Palantir Technologies Inc. closed at $179.01, up 4.66%.
The day’s session showcased a stark divergence between price action and options market sentiment, as a wave of bearish large trades swept through PLTR. The most notable positions included a $1.63 million net debit bear put spread and a $1.67 million long-dated outright put purchase, both structured for significant downside. Total bearish premium expenditure reached $5.58 million, dwarfing a mere $0.59 million in bullish flow for a net bearish bias of $4.99 million.
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Options Indicators
PLTR’s implied volatility is 51.82%, while its IV percentile stands at 15.14%, which places current volatility in the low end of its recent range and suggests options are cheaply priced rather than expensive. With the IV/HV ratio at 0.48, implied volatility is also running below historical volatility, reinforcing the view that the current option premium is relatively inexpensive and that the market is not demanding a large volatility premium at the moment. The Call/Put volume ratio is 1.84.
Large Trades
A bearish put spread with a net debit of $1.63 million stood out as one of the day’s most important large trades. This 2026-11-20 structure involved buying the 160.0 put and selling the 110.0 put, both with strikes below the $179.01 reference price, so both legs were out-of-the-money at execution. As a bear put spread, it is a defined-risk bearish strategy, and the net debit reflects a trader willing to pay premium for downside exposure while partially offsetting cost by selling the lower-strike put. The strategic intent is clearly a directional bearish bet rather than premium collection, targeting a decline in PLTR over the longer dated horizon while capping the maximum payoff below 110.0.
A PUT buy worth $1.67 million was the other major highlighted trade, consisting of a purchase of 1,215 contracts of the 115.0 put expiring 2027-12-17. With the strike well below the $179.01 reference stock price, this put was also out-of-the-money, which suggests the buyer was positioning for substantial downside over a very long timeframe rather than seeking near-term intrinsic protection. As a single-leg put purchase, the trade is straightforwardly bearish, using outright premium outlay to express concern about future weakness in PLTR or to secure long-dated downside hedge exposure.
Overall, large-trade sentiment was clearly bearish. Total bullish flow was $0.59 million versus $5.58 million of bearish flow, leaving a net difference of $4.99 million to the bearish side. The directional judgment is therefore decisively bearish, and that conclusion is reinforced by the character of the biggest trades: both highlighted positions were premium-paid downside structures, including a long-dated bear put spread and a long-dated outright put buy, showing traders were willing to spend meaningful premium for downside exposure rather than collect income or lean bullish.
Strategy Reference
For traders seeking to fade the heavy bearish positioning with a low assignment probability, a short put at the 110.00 strike, well below the 160.00 purchased leg of the dominant spread, could be a line to watch for premium collection against the current cheap IV.
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