Oracle Corporation ended the session at 142.07 USD, down 1.21%.
Large options trades showed heavy institutional bearish positioning, including a $66.60 million put calendar-style combination and a $29.16 million dual long put combo. Both structures were net-debit, in-the-money put purchases, signaling strong downside conviction or major drawdown hedging.
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Options Indicators
ORCL’s implied volatility is 72.27%, and with an IV percentile of 79.28%, current option pricing sits in an elevated range, indicating that volatility is relatively high versus its own recent history and that options are priced expensively. The IV/HV ratio of 1.22 further suggests implied volatility is running above realized volatility, meaning the options market is embedding a premium for future movement beyond what the stock has recently delivered. In this setup, outright option buying faces a richer premium environment, while premium-selling structures or defined-risk spreads may offer a more efficient way to express a view.
The Call/Put volume ratio is 0.93.
Large Trades
A PUT calendar-style combination with a net debit of $66.60 million was the largest displayed trade, consisting of four long put legs across August 21, 2026 and September 18, 2026 expirations. All four strikes, 170.0, 175.0, 200.0, and 270.0, were in the money versus the $142.07 reference stock price, making this an aggressive downside structure rather than a simple volatility sale. Because the position was established for a net debit, the trade reflects premium outlay to secure bearish exposure and likely serves as either a sizable directional downside bet or a hedge against a major drawdown over a multi-expiration horizon.
A same-direction dual long PUT combination with a net debit of $29.16 million was the second highlighted trade, built through purchases of the 170.0 and 160.0 puts expiring August 21, 2026. Both strikes were also in the money relative to the current stock reference, and the structure was explicitly directional, pointing to a view that ORCL could see a large bearish move. As a net-debit put-buying strategy, this trade indicates outright premium spending for downside participation rather than income generation, reinforcing a strongly defensive or bearish stance.
Overall, the bulk-order flow was decisively bearish, with total bullish amount at $0.00 million versus total bearish amount at $111.25 million, leaving a net bearish imbalance of $111.25 million. The conclusion is clearly negative: large traders were overwhelmingly willing to spend premium on in-the-money put exposure, and the dominant displayed trades were both net-debit bearish combinations, signaling expectations for further downside or a strong need for protection against a meaningful decline in ORCL.
Strategy Reference
For a low assignment probability, a seller could consider the 120.00 strike put expiring in 30–45 days, which sits roughly 15% below spot and outside the elevated IV range; alternatively, a bear put spread such as buying the 145.00 put and selling the 125.00 put in the same expiration can cap margin while still expressing a defined-risk downside view.
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