PDD December 85/90 call spread: a small recovery bet

Buy December $85 calls and sell $90 calls. January $80 call open interest rose from about 20K to 37K, although recent trading is two-way. Shares have reclaimed daily trend averages and are rising against a weak market. The spread reduces cost and sensitivity to falling option volatility. The weekly downtrend and earnings or China policy headlines remain the main risks.

• PDD, call debit spread, 3-8 weeks, opened Oct 30, 2026. It closed at -17.7%.

Updated 2026-11-02 17:12 UTC