Microsoft Sees Unusual Call Activity at $390 Strike as Stock Climbs 1.54% Toward Session Highs

By TrendSpider Editor

Microsoft Corporation is drawing attention in the options market today, with two unusual call contracts at the $390 strike flagging significant bullish positioning totaling $1,331,609.80 in combined premium. MSFT shares are trading at $390.86, up 1.54% on the session, placing the stock right at the

Microsoft Sees Unusual Call Activity at $390 Strike as Stock Climbs 1.54% Toward Session Highs

Microsoft Corporation is drawing attention in the options market today, with two unusual call contracts at the $390 strike flagging significant bullish positioning totaling $1,331,609.80 in combined premium. MSFT shares are trading at $390.86, up 1.54% on the session, placing the stock right at the call strikes in question and making both contracts in-the-money. The stock sits well off its 52-week high of $555.45 and notably above its 52-week low of $349.20, suggesting the name remains in a recovery phase with meaningful room to either direction.

Key Drivers of the MSFT Stock Move

• Main Catalyst: Two unusual call contracts at the $390 strike expiring today, July 15, 2026, have printed with a combined volume of 5,107 contracts and total premium of $1,331,609.80. Both are currently in-the-money with MSFT trading at $390.86, indicating traders paid up for same-day exposure with the stock right at the strike.
• Bull Case: The sheer size of the larger contract, 4,044 contracts carrying $1,056,292.80 in premium, represents an aggressive same-day bet that MSFT would hold above $390 into the close. The fact that both contracts are ITM and that open interest percentages remain low at 6% and 22% respectively points to freshly initiated positions rather than closing activity, reinforcing a directional bullish read.
• Bear Case: Both contracts expire today, meaning this is a short-duration, high-risk trade with zero time value remaining after the close. Same-day expiration options are inherently speculative and offer no meaningful signal about longer-term institutional conviction. With MSFT still roughly 30% below its 52-week high of $555.45, the broader technical backdrop remains challenged.

The forward setup for MSFT is intriguing given the stock's positioning near the lower half of its 52-week range. Today's unusual call flow, concentrated entirely at the current price level with same-day expiry, may reflect short-term traders reacting to intraday momentum rather than a longer-dated strategic position. That said, the volume on the larger contract, more than 4,000 contracts at once, is not typical retail activity and warrants attention. Investors will be watching whether today's 1.54% gain can extend or whether the $390 level becomes a near-term ceiling following today's options expiration.

MSFT Unusual Options Activity

Two call contracts at the same strike printed as unusual activity today, both expiring at the close of trading on July 15, 2026:

• Contract 1: Call | Strike: $390 | Expiry: July 15, 2026 | Volume: 1,063 | Open Interest: 6% | Status: In-the-Money | Premium: $275,317.00
• Contract 2: Call | Strike: $390 | Expiry: July 15, 2026 | Volume: 4,044 | Open Interest: 22% | Status: In-the-Money | Premium: $1,056,292.80

Combined, the two contracts represent 5,107 calls transacted at the $390 strike with $1,331,609.80 in total premium deployed. No put activity was flagged, giving today's unusual flow a purely bullish character with zero put contracts recorded against it.

MSFT Seasonality

Mid-July historically coincides with the lead-up to Microsoft's fiscal fourth-quarter earnings, a period that has often seen elevated options volume and increased volatility as traders position around results. Same-day expiration call buying near a round-number strike during this window can reflect event-driven speculation tied to near-term catalysts.

MSFT Relative Performance

MSFT's 1.54% gain today places it in positive territory on the session. However, the stock at $390.86 remains significantly below its 52-week high of $555.45, a gap of more than 29%, which indicates that despite today's move, MSFT has materially underperformed its own peak-cycle valuation over the trailing year. The 52-week low of $349.20 is now roughly 10.7% below the current price, suggesting the stock has established some near-term support but has substantial ground to recover relative to prior highs.