Oracle closed at 137.10 USD, down 1.75%.

Options flow showed elevated activity, with a notable mix of long-dated call and put purchases. The largest trades included a $232,500 put buy at the $110 strike and a $159,700 call buy at the $155 strike, both expiring in late 2026. Overall, block flow leaned bullish, with call buying dominating the broader activity despite the sizeable bearish put position.

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Options Indicators

Oracle’s implied volatility is 53.21%, and with an IV percentile of 19.12%, current option volatility sits on the low side of its recent range, indicating options are cheaply priced rather than expensive. The IV/HV ratio of 1.04 suggests implied volatility is only slightly above historical volatility, so premium levels appear relatively reasonable and not meaningfully overstretched.

The Call/Put volume ratio is 1.73.

Large Trades

A PUT buy worth $232,500 targeted the November 20, 2026 $110.0 strike, with 1,500 contracts traded at a T/O of 1.55. With ORCL referenced at $137.1, this put was out of the money, making it a bearish position that likely reflects downside protection or a speculative view that the stock could weaken meaningfully over the longer-dated horizon. The trade’s sizeable contract count and distant expiration suggest the buyer was seeking sustained downside exposure rather than a short-term hedge.

A CALL buy worth $159,700 targeted the October 16, 2026 $155.0 strike, with 1,011 contracts traded at a T/O of 1.58. Since the strike sat above the current stock reference of $137.1, the option was out of the money, indicating a bullish directional bet on upside over time. The use of longer-dated upside calls points to expectations for appreciation while keeping risk limited to premium paid, consistent with a constructive view on ORCL’s medium-term trajectory.

Overall, the large-trade flow leans bullish on ORCL. Although the biggest displayed trade was a bearish long put, the broader block activity was dominated by call buying, and the repeated preference for out-of-the-money upside exposure suggests traders are positioning for further gains while using defined-risk structures. Taken together, the figures indicate a moderately positive institutional tone, with bullish conviction outweighing downside concern.

Strategy Reference

For a low assignment probability with current low IV, a seller could consider the November 2026 $110 put at a 19.78% delta, or use a $155/$165 call spread to reduce margin while retaining upside exposure.