NCLH options flow: unusual options activity in Norwegian Cruise Line Holdings Ltd.
Updated 28 September 2026, 09:54 ET
Over the last week the tape recorded 29 unusual options prints in Norwegian Cruise Line Holdings Ltd. (NCLH), $2.0M of tracked premium, leaning bullish. Bullish premium was $1.3M against $727K bearish; $1.1M went into calls and $924K into puts, a put call ratio of 0.82. The largest print was $462K of NCLH 17 Sep 2027 $13 puts on 23 September 2026, executed at bid. The last session with prints, 25 September 2026, added 3 prints and $99K of premium. NCLH closed at $14.61 on 25 September 2026, up 3.0%.
This week's unusual flow
Prints from 21 September 2026 to 25 September 2026, 5 sessions. Delayed tier: every print is shown twenty minutes after it executed, and the page is rebuilt after each session.
Net premium is bullish minus bearish premium. The put call ratio is put premium divided by call premium, weighted by money rather than by contract count. Sweeps is the share of prints executed across several exchanges at once. Read the guide: Reading the Pulse.
Largest prints of the week
| Date | Contract | Type | Size | Open int. | Premium | Execution | Sentiment | Tier |
|---|---|---|---|---|---|---|---|---|
| 23 Sep 2026 | NCLH 17 Sep 2027 $13 puts | Trade | 2,200 | 1,223 | $462K | At bid | Bullish | High conviction |
| 23 Sep 2026 | NCLH 17 Sep 2027 $13 puts | Trade | 1,000 | 1,223 | $209K | At ask | Bearish | Notable |
| 23 Sep 2026 | NCLH 21 Jan 2028 $27 calls | Trade | 2,000 | 8,897 | $184K | At ask | Bullish | |
| 22 Sep 2026 | NCLH 20 Nov 2026 $15 calls | Sweep | 1,144 | 121 | $118K | At ask | Bullish | High conviction |
| 22 Sep 2026 | NCLH 16 Oct 2026 $15 calls | Sweep | 2,258 | 3,248 | $99K | At ask | Bullish | High conviction |
| 23 Sep 2026 | NCLH 16 Oct 2026 $15 calls | Sweep | 2,000 | 9,573 | $66K | Below bid | Bearish | High conviction |
| 22 Sep 2026 | NCLH 16 Oct 2026 $15 calls | Sweep | 1,438 | 3,248 | $63K | At ask | Bullish | Notable |
| 24 Sep 2026 | NCLH 19 Jan 2029 $17 calls | Trade | 131 | 43 | $54K | At bid | Bearish | Notable |
| 22 Sep 2026 | NCLH 16 Oct 2026 $15 calls | Sweep | 1,150 | 3,248 | $52K | At ask | Bullish | Notable |
| 22 Sep 2026 | NCLH 19 Jan 2029 $15 calls | Sweep | 106 | 563 | $50K | At bid | Bearish | Notable |
| 23 Sep 2026 | NCLH 17 Sep 2027 $13 puts | Sweep | 240 | 1,223 | $50K | At ask | Bearish | Notable |
| 22 Sep 2026 | NCLH 16 Oct 2026 $15 calls | Trade | 1,151 | 3,248 | $49K | At bid | Bearish |
Size above open interest means the trade opened a position larger than everything that existed in the contract the night before. Above ask and below bid are the most aggressive executions. Read the guide: Size versus open interest.
Where the money is aimed
| Expiry | Prints | Premium | Calls share | Net premium |
|---|---|---|---|---|
| 17 Sep 2027 | 4 | $747K | 3% | +$177K |
| 16 Oct 2026 | 5 | $330K | 100% | +$99K |
| 21 Jan 2028 | 3 | $251K | 100% | +$146K |
| 19 Jan 2029 | 4 | $178K | 100% | -$125K |
| 20 Nov 2026 | 1 | $118K | 100% | +$118K |
| 15 Jan 2027 | 3 | $113K | 35% | +$113K |
The most premium, $747K, is aimed at the 17 Sep 2027 expiry; the nearest expiry with unusual prints is 16 Oct 2026.
A print in a contract expiring this week is a view about the next few days, often about a known event; a print months out is a different kind of statement. Read the guide: 0DTE options flow.
The last session, 25 September 2026
| Date | Contract | Type | Size | Open int. | Premium | Execution | Sentiment | Tier |
|---|---|---|---|---|---|---|---|---|
| 25 Sep 2026 | NCLH 15 Jan 2027 $15 puts | Sweep | 236 | 20,098 | $40K | At bid | Bullish | |
| 25 Sep 2026 | NCLH 15 Jan 2027 $15 puts | Sweep | 196 | 20,098 | $34K | At bid | Bullish | Notable |
| 25 Sep 2026 | NCLH 9 Oct 2026 $18 puts | Sweep | 67 | 120 | $25K | At bid | Bullish | Notable |
Every print in NCLH with its full detail, the live tape, one tap filters and saved screeners: open NCLH in Options Sentiment Screener.
Price
The live quote and the price chart sit beside the ticker's flow in the app: open NCLH in Options Sentiment Screener.
Analysts
The most recent analyst targets on file, from 18 firms, have a median of $20, 36.9% above the last close. The last 90 days brought 2 downgrades.
Calls bought at a strike above the average target are a bet that the analysts are too cautious; puts far below the price in a name they like are protection or a strong disagreement. Read the guide: Reading one ticker's flow.
About Norwegian Cruise Line Holdings Ltd.
- Exchange
- NYSE
- Sector
- Consumer Discretionary
- Industry
- Transportation
- Headquarters
- Miami, Florida
- Website
- nclhltd.com
Norwegian Cruise Line Holdings Ltd. was founded in 1966 and is based in Miami, Florida. As of December 31, 2021, the company had 28 ships with approximately 59,150 berths. It distributes its products through retail/travel advisor and onboard cruise sales channels.
In the same sector
Flow pages for other Consumer Discretionary names in the S&P 500:
AMZN Amazon Com Inc.TSLA Tesla, Inc.HD Home Depot, Inc.MCD McDonalds Corp.TJX TJX Companies Inc.BKNG Booking Holdings Inc.SBUX Starbucks Corp.LOW Lowes Companies Inc.
Learn
- What unusual options activity means
- Reading one ticker's flow
- Sweeps, blocks and where a trade printed
- Size versus open interest
- Bullish or bearish, how a print's sentiment is inferred
- The conviction score and whale prints
The live tape for NCLH with every print's execution detail, one tap filters for calls, puts, sweeps and 0DTE, saved screeners and, for Realtime subscribers, push alerts and no delay. The same screen is in the iOS and Android apps.
Open NCLH in Options Sentiment Screener