More than 2 million GME calls have been traded over the last 2 weeks
Retail giant GameStop Corp (NYSE:GME) is having a challenging start to 2025, with shares down 13% so far in January. Despite the rough patch, options traders appear undeterred, maintaining a bullish outlook on the former meme stock.
In fact, GameStop stock made its way onto Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 stocks with the highest options volume over the past 10 days. During this period, a staggering 2,023,250 call options were traded in comparison to 384,508 put options. The most popular contract was the January 30 call, followed closely by the 30-strike call in the weekly 1/17 series. Notably, 19 out of the top 20 most active positions were call options, underscoring the strong optimism among traders.

This bullish sentiment aligns with GME's 50-day call/put volume ratio of 5.72 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks in the 82nd percentile of its annual range, showcasing a consistent preference for calls over puts.
Adding to the intrigue, 31.30 million shares remain sold short, representing 7.7% of GameStop's total available float. This short interest, coupled with relatively low volatility expectations, could pave the way for intriguing trading opportunities. The stock's Schaeffer's Volatility Index (SVI) sits at 65%, higher than just 4% of readings from the past year -- a favorable setup for options traders looking to capitalize on potential price swings.
At last glance, GameStop stock was down 2% to trade at $27.22. The reason for this downturn isn’t immediately apparent, though the shares peaked at $31.71 on Jan. 7 before retreating. Meanwhile, the 80-day moving average has emerged as a potential support level amid the pullback.
