Options activity on Compagnie Générale des Établissements Michelin Société en commandite par actions surged on Monday, with call options accounting for the majority of volume as traders positioned for a potential near-term rally.
A total of 5,920 contracts changed hands, with 3,000 EUR36 strike call options expiring on September 18, 2026, representing more than half of the day’s activity. Open interest at the EUR36 strike stood at 10,654 contracts, signaling sustained interest in the level. The stock last traded at €35.01, up 1.16% on the session and within 2.0% of its 52-week high of €35.72.
Implied volatility for Michelin’s options rose 1.07 points to 22.54%, while the 90/110 skew—a measure of demand for out-of-the-money puts versus calls—climbed 0.34 points to 3.14%. The skew increase indicates a shift toward call-option demand relative to puts, often interpreted as a bullish signal by market participants.
The options flow follows a period of mixed performance among Michelin’s automotive industry peers. Forvia SE, OPmobility SE, and Valeo SE reported 12-month returns of -24.2%, -7.8%, and 35.8%, respectively, with Valeo exhibiting the highest volatility at 55.7%. Michelin’s 12-month return stood at 11.2%, supported by a 5.1% dividend yield and lower 90-day volatility of 18.1%.
Traders will monitor whether the bullish options positioning translates into sustained share-price momentum as the September expiry approaches.
