NBIS ended the latest session at USD 221.97, up 5.24%.
Large options activity in NBIS was highlighted by a single $1.41 million out-of-the-money call sale at the $300.00 strike expiring in October 2026. The trade involved 1,500 contracts and stood out as the dominant block order, with no significant bullish large trades offsetting the flow. This concentration in premium-selling points to a cautious options tape, where traders are positioning for capped upside rather than an aggressive bullish breakout into 2026.
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Options Indicators
NBIS is showing an implied volatility of 96.29%, while its IV percentile sits at 34.66%, which places current volatility in a broadly neutral historical context rather than an unusually elevated one. Even though the absolute IV level is very high, the IV/HV ratio of 0.55 suggests implied volatility is running below realized volatility, indicating options appear relatively cheap versus the stock’s actual movement profile rather than richly priced. The Call/Put volume ratio is 1.67.
Large Trades
A CALL sale worth $1.41 million was the standout large trade, with 1,500 contracts sold at the $300.00 strike expiring on 2026-10-16. With NBIS referenced at $221.97, this call was out-of-the-money at the time of the trade. Selling an out-of-the-money call is typically a bearish-to-neutral stance, expressing the view that the stock is unlikely to rally above the strike by expiration while allowing the seller to collect premium upfront.
Overall, the large-trade flow points to a bearish near-to-medium-term read on NBIS. The block activity was entirely concentrated in premium-selling through an out-of-the-money call sale, which suggests traders were positioning for capped upside rather than chasing a bullish breakout. With no offsetting bullish large orders showing up in the bulk flow, the options tape indicates cautious sentiment and a market expectation that NBIS will remain below the $300.00 level into October 2026.
Strategy Reference
For traders sharing the cautious view and looking to collect premium with a lower assignment probability, selling the $320.00 call in the same October 2026 expiration may offer an even more conservative buffer above the $300.00 level; alternatively, a bear call spread such as selling the $300.00 call and buying the $350.00 call can define risk and reduce margin requirements compared with a naked short call.
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