Wednesday’s options trading saw 1,222 unusually active options, with Alcoa’s Dec. 12 $40 put leading the pack with a Vol/OI ratio of 93.69. Celsius Holdings’ stock has dropped 29% in the past month following its Q3 2025 financial report, but is up 59% year-to-date. A battle between bearish and bullish investors has left Celsius’ stock price uncertain. Despite this, two active call options present an opportunity for traders. Strategies to consider include Bull Call Spread, Bear Call Spread, and Ratio Call Spread, each offering different risk and reward possibilities. Options trading strategy involving a $42 strike with a $47 net credit explained. If share price is $42 on Dec. 26, two short calls expire worthless, long $40 call is $2 ITM, max gain $247. At $44 share price, gain is $47, break even at $44.47, unlimited losses above that. Insights by Will Ashworth for informational purposes only. No positions in securities mentioned.

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