Palantir closed at $191.79, up 3.68%.
The largest displayed options trades were anchored by a $2.35 million net-credit bull put spread selling $190 puts into November 2026, a strong signal of institutional confidence in support near current levels. A smaller $332,300.00 bear call spread at the $200/$207.50 strikes capped upside into October 2026, suggesting controlled bullish positioning rather than aggressive upside bets.
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Options Indicators
Palantir’s implied volatility is 56.65%, and with an IV percentile of 38.25%, current option pricing sits in a broadly neutral volatility regime rather than at an extreme. In other words, volatility is neither especially cheap nor especially expensive versus its own recent history, while the IV/HV ratio of 1.13 shows implied volatility is running modestly above realized volatility, suggesting the options market is pricing in somewhat higher forward movement than what the stock has recently delivered. The Call/Put volume ratio is 1.85.
Large Trades
A bull put spread with a net credit of $2.35 million was the largest displayed trade, pairing the sale of 1,800 Nov. 20, 2026 $190.00 puts with the purchase of 1,800 Nov. 20, 2026 $150.00 puts. With PLTR referenced at $191.79, both strikes were out of the money at execution, making this a classic premium-collection structure that expresses a moderately bullish stance while defining downside risk through the long lower-strike put. The trader is effectively positioning for PLTR to stay above $190.00 into expiration, or at least avoid a meaningful breakdown, and the sizable net credit indicates confidence in support holding near current levels over a longer-dated horizon.
A bear call spread with a net credit of $332,300.00 was the other displayed large trade, consisting of the sale of 1,978 Oct. 2, 2026 $200.00 calls and the purchase of 1,978 Oct. 2, 2026 $207.50 calls. Both call strikes were out of the money versus the $191.79 reference price, so this was a defined-risk bearish income strategy aimed at collecting premium while betting PLTR will remain below $200.00 by expiration. The short $200.00 call caps upside participation near that level, while the long $207.50 call limits risk on a breakout, signaling a view that near-term upside is likely constrained even if the broader positioning is not aggressively bearish.
Overall, the large-trade flow in PLTR leans clearly bullish. The dominant activity was concentrated in multiple bull put spreads centered around the $190.00 strike, which suggests institutional traders are comfortable underwriting downside near current levels and are leaning toward price stability or moderate upside rather than preparing for a sharp selloff. Although there was some bearish positioning through call spreads and a small bear put spread, those trades were materially smaller and appear more consistent with capping upside or tactical hedging than with a strong outright negative view. The net takeaway is that market sentiment in the bulk orders favors a constructive-to-bullish outlook, with traders expressing confidence that PLTR can hold key support while upside may advance in a controlled manner.
Strategy Reference
For a lower assignment probability, a seller could consider the $170.00 put in the same November 2026 cycle, or use a put credit spread such as selling the $190.00 put and buying the $150.00 put to define margin and risk.
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