Shopify Sees $1.81M in Bullish Call Flow as Stock Trades Near Mid-Range

By TrendSpider Editor

Shopify Inc. (SHOP) is drawing attention in the options market Tuesday, with $1.81 million in total premium flowing into two notable call contracts while the stock sits at $152.52, down 1.71% on the session. The activity targets strikes well above the current price, signaling that some traders are p

Shopify Sees $1.81M in Bullish Call Flow as Stock Trades Near Mid-Range

Shopify Inc. (SHOP) is drawing attention in the options market Tuesday, with $1.81 million in total premium flowing into two notable call contracts while the stock sits at $152.52, down 1.71% on the session. The activity targets strikes well above the current price, signaling that some traders are positioning for a meaningful move higher over the coming months. With a 52-week range of $94.00 to $182.19, SHOP is trading roughly in the middle of its annual band, giving both bulls and bears room to make their case.

Key Drivers of the SHOP Stock Move

• Main Catalyst: Two unusual call contracts hit the tape totaling $1.81 million in premium. The largest is a $1.24 million call block at the $160 strike expiring September 18, 2026, with a size of 2,000 contracts. The second is a $570,000 call at the $175 strike expiring November 20, 2026, with 600 contracts and open interest utilization at 270% of existing OI, flagging it as a high-conviction addition.
• Bull Case: The 270% OI ratio on the November $175 call is particularly notable. When volume runs at nearly three times the existing open interest, it typically reflects fresh, directional positioning rather than hedging. If SHOP were to reach the $175 strike, that would represent a gain of roughly 14.7% from current levels and would bring the stock within striking distance of its 52-week high of $182.19.
• Bear Case: Both strikes are out of the money, and the stock is already slipping 1.71% on the session. The September $160 calls expire in just over five weeks, leaving limited time for SHOP to bridge the gap from $152.52 to $160.00. A failure to reclaim upside momentum quickly could render the near-term contract worthless, with the premium lost entirely.

The forward setup for SHOP is shaped by both the options flow and the broader technical picture. The stock has recovered significantly from its 52-week low of $94.00 but remains about $30 below its 52-week high of $182.19, leaving a ceiling that has not been tested recently. The clustering of call activity at $160 and $175 suggests some market participants believe a catalyst is approaching that could close that gap. Whether through a macro tailwind for e-commerce, a product announcement, or a broader risk-on environment, the options market is pricing in the possibility of a sharper move to the upside before the end of November 2026.

SHOP Unusual Options Activity

• Contract 1: Call | Strike: $160 | Expiry: September 18, 2026 | Volume: 2,000 | Open Interest Utilization: 2% | Status: OTM | Premium: $1,240,000
• Contract 2: Call | Strike: $175 | Expiry: November 20, 2026 | Volume: 600 | Open Interest Utilization: 270% | Status: OTM | Premium: $570,000

Both contracts are calls with no put activity detected, giving the unusual flow a purely bullish directional lean. The September contract commands the larger premium at $1.24 million, while the November contract stands out for its outsized OI ratio of 270%, indicating aggressive accumulation relative to existing positioning at that strike.

SHOP Seasonality

Mid-August through November has historically been a mixed but pivotal stretch for e-commerce-exposed names, with merchant platform activity often accelerating ahead of the holiday shopping season. A November expiration on the $175 call aligns with the period when Shopify-powered merchant volumes typically build ahead of peak retail demand, which could be a deliberate timing choice by the options buyer.

SHOP Relative Performance

SHOP is trading at $152.52 today, down 1.71% on the session. The stock sits well above its 52-week low of $94.00, reflecting a strong recovery over the past year, but it remains approximately 16% below its 52-week high of $182.19. The modest single-session decline does not appear to be the primary driver of the options activity, which appears to be forward-looking rather than reactive to Tuesday's price action.