Palantir Technologies Inc. ended the session at $176.24, gaining 1.09%, after opening at $175.95 and fluctuating between $172.61 and $177.88 on volume of roughly 23.7 million shares.
The most notable large options trades showed a distinctly cautious tone: a $2.83 million out-of-the-money call sale at the $200 strike for November 2026, and a bear put spread using September 2026 puts between $152.50 and $162.50. Rather than chasing upside, institutions were selling into strength and positioning for a pullback.
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Options Indicators
PLTR’s implied volatility stands at 52.55%, and with an IV percentile of 20.32%, current option volatility sits on the lower side of its recent range, suggesting options are relatively cheaply priced rather than stretched. The IV/HV ratio of 1.02 also indicates implied volatility is broadly in line with realized volatility, so premium levels do not appear meaningfully inflated at the moment.
The Call/Put volume ratio is 1.69.
Large Trades
A call sale worth $2.83 million was the largest highlighted trade of the day, with 2,985 contracts sold at the 200.0 strike expiring on 2026-11-20. With PLTR referenced at 176.24, this call sat out of the money, making it a bearish-to-cautious income-style position that suggests the trader was willing to cap upside above 200.0 in exchange for premium, or was expressing the view that the stock is unlikely to break materially through that level by expiration.
A bear put spread with a net debit of $11,600 was the other displayed large trade, consisting of the purchase of 1,292 contracts of the 162.5 put and the sale of 1,292 contracts of the 152.5 put, both expiring on 2026-09-18. Both legs were out of the money versus the 176.24 reference price, and the structure is a defined-risk bearish strategy: paying a modest net debit to position for downside into the 152.5–162.5 zone while lowering the outright cost of long puts through the short lower-strike leg. Overall, the large-trade flow points clearly bearish, as the most important block activity leaned toward upside-selling and downside positioning, indicating institutional participants were more focused on limiting rally potential and preparing for weakness than on chasing further gains.
Strategy Reference
For a low assignment probability on the call side, a seller could consider the $200 strike or higher expiring in November 2026; for a defined-risk alternative that requires less margin than a naked short call, an out-of-the-money bear call spread such as selling $195 and buying $210 would cap potential loss while still expressing a cautious-to-bearish view.
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