FROG call volume above normal and directionally bullish
Unusually large, all-call activity in FROG produced $1.32M in premium across 1,020 contracts concentrated in two in‑the‑money strikes, with aggressive ask-side and sweep/block execution that signals a directional bullish flow.
Options flow in FROG (underlying price $85.69) on 2026-06-04 shows an unusually concentrated, bullish signature: total option volume of 1,020 contracts, all calls (call_volume 1020, put_volume 0), and $1,321,398 in total premium. Volume was roughly 3.02x average and premium about 6.02x average, with total_volume_percentile at 81.3 and total_premium_percentile at 100.0 — the latter indicating exceptionally large premium for the stock on this date.
The activity is high quality from multiple confirmations. All five recorded trades in the same-side tape were buy-side heavy: ask_side_premium_ratio 0.984 and sweep_block_premium_ratio 1.931, indicating aggressive fills and block/sweep execution rather than passive selling. Directional_premium_ratio and directional_volume_ratio are both 1.0, and the same-side tape shows a concentration_ratio of 0.569, meaning more than half the flow is concentrated in a small number of contracts. Trade_count was 5 with unique_contracts 2, and the largest single premium on the tape was $752,000 — a sizable block. Average_abs_delta across the flow was 0.64, consistent with in-the-money call exposure.
The flow is concentrated in two active call contracts at the 80 strike: a July 17, 2026 expiration with 520 contracts and total_premium $521,398 (average_iv_pct 64.99), and a September 18, 2026 expiration with 500 contracts and total_premium $800,000 (average_iv_pct 69.37). DTE for the trades ranged from 43 to 106 days. Implied volatility context shows average_iv_pct 67.32 and an iv_percentile of 49.2. The market’s expected_move_pct is 11.22 (expected_move_price $9.6), placing the expected upper move near $95.15 and lower near $75.95; the 80 strikes lie in-the-money relative to the $85.69 share price.
Risks and market structure notes: average_spread_pct of 7.1 suggests moderate trading costs for these contracts. Open-interest and volume put/call indicators across the chain are more mixed (put_call_open_interest_ratio 0.69, put_call_volume_ratio 0.58), so this block- and sweep-driven call buying represents a distinct directional bet against a broader options market that is not overwhelmingly one-sided. An earnings date of 2026-08-06 is on the calendar but was not identified as the specific catalyst in the tape; the activity itself—sizeable premium, near-complete ask-side execution, sweep/block signatures, and contract concentration—supports characterization as high-quality bullish flow.