Allstate’s Unusual Options Activity Sets the Stage for an Income-Generating Wheel Strategy

Allstate (ALL) was one of the top 50 unusually active options on Thursday at 17.45. The Nov. 20 $250 put was one of 16 puts in the top 50, compared to 34 calls. Unsurprisingly, calls outnumbered puts 54% to 46% on the day’s 70.92 million volume, 13.3% higher than the 90-day average.

The major indices were largely in bloodbath territory, with the Nasdaq Composite down 2.6% and the S&P 500 down 1.21%. Tech stocks were hit especially hard, marking their worst day since June. Allstate was up 3.2%.