SK hynix closed at 166.33 USD, up 0.40% from the previous session.
A massive $19.84 million double-call sale dominated the options flow in SKHY, signaling a strong bearish conviction that caps the upside. The trade vastly overshadowed a smaller $7.00 million put sale, leaving a net bearish tilt of $12.84 million and revealing a decisive institutional expectation for limited price appreciation.
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Options Indicators
SKHY’s implied volatility stands at 79.00%, but its IV percentile is only 8.33%, which indicates that despite the high absolute IV level, current option volatility is still sitting near the low end of its own historical range. In other words, volatility is on the low side relative to where this product has typically traded, and options appear cheaply priced rather than expensive. The IV/HV ratio of 0.70 further suggests implied volatility is running below realized volatility, reinforcing the view that current premiums are relatively restrained.
The Call/Put volume ratio is 1.25.
Large Trades
A same-direction double-call sale with a net credit of $19.84 million was the largest displayed trade, consisting of short 125.0 calls expiring on 2026-08-21 and classified as neutral-to-bearish. With the stock reference price at 166.33, these calls were in the money, and the structure reflects premium collection rather than an outright upside chase, suggesting the trader is positioned for limited upside and more likely expecting the stock to stay capped or trade in a range over time.
A PUT sale worth $7.00 million was the other notable large trade, with 3,500 contracts sold at the 165.0 strike expiring on 2026-10-16. This strike sat slightly out of the money versus the 166.33 stock reference, making it a mildly bullish income-style position that benefits if SKHY stays above the strike or declines only modestly, consistent with a willingness to accumulate exposure near current levels while collecting premium.
Overall sentiment in SKHY large trades leaned bearish, with total bullish flow of $7.00 million versus total bearish flow of $19.84 million, leaving a net bearish difference of $12.84 million. The directional read is therefore clearly bearish overall, as the dominant flow came from the much larger call-premium-selling structure, while the lone bullish put sale was materially smaller and appears more supportive than aggressively upside-seeking.
Strategy Reference
For a defined-risk approach that aligns with the bearish flow, a trader could sell an out-of-the-money call spread, such as the 170/175 call spread, to collect premium with a lower margin requirement than a naked call sale.
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