AVGO Options Flow: $370 Calls Stack Up Into Nov. 20 Expiry
Four $370 call prints on the Nov. 20 expiry, plus a $0.32M Nov. 23 sweep, as net premium impact hits $20.6M bullish
AVGO net premium impact reads $20.6M bullish, with repeated $370 call buying into the Nov. 20 expiry after a 5.54% rip to $364.36.
The $370 strike is where the money piled in
Four separate prints hit the $370 call on the Nov. 20 expiry today, at $0.22M, $0.18M, $0.12M and $0.23M. That adds up to $0.75M at a single strike and a single expiry. A fifth print, $0.32M in the $370 call expiring Nov. 23, was the largest ticket on the board.
Repeated buying at one strike matters more than one oversized block. It points to positioning being built in pieces, and the strike is the tell. AVGO closed Thursday at $364.36 after a 5.54% jump, so $370 sits 1.55% above the last close. Buyers are paying for a continuation move of less than two percent inside eight days.
Net premium impact of $20.6M leans bullish
The whale-sized alerts we're tracking total roughly $1.69M across eight prints, so they're a slice of the full tape. The $20.6M net premium impact is the broader number, and it reads bullish. The large prints are consistent with that lean, since calls account for $1.28M of the whale-sized premium and puts for $0.41M.
The call side also reaches higher. A $0.21M print hit the $380 call on Nov. 20, which is 4.29% above Thursday's close. That is a modest stretch target, not a moonshot bet.
The puts are not a clean bearish read
Two put prints sit against the call stack. The $355 put on Nov. 20 took in $0.10M, 2.57% below the close, and could be a short term hedge against giving back part of the rally. It's small relative to the calls.
The $280 put expiring Apr. 16, 2027 is the more unusual ticket at $0.31M. That strike is 23.2% below the last close, and the expiry is five months out. The tape alone doesn't tell us whether this was bought or sold. A buyer would be paying for tail protection on a stock that ran more than 20% in four sessions. A seller would be collecting premium on a level well below the 52-week low of $289.77. Either reading is a long dated, low delta position and doesn't change the near term lean.
Why the Nov. 20 expiry matters
Nov. 20 is monthly expiration, so the $370 and $380 calls will carry heavy gamma as the date approaches. If AVGO holds above $370, dealers short those calls have to buy shares as the stock rises, which can add fuel. If the stock stalls under $364.36, that premium decays fast.
The stock closed just above its upper Bollinger Band, and the 14-day average true range is about $19, or 5.2% of the share price. A move of $5.64 to reach $370 is well inside one normal day for this name right now. That's why the strike selection looks calculated rather than speculative.
What to watch next
The first test is the $364.36 close. Holding it into next week keeps the $370 calls in play. A clean push through $370 before Nov. 20 would validate the flow, while a fade back toward the $344.36 to $355 area would put the $355 puts in the money and leave the call buyers underwater.
The next scheduled catalyst is Broadcom's fiscal fourth quarter report, estimated for Dec. 9. Check the [Whale Alerts dashboard](/whalealerts) for whether December expiries start drawing the same repeated call buying, because that would mean this positioning is carrying toward the print.