Today, ORCL's option trading volume ranked 4th among individual stocks, mainly focusing on 0TDE expiration options, with a buyer win rate of 0% for the 125-182.5 0TDE range. All calls and puts in this range have dropped, even deep in-the-money.

There isn't much to say about the fundamentals of the earnings report; there are significant market discrepancies. This earnings report isn't particularly stunning, nor does it show signs of deterioration, while the technical aspect has also returned to a middle position, neither breaking through nor breaking down.

Today's downward momentum is almost entirely derived from 0TDE option hedging, with positive gamma above 150. The opening IV crush led to a large number of bullish options being closed, causing market makers to sell stocks to recover options. The close was just below 150, but there was a massive increase in options for September 18 today, with call volume far exceeding put volume.

Next week is the FOMC, where the Federal Reserve will discuss interest rates, bringing uncertainty to the market that will suppress unilateral trends.

After the FOMC, September 18 will be the quadruple witching day of the quarter, and options will still have a significant impact on the market, so we may need to wait until the end of next week for stocks that have been showing unclear direction to truly have market opportunities.

The ORCL options I hold, aside from the disastrous next week's 170 call, are all for next year. The entry cost for the underlying stock in this wave is 130, and I will use last week's low of 140 as protection for the underlying stock.

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