SHOP Stock: Unusual Options Flow Targets $185 Call as Shopify Trades at $132.98

April 20, 2026

By TrendSpider Editor

Shopify Inc. is drawing attention in the options market today, with two unusual contracts flagged totaling $1,304,200 in combined premium. The dominant trade is a deep out-of-the-money call at the $185 strike expiring in March 2027, carrying $1,276,000 in premium on a block of 800 contracts. SHOP sh

SHOP Stock: Unusual Options Flow Targets $185 Call as Shopify Trades at $132.98

Key Drivers of the SHOP Stock Move

Main Catalyst: Two unusual options contracts were flagged today with a combined premium of $1,304,200. The lead trade is a CALL at the $185 strike expiring March 19, 2027, with a size of 800 contracts and open interest utilization of 94%, signaling a significant directional bet well above current price levels. A secondary PUT at the $133 strike expiring May 8, 2026 printed with an open interest utilization of 1000%, indicating the position dwarfs existing open interest at that strike.
Bull Case: The $185 call represents a bet that SHOP could reclaim levels near its 52-week high of $182.19 and push beyond it within the next 11 months. The $1,276,000 premium committed to a single out-of-the-money call block suggests a high-conviction, longer-dated bullish thesis from a sizable player.
Bear Case: The ATM put at the $133 strike expiring May 8, 2026 trades nearly at current price and carries a 1000% open interest ratio, meaning the new volume is 10 times the existing open interest at that strike. This near-term, at-the-money put flow suggests at least one participant is hedging or positioning for downside within the next three weeks.

The contrast between the two contracts tells a split story in the near term versus the longer term. The May put expiring in just 18 days at an at-the-money strike points to caution over the immediate horizon, while the March 2027 call reflects a longer runway for bulls who believe Shopify can recover toward and past its prior highs. SHOP has spent much of the past year rebuilding from its 52-week low of $80.35, and at $132.98 the stock has recovered a substantial portion of that range, though it remains about $49 below its 52-week high of $182.19. Any macro or company-specific catalyst in the weeks ahead could determine which side of this options split proves correct.

SHOP Unusual Options Activity

Contract 1: CALL | Strike: $185 | Expiry: March 19, 2027 | Volume (Size): 800 | Open Interest Utilization: 94% | Moneyness: OTM | Premium: $1,276,000
Contract 2: PUT | Strike: $133 | Expiry: May 8, 2026 | Volume (Size): 30 | Open Interest Utilization: 1000% | Moneyness: ATM | Premium: $28,200

Total unusual premium flagged today across both contracts: $1,304,200. Call-side premium accounts for the overwhelming majority of flow at $1,276,000, while the put-side contribution of $28,200 is notable primarily due to its extreme open interest ratio of 1000%, suggesting the May $133 put strike had very little existing open interest before today's print.

SHOP Seasonality

April and May have historically been active periods for Shopify as the company typically approaches its first-quarter earnings release, which often acts as a near-term volatility catalyst. The presence of an at-the-money put expiring May 8, 2026 aligns with the window in which a Q1 earnings event could influence the stock.

SHOP Relative Performance

SHOP is up 1.40% today to $132.98, holding comfortably above its 52-week low of $80.35 and sitting roughly 27% below its 52-week high of $182.19. The stock's position in the middle-to-upper half of its annual range suggests it has outperformed its deepest lows but has not yet recaptured the momentum that drove it to $182.19 at the top of the range.