Palantir closed at USD 171.70, down 2.11 percent from the previous session.
The session’s large options prints revealed a clear bullish bias. A $4.49 million put sale at the $140.00 strike dominated the tape, signaling confidence that downside is contained. At the same time, aggressive call buying targeted the $187.50 and $192.50 strikes into late 2026, reflecting expectations for a meaningful upside breakout rather than a slow grind higher.
>>Don’t Let Fees Quietly Eat Into Your Returns — Get up to SGD 200 in Options Rewards!
Options Indicators
Palantir’s implied volatility is 54.53%, and with an IV percentile of 32.27%, current option pricing sits in a broadly neutral zone rather than at an extreme. In other words, implied volatility is not especially cheap, but it is also not elevated enough to suggest options are richly priced. The IV/HV ratio of 1.06 indicates implied volatility is only modestly above historical volatility, suggesting the market is pricing options close to recent realized movement rather than building in a large volatility premium.
The Call/Put volume ratio is 1.05.
Large Trades
A PUT sale worth $4.49 million was the largest displayed trade, with investors selling 23,179 contracts of the December 18, 2026 $140.00 put. With PLTR referenced at $171.70, this strike sits out of the money, making the position a moderately bullish cash-secured or margin-backed premium-selling stance that benefits if the stock stays above $140.00 into expiration. The trade suggests confidence that downside risk remains contained over the long run, while also expressing willingness to accumulate shares at a materially lower effective entry level if assigned.
A directional CALL-buying combination with a net debit of $215,100 was the other featured trade, consisting of purchases of 8,273 contracts each in the November 6, 2026 $187.50 call and the $192.50 call. Because both legs are long calls, this is not a synthetic structure but a same-direction call combination aimed at capturing a strong upside move, with both strikes currently out of the money versus the $171.70 reference price. The net debit defines the trade’s size, and the structure points to an aggressive bullish volatility bet: the buyer is paying premium upfront to gain convex upside exposure, likely expecting a sharp rally that could push PLTR well through the upper strike area.
Overall, the bulk-order flow leans bullish on PLTR. The tone is shaped by the dominance of premium-selling at lower put strikes and the presence of upside call structures that seek participation in a meaningful advance, indicating traders are generally positioning for resilience on the downside and further upside potential. While there is still some protective or bearish put activity in the broader tape, the large-trade profile overall favors a constructive outlook rather than a defensive one.
Strategy Reference
For a low assignment probability on the sell side, traders may consider selling the December 18, 2026 $125.00 put, which sits farther below spot and still offers premium while aligning with the observed put-selling sentiment.
Comments