JPMorgan Chase (JPM) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for Friday Expiry

• JPM’s current price at $305.2 hints at a short-term bullish trend despite a -0.05% intraday dip.
• Options open interest shows heavy call buying at $310–$320 strikes and bearish positioning at $290–$295 puts.
• Bollinger Bands and moving averages suggest a potential breakout above $306.81 (30D MA) could trigger momentum.

Here’s the core insight: options market sentiment and technicals align for a bullish bias, with key resistance levels primed to test institutional conviction. Let’s break it down.

Bullish Sentiment Locked in at $310–$320 Calls

Options data tells a clear story. This Friday’s expiring calls show 4,197 open contracts at the $310 strike—the highest among OTM calls—and 3,191 at $315. That’s not just noise; it’s a vote of confidence from options players who expect JPM to punch through its 30D MA of $306.81. The histogram (MACD -0.059) and RSI (51.2) also hint at a potential upward shift in momentum.

But don’t ignore the puts. The $292.5 and $290 strikes have 3,052 and 1,906 open contracts, respectively. That’s a hedge against a drop below the 30D support zone ($303.77–$304.21). The near-1:1 put/call ratio (0.996) suggests balanced risk, but the call-heavy skew at key strikes implies more conviction on the upside.

No Block Trades, But Options Whisper of Institutional Moves

Block trading is quiet, which means this setup is driven by retail and institutional options activity rather than large institutional stock trades. That’s not a red flag—it just means the action is happening in derivatives. The heavy call OI at $310–$320 could signal a quiet bet that JPM will test its upper Bollinger Band ($313.35) by Friday’s expiry. If that happens, the $310 calls could act as a catalyst for a short-term rally.

No Major News, But Technicals Are the Story

There’s no headline-grabbing news to anchor this move. That’s both a risk and an opportunity. Without earnings reports or sector-specific catalysts, the price action is being driven by technical positioning and options-driven momentum. In a low-news environment, stocks often follow the path of least resistance—and JPM’s 30D and 100D MAs are trending higher. That said, a lack of news also means the trade is vulnerable to sudden shifts if macroeconomic data or sector-specific events emerge.

Actionable Trade Ideas: Calls, Puts, and Stock Entries

For options traders: Buy the $310 call (Friday expiry) with a stop just below $304.21 (30D support). If JPM closes above $310, the call could gain 20–30% in value. For a longer play, the $315 call (next Friday expiry) offers leverage if the rally extends.

For stock traders: Consider entries near $303.77 if the price holds above that support level. Set a target at $313.35 (upper Bollinger Band) and a stop-loss at $293.20 (lower Bollinger Band). A breakout above $306.81 (30D MA) would validate the bullish case.

Bearish players could test the $295 put (Friday expiry) if JPM dips below $303.28 (intraday low). But given the call-heavy OI, this feels like a secondary play.

Volatility on the Horizon: What to Watch

JPM’s setup is a classic case of options-driven momentum. The key is whether the $310–$315 call buyers can push the stock through its 30D MA. If they do, the 200D MA at $273.84 feels like a distant concern. But if the price stalls below $304.21, the puts at $290–$295 could gain traction.

Bottom line: This is a high-conviction bullish trade with clear entry and exit points. The options market has already priced in a rally—now it’s up to the stock to deliver. Keep an eye on Friday’s expiry; if the $310 calls expire in the money, it could spark a broader re-rating of JPM’s near-term outlook.