SK hynix closed at USD 177.0, up 8.14%.
The options tape reflected a broadly constructive tone, led by a $5.06 million synthetic call structure that signaled long-dated bullish accumulation. At the same time, a $2.62 million out-of-the-money call sale introduced a note of caution, suggesting some participants see limited upside beyond a certain strike. The resulting mix of long delta and overwriting pressure points to an overall bullish lean in large block activity, even as expectations for a runaway rally remain tempered.
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Options Indicators
SKHY’s implied volatility is 65.83%, while its IV percentile stands at 15.38%, which suggests that although the absolute IV level appears high, it is still sitting near the lower end of its own historical range. Combined with the IV/HV ratio of 1.03, options look fairly close to realized volatility and, overall, are on the cheaper side rather than richly priced.
The Call/Put volume ratio is 1.53.
Large Trades
A synthetic call position worth $5.06 million was the largest featured trade, created through buying the 225.0 call and selling the 150.0 put for the 2026-12-18 expiration. Both legs were out of the money versus the $177.0 reference stock price, and the structure was executed with a net credit of $950,000. This is a clearly bullish construction that expresses upside participation through the long call while using the short put to help finance the position, signaling willingness to accumulate bullish exposure over a longer-dated horizon.
A bearish single-leg call sale worth $2.62 million was the other highlighted block, with 2,000 contracts sold at the 200.0 strike for the 2026-11-20 expiration. That call was out of the money relative to the $177.0 stock reference, and the trade points to a view that upside may remain capped below that strike or that implied premium at that level was attractive to collect. Overall, the large-trade flow leans bullish, as the dominant position was a sizable long-delta synthetic call and the aggregate block activity still favors upside exposure despite the notable call overwriting pressure.
Strategy Reference
Given the low IV percentile, a bullish trader who prefers not to post the margin required for a short put could consider a bull call spread such as buying the 200.0 strike and selling the 225.0 strike in the 2026-12-18 expiration; alternatively, a seller looking for a low assignment probability may use the $150.00 strike put, which already appeared as the short leg in the featured synthetic call and sits substantially below the current reference price.
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