This Friday the 26th, there is a major event — more than half of the options market positions are expiring. What are the main players in the market doing at this time? Just one word: repositioning.

In the past few days, the most active trading has been these repositioning operations. It looks like a lot of volume, but in reality, there are many noise signals. You might see various options data fluctuating, such as today’s Put trading ratio soaring to 30%, but don’t rush to judgment — this is not a bearish signal at all.

Deep out-of-the-money and deep in-the-money put options have high trading volume, leading some to think institutions are sending signals, but it’s not that simple. The truth is, when a large number of options are about to expire, institutions move their positions to the next month to hedge risks, and the trading data generated during this process can create false impressions.

Therefore, in the past few days, do not take options data as a trading guide. Once the expiration wave passes, the data will more clearly reflect the true market outlook.