Hey trader,
I just closed a Coupang call spread in Ghost Signals for a 205% gain. I want to walk you through the whole thing, start to finish.
This one did not start with a chart or a hunch. It started with a single print on the Block Hunter Console, 10,000 call contracts bought in one shot.
That print told me where an institution was leaning. The gamma structure told me how price would get there.
I built a defined-risk spread around it, so I knew my worst case the moment I entered. Then I let the move do the work.
Where The Trade Started
Every position I take in Ghost Signals starts with a footprint, not a feeling. This one was a big footprint.
The Console flagged 10,000 contracts of the July $18 calls on Coupang, bought in a single print. A trade that size is an institution, not a retail account.
When someone buys calls in that kind of size, the read is simple. They are positioning for upside, and they picked the $18 strike as the place they expect price to reach.
That handed me a target set by the people moving real money. The $18 strike was the destination.
Why I Built A Spread, And Why It Worked
I did not chase that print with a naked call. I built a defined-risk spread instead.
I bought the 16 call and sold the 18 call for June expiration, paying $0.67. That number was my entire risk, $67 per spread, known going in.
Selling the 18 call against my 16 cut the cost and capped the theta, the daily bleed an option carries as time runs down. I gave up gains above 18 to keep the bet cheap and clean.
Here is why the structure lined up with the chart. That $18 strike was not only the institution’s target. It was the next big magnet.
A magnet is the strike holding the most option contracts. The firms on the other side hedge around it all day, and that hedging pulls price toward the level.
Coupang had already walked this path. It cleared 17, where the heaviest open interest sat near 22,000 contracts. It pinned 18, then pushed toward 19.
Each level it broke became the launch pad for the next. My spread was built to capture that walk from 16 up through 18, the same road the magnets were paving.
The Trade
- Setup: Coupang breaking higher after the Console flagged a 10,000-contract print on the July $18 calls
- Structure: long the 16 call, short the 18 call, June 18 expiration, for a $0.67 net debit
- Max risk: $0.67, or $67 per spread, the full debit and nothing more
- Max reward: $1.33, or $133 per spread, with breakeven at $16.67
- Original target: $1.08, about a 61% return on risk
- Result: closed in Ghost Signals for a 205% gain as the magnet pulled price past 18
- Edge: the $18 short strike sat right at the institutional target and the next gamma magnet, so the flow and the structure pointed the same way
My original plan was to step out near $1.08. The magnet read told me the move had more room, so I let it run.
Price kept getting pulled toward 18 and past it. By the time I closed, the spread had paid 205%, well beyond where I first planned to exit.
What To Carry Forward
This is the part that gets missed on a stock like Coupang. The run had little to do with the company’s business.
A large institution showed its hand in one print. The gamma magnets pulled price toward the level they were targeting. The chart confirmed it only after the fact.
The discipline lived in the structure. I defined my risk at $67, took a target the flow pointed to, and let a measured, mechanical move carry the rest.
Brandon Chapman, CMT
Creator of Ghost Prints
