SK hynix closed at $134.38, up 5.53%.
Despite the sharp rally, large options trades leaned bearish. A $1.06 million sale of out-of-the-money calls was the standout, alongside another sizable call sale. The flow suggests institutional traders are capping upside expectations rather than chasing the move, while elevated implied volatility makes premium collection attractive.
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Options Indicators
SK hynix has an implied volatility of 81.75%, and its IV percentile stands at 72.62%, which places current option volatility in an elevated range. That suggests options are priced expensively relative to their own recent history, even though the IV/HV ratio of 0.86 indicates implied volatility is still running somewhat below realized volatility. In practical terms, the market is assigning a high volatility premium, so outright option buying faces a richer entry point and faster time-value risk, while premium-selling structures or defined-risk spreads may offer better efficiency.
The Call/Put volume ratio is 1.60.
Large Trades
A call sale worth $1.06 million was the largest displayed trade, with 2,000 contracts sold at the 140.0 strike expiring on 2026-11-20. With SKHY referenced at 134.38, this call was out of the money at the time of the trade. Selling an out-of-the-money call is typically a bearish to neutral-income stance, signaling that the trader likely expects upside to remain capped below the strike or is seeking to collect premium while expressing limited confidence in a strong rally through 140.0 by expiration.
Another notable trade was an out-of-the-money 145.0 call sale expiring on 2026-11-20, totaling $539,900 across 1,565 contracts. With the underlying still below that strike, this single-leg call sale also reflects a bearish or at least upside-capping view, as the seller appears positioned for SKHY to stay below 145.0 into expiration while harvesting option premium. Overall, the large-trade flow points clearly bearish. The activity was entirely concentrated in sold out-of-the-money calls, which suggests institutional traders were leaning against meaningful upside and favoring premium collection tied to a view that SKHY will struggle to break materially higher over the option horizon.
Strategy Reference
For traders sharing the capped-upside view, selling the 145.0 call expiring 2026-11-20 may offer a lower assignment probability than the 140.0 strike, while a bear call spread such as selling 140.0 and buying 150.0 can reduce margin requirements and define maximum risk.
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