below its 52-week high of $426.75, and the broad distance to those strikes means the options expire worthless if the stock stalls near current levels.

The forward setup for HD is interesting heading into the second half of 2026. The housing market and home improvement spending trends will be critical catalysts over the coming weeks, as any improvement in existing home sales or mortgage activity tends to drive traffic to Home Depot locations. The clustering of both contracts at the September 18 expiry suggests traders may be positioning ahead of a summer spending cycle or a potential catalyst event before expiry. With the stock roughly 18% below its 52-week high of $426.75 and holding comfortably above its 52-week low of $289.10, there is technical room to run if macro conditions cooperate.

HD Unusual Options Activity

• Contract 1: Call, $385 strike, expiring September 18, 2026 | Volume: 445 | Open Interest Change: 2,472% | OTM | Premium: $260,325
• Contract 2: Call, $380 strike, expiring September 18, 2026 | Volume: 1,500 | Open Interest Change: 89% | OTM | Premium: $1,140,000
• Contract 3: Call, $380 strike, expiring September 18, 2026 | Volume: 500 | Open Interest Change: 30% | OTM | Premium: $380,000

All three contracts are calls, with zero put contracts flagged today. The 2,472% open interest surge on the $385 strike is particularly notable, indicating that the vast majority of that volume represents brand-new positioning entering the market today rather than existing holders adding to or closing established trades.

HD Seasonality

Home Depot has historically seen strong sales momentum in the late spring and early summer months as homeowners begin renovation and landscaping projects, a trend that can carry into early fall. Options positioned through September 18, 2026 capture this traditional seasonal window, making the timing of today's call buying consistent with a seasonal tailwind thesis.

HD Relative Performance

HD shares are up 0.49% today at $349.84, a modest but positive session. The stock remains well off its 52-week high of $426.75 but has maintained significant distance from its 52-week low of $289.10, reflecting relative resilience in the consumer discretionary and home improvement space despite broader macro uncertainty throughout the past year.