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ariesdrifter77 OP t1_j6lxod6 wrote

Reply to comment by polloponzi in The glitch in the matrix no one’s talking about : Notable decrease in open interest of OTM calls by ariesdrifter77

It’s possible they sold for higher premiums a while ago and they’re buying them back lower, I get that. But why not let them expire worthless or buy them back cheaper IF* the market goes sideways or tanks?

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polloponzi t1_j6lyhzr wrote

They might have long calls and they might be 'selling to close'. Open interest will go down if those with long calls sell those to close the position

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AcceptableEnd8715 t1_j6myuin wrote

This. The majority of the call action was in the 410 and higher range and it seems likely we won’t get there before the major sell off

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