Traders work in the S&P options pit at the CBOE Global Markets Exchange on Thursday, November 13, 2025, in Chicago, Illinois, USA.
Christopher Dilts | Bloomberg | Getty Images
if S&P500 The Magnificent Seven may need to gear up again to set a new record, but that’s exactly what could happen this earnings season, according to a new study of option positioning across the most actively traded stocks in the S&P 500.
This analysis compares the price of one standard deviation of an out-of-the-money call to the price of an equivalent put, compares that number to its range over the past year, and creates a Venn diagram of stocks that are not only in high demand for calls, but also uniquely high in demand by that stock’s own metrics. For example, if a call is much more expensive than a put, but that’s how stock options are normally traded, it won’t earn you a cut.
Meta and microsoft Amazon, Tesla and Advanced Micro Devices ranked highest in the analysis based on Nations Index’s RiskDex metric, which tracks call/put price bias.
MSFT and meta year to date
Meta’s RiskDex score of 0.75 means that out-of-the-money calls are 25% more expensive than equivalent puts by one standard deviation, the lowest in our analysis and in the 91st percentile of the call-heavy score measure over the past year. Microsoft’s ratio was 0.79, which placed it in the 93rd percentile of the measure.
“When you see this many names that have such a call bias, I think that’s an adverse indicator,” Scott Nations, president of Nations Index Inc., said by phone. “There’s so much bullishness that there’s a demand for perfection. I think these people are setting themselves up for disappointment. Look at how NVIDIA put up great numbers and kind of melted away.”
If stock prices reward the bullish stance after earnings, it could mean a major shift in market leadership. Meta and Microsoft haven’t set records in nearly a year, and Amazon has lagged the Nasdaq 100 since the beginning of the year.
Amazon’s RiskDex was just 0.98, meaning calls were barely more expensive than puts, but it was uniquely bullish by stock price standards, giving it a score in the 92nd percentile for bullish bias.
tesla and AMD When compared to its 52-week history, it was in the top 80th percentile of bullish bias, with a ratio of approximately 0.9, respectively.
