Why is real paper landing in a small-cap software name, an energy laggard, and a beaten-down optical play?
By Steve Strazza
July 14, 2026
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 July 14:
*Click to enlarge view
Gitlab Inc $GTLB — DevOps software that keeps building strength while the big-cap infrastructure names hog the attention. This is the kind of small-cap that moves fast once buyers commit.
1,430 contracts of the 12/18 $42.5 calls just hit for $515K.
Devon Energy Corp $DVN — Crude has been firming up and the E&P names are starting to catch a bid, even the ones that have gone nowhere for a month. Someone's betting this one breaks out of the chop.
3,498 contracts of the 8/7 $48 calls changed hands for $165K, the biggest contract count on the board.
Applied Optoelectronics Inc $AAOI — Left for dead over the last month, but the optical networking story tied to the AI buildout hasn't gone anywhere. This is a pure conviction bet on a snapback off the lows.
585 contracts of the 8/21 $210 calls just landed for $222K.
