This note highlights a select group of stocks showing the most unusual — and highly directional — options activity.
The goal is simple: follow the big money and trade in the direction of the underlying trend.
Here is the list of Unusual Options activity from February 23:
*Click to enlarge view
USA Rare Earth $USAR — Critical minerals are back in focus as supply chain independence and defense-tech demand dominate the narrative.
Bullish flow showed up with 1,781 contracts of the 4/17 $24 calls, signaling conviction ahead of an upcoming earnings report.
Diamondback Energy $FANG — Oil producers continue to act well with crude holding steady.
A longer-dated conviction trade crossed the tape: 200 contracts of the 1/21/28 $230 calls, deploying roughly $300K — a classic multi-year upside bet.
Coinbase Global $COIN — Sitting at a critical make-or-break level, one trader placed a high-conviction wager on the outcome.
Heavy bullish activity hit with 1,487 contracts of the 1/15/27 $195 calls bought above the ask, putting approximately $4.5M in premium behind the view that a structural recovery is the more likely path.
