Home Depot Sees $2.3M in Unusual Call Activity as Stock Hovers Near $357

By TrendSpider Editor

Home Depot, Inc. (HD) is drawing attention in the options market Thursday, with three unusual contracts totaling $2,306,680 in combined premium flagged across a mix of bullish call activity and one notable put position. HD shares are up 0.59% on the session, trading at $357.63, sitting comfortably i

Home Depot Sees $2.3M in Unusual Call Activity as Stock Hovers Near $357

Home Depot, Inc. (HD) is drawing attention in the options market Thursday, with three unusual contracts totaling $2,306,680 in combined premium flagged across a mix of bullish call activity and one notable put position. HD shares are up 0.59% on the session, trading at $357.63, sitting comfortably in the upper half of its 52-week range of $277.20 to $397.63. The concentration of in-the-money call volume suggests institutional participants may be positioning for continued near-term upside.

Key Drivers of the HD Stock Move

• Main Catalyst: Three unusual options contracts were flagged today totaling $2,306,680 in premium. Two are call contracts, a $345 strike expiring November 13 with 750 contracts and $1,110,000 in premium, and a $350 strike expiring November 20 with 718 contracts and $1,148,800 in premium. Both are in-the-money relative to the current price of $357.63. A single put contract at the $355 strike expiring December 4 with 38 contracts and $47,880 in premium rounds out the activity.
• Bull Case: The two call sweeps account for roughly $2,258,800 of the total $2,306,680 in unusual premium, dwarfing the put activity. Both calls are in-the-money and carry near-term expirations on November 13 and November 20, signaling that buyers expect HD to hold or extend gains before mid-month. The stock is already trading well above the $277.20 52-week low, reinforcing the bullish positioning context.
• Bear Case: The $355 put expiring December 4 carries an open interest ratio of 380%, meaning volume is running nearly four times the existing open interest, which signals fresh positioning rather than a hedge on an existing trade. While the premium is small at $47,880, the outsized OI percentage relative to the two call contracts warrants attention. Additionally, HD remains nearly $40 below its 52-week high of $397.63, leaving overhead resistance in play.

The forward setup for HD looks constructive in the near term based on today's options flow. The back-to-back in-the-money call positions at $345 and $350, both expiring within the next two weeks, suggest that large players are not speculating on a distant breakout but instead expressing conviction that current price levels hold through mid-November. The December put at $355, while unusual in terms of open interest activity, is positioned just below the current price and could represent a short-term hedge or a tactical downside bet heading into the December expiration window. Traders should watch whether HD can continue to push toward the $397.63 high or whether the put activity foreshadows a fade back below $355.

HD Unusual Options Activity

• Contract 1: Call, $345 strike, expires November 13, 2026 | Volume: 750 | Open Interest: 63% | In-the-money | Premium: $1,110,000
• Contract 2: Put, $355 strike, expires December 4, 2026 | Volume: 38 | Open Interest: 380% | Out-of-the-money | Premium: $47,880
• Contract 3: Call, $350 strike, expires November 20, 2026 | Volume: 718 | Open Interest: 31% | In-the-money | Premium: $1,148,800

HD Seasonality

November has historically been a favorable period for home improvement retailers as investors begin pricing in spring remodel demand and holiday gift card sales trends. The clustering of near-term call expirations in mid-November aligns with a window that often sees increased options activity ahead of HD's earnings cycle.

HD Relative Performance

HD is trading at $357.63, up 0.59% on the session, and sits roughly 29% above its 52-week low of $277.20 while remaining approximately 10% below its 52-week high of $397.63. The stock's position in the upper portion of its annual range suggests relative strength compared to where it spent much of the prior year, and today's outsized call premium reinforces that institutional sentiment is leaning constructive heading into the back half of November 2026.