Shopify call volume above normal and directionally bullish

Bullish option flow detected in Shopify with 53,467 calls trading, 1.1x expected, and implied vol increasing over 1 point to 41.65%. 8/2 weekly 54 puts and 6/28 weekly 69 calls are the most active options, with total volume in those strikes near 17,000 contracts. The Put/Call Ratio is 0.33. Earnings are expected on July 31st.