Palantir Technologies Inc. closed at 123.37 USD, down 0.96%.
Heavy bearish flow dominated the session, headlined by a deep in-the-money put purchase. A single $2.54 million trade at the 135.00 strike signaled aggressive downside conviction, while total bearish premium reached $11.20 million against just $3.50 million in bullish bets, creating a stark $7.71 million net bearish imbalance that underscores the negative sentiment surrounding PLTR options.
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Options Indicators
PLTR’s implied volatility stands at 71.30%, and with an IV percentile of 91.24%, current option volatility is clearly in an elevated regime, indicating that options are priced expensively relative to their own historical range. The IV/HV ratio of 1.36 also shows implied volatility is running above realized volatility, reinforcing the view that the market is assigning a relatively rich premium to near-term option pricing. In this setup, outright option buyers face a higher premium burden, while premium-selling structures or defined-risk spreads may offer a more efficient way to express a view. The Call/Put volume ratio is 1.32.
Large Trades
A PUT buy worth $2.54 million was one of the clearest bearish single-leg trades in PLTR, with 1,944 contracts purchased at the 135.00 strike expiring on 2026-07-24. With the stock reference price at $123.37, this put was already in the money, which makes the trade a more aggressive downside position rather than a cheap tail hedge. The buyer paid premium for immediate intrinsic downside exposure, signaling a distinctly bearish view that PLTR could remain under pressure or weaken further into expiration.
A same-direction double short PUT combination worth $0.67 million reflected a premium-collection strategy with a neutral-to-bearish tilt. The trader sold 2,699 contracts of the 113.00 put and 2,699 contracts of the 112.00 put, both expiring on 2026-07-31, and both strikes were out of the money versus the $123.37 stock reference. As a short-put structure, this position brought in a net credit and appears designed to monetize expectations for rangebound trading, with the trader betting PLTR will stay above those lower strikes through expiration. Even so, because the structure leans on downside strikes, it still carries a mildly bearish undertone in the large-trade context rather than expressing outright bullish conviction.
Overall sentiment in PLTR large options flow was bearish. Total bullish amount came to $3.50 million, while total bearish amount reached $11.20 million, leaving a net bearish difference of $7.71 million. The directional judgment is therefore clearly negative, as bearish premium decisively outweighed bullish activity. That tone was reinforced by the prominence of downside put buying, especially the in-the-money 135.00 put purchase, while the smaller short-put premium-selling activity suggested traders were willing to collect income only at lower support areas rather than expressing strong upside expectations.
Strategy Reference
Given the 91.24% IV percentile, premium sellers may find opportunities by selling the 110.00 strike put for a low assignment probability, while those seeking defined risk could consider a bear put spread using the 135.00/130.00 strikes to align with the dominant flow’s directional conviction without paying the full elevated premium.
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