Prediction markets show a Democratic tilt, and options volume in clean-energy names jumped sharply on Tuesday.
MoneyTurkey Options Desk | 3 November 2026
Key points
- TAN options volume hit 20,000 contracts by midday, 40 times the recent average, with 99 percent calls.
- Enphase call volume reached 8,600 contracts versus under 900 puts, twice the average daily flow.
Options traders piled into clean-energy names on Tuesday as prediction markets priced in a Democratic midterm win. Volume in the Invesco Solar ETF (TAN) reached 20,000 contracts by midday, 40 times the recent average, with 99 percent of trades in calls. Individual solar names also saw heavier call buying ahead of earnings and the vote.
What happened
TAN options volume surged to more than 20,000 contracts by midday, compared with fewer than 500 contracts per day over the prior month, according to Cboe LiveVol data. Nearly all of the flow was calls. The ETF itself has fallen for most of the year after a sharp rally through the 2020 election.
SolarEdge Technologies recorded three times its average options volume, with more than 75 percent of trades in calls. The stock rose more than 6 percent on Tuesday ahead of its earnings release before the open on Wednesday.
Enphase Energy shares climbed 9 percent on Tuesday after falling 20 percent following last week’s earnings. Options volume reached twice the average, with traders buying roughly 8,600 calls against fewer than 900 puts.
How traders are positioned
The most active TAN trade was the December 50-strike call bought for 80 cents, requiring a 17 percent rally by expiry, according to SpotGamma data. Traders also bought the nearer-term 46- and 47-strike calls.
In Enphase, the largest single trade was the January 35-strike call purchased for $2.45, needing a 23 percent advance. SolarEdge’s most popular contract was the Friday 35-strike call.
Traders appear to be positioning for a policy-driven rebound in solar names if Democrats gain ground, while avoiding the group’s year-to-date losses.
Why it matters
Clean-energy equities have lagged this year, yet Tuesday’s call-heavy volume shows options traders are willing to pay for upside tied to election outcomes. The size of the TAN flow, at 40 times normal levels, marks a clear shift in positioning ahead of the vote.
Dealer gamma exposure in these names will likely increase if the call buying continues, raising the potential for short-covering moves on any further rally. Earnings in SolarEdge and lingering questions around Enphase add another catalyst layer for the week.
What to watch
- TAN December 50 call open interest and price action into Tuesday’s close
- SolarEdge post-earnings implied volatility and call skew
- Enphase January 35 call volume versus average daily flow
- Prediction-market odds versus options-implied moves in solar names
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For information only. Not investment advice.
