NEBIUS closed at USD 182.62, up 2.76%. Recent large options trades in NBIS, including a multi-million dollar long strangle and a deep out-of-the-money call purchase, highlight a market positioning for significant price movement with a bullish tilt.
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Options Indicators
NBIS is showing extremely elevated implied volatility, with IV at 180.99% and an IV percentile of 100.00%, which means current option pricing sits at the very top of its recent range. Combined with an IV/HV ratio of 1.60, the options market is implying substantially more future movement than the stock has recently realized, so premiums appear very expensive rather than cheap or neutral. The Call/Put volume ratio is 0.61.
Large Trades
A two-leg long strangle worth $11.83 million was the largest displayed trade, consisting of the purchase of 5,000 July 31, 2026 $170.00 puts for $6.50 million and 5,000 July 31, 2026 $220.00 calls for $5.33 million. Both legs were out of the money versus the $182.62 reference stock price, and because the trader bought both options, this was a net-debit combination. Strategically, that points to a volatility-driven directional setup rather than premium collection, with the buyer positioning for a sizable move in either direction by expiration while maintaining upside participation through the call and downside protection or speculation through the put.
A call purchase worth $7.77 million was the second displayed trade, with 1,900 contracts bought in the January 15, 2027 $280.00 call. This was a single-leg bullish trade placed well out of the money relative to the $182.62 stock reference, indicating an aggressive upside bet with longer-dated optionality. The buyer paid substantial premium for exposure to a major rally over time, suggesting conviction in a strong forward move rather than a near-term hedge.
Overall sentiment in NBIS large trades was bullish, with total bullish flow of $24.43 million versus bearish flow of $6.50 million, leaving a net bullish difference of $17.93 million. The directional takeaway is clearly positive: although the biggest individual structure included downside put buying as part of a long-volatility combination, the broader large-trade activity was dominated by upside call buying, including multiple far-out-of-the-money January 2027 calls. That pattern suggests traders are willing to fund significant premium for upside participation while also acknowledging the potential for large price swings, resulting in an overall bullish but high-volatility market tone.
Strategy Reference
Given the high premiums, a seller might consider a far out-of-the-money put at a strike like $120.00 for low assignment probability, while a trader preferring defined risk could implement a bull call spread, such as buying a $220.00 call and selling a $280.00 call, to reduce the cost and margin requirement of a long call position.
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