IREN Ltd closed at USD 44.90, up 1.91% from the prior session’s finish.
Large options trades in IREN leaned decisively bullish, with total bullish flow of $3.42 million versus $1.19 million of bearish flow. The standout position was a bull put spread taking in $0.29 million in net credit, while a smaller net-debit three-leg call/put combination added upside participation. Together, the flows signal constructive positioning as traders bet the stock can hold above $40 through 2027.
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Options Indicators
IREN’s implied volatility is 102.28%, but its IV percentile is just 6.77%, which indicates that despite the high absolute IV level, current option pricing sits near the low end of its own historical range and is therefore relatively cheap. Combined with an IV/HV ratio of 0.75, this suggests implied volatility is running below realized volatility, reinforcing the view that options are on the inexpensive side rather than richly priced.
The Call/Put volume ratio is 2.15, reflecting stronger demand for calls than puts and aligning with the bullish tone visible in the large trade tape.
Large Trades
A bullish bull put spread with a net credit of $0.29 million was the largest highlighted options combination, built by selling 1,800 Jan. 15, 2027 $40 puts and buying 1,800 Nov. 20, 2026 $40 puts. With the stock reference price at $44.90, both legs were out of the money, and the structure reflects a premium-collection strategy with a bullish lean: the trader collected upfront income while expressing confidence that IREN can remain above $40 through the relevant expirations. Because this was executed as a bull put spread for a net credit, the trade suggests constructive medium-term positioning rather than outright downside protection.
A net-debit three-leg cross-expiry CALL+PUT combination worth $0.05 million was the other displayed large trade, consisting of a long 2,000 Sep. 18, 2026 $50 call, short 4,000 Sep. 18, 2026 $65 calls, and short 2,000 Aug. 28, 2026 $40 puts. All strikes were out of the money versus the $44.90 stock reference, and the structure points to a directional options strategy that mixes upside participation with financed premium selling. The net debit indicates the trader paid a small amount overall to establish the position, likely seeking a controlled bullish outcome with capped upside through the short higher-strike calls while also taking on downside assignment risk through the short puts to help fund the call exposure.
Overall sentiment across all large trades was clearly bullish, with total bullish flow of $3.42 million versus $1.19 million of bearish flow, leaving a net bullish difference of $2.23 million. The directional takeaway is positive: the largest identified flow was a premium-collecting bull put spread, and the broader tape also showed materially stronger bullish than bearish capital committed. Even where structures were more complex, the positioning still leaned toward upside participation or confidence in support levels, indicating traders were generally expressing constructive expectations for IREN rather than preparing for a sustained decline.
Strategy Reference
For traders wanting a defined-risk structure, a bull put spread such as selling the $40 put and buying the $35 put in a nearer expiration can capture premium with a lower assignment probability than selling the $40 put outright.
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