ARM closed at $333.20, up 3.19%, after opening at $319.41 and trading between $318.69 and $334.66 on volume of about 7.4 million shares.

Large options trades were dominated by a three-leg put spread set to expire in 2027, with a net credit of $336 thousand. The structure combined a large long put at the 330 strike with massive sold puts at the 250 and 170 strikes, signaling a premium-collecting approach rather than an outright bearish bet.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

ARM’s implied volatility is 78.79%, and with an IV percentile of 70.92%, current option volatility sits in an elevated zone, indicating that options are priced expensively relative to ARM’s own recent history. At the same time, the IV/HV ratio of 0.93 suggests implied volatility is slightly below realized volatility, so while the absolute pricing level is rich on a historical percentile basis, it is not dramatically overstretched versus the stock’s actual recent movement.

The Call/Put volume ratio is 1.65.

Large Trades

A put spread structure with a net credit of $336 thousand was the standout large trade, built as a three-leg downside combination expiring on 2027-06-17. The position involved buying 1,500 contracts of the 330.0 put for $11.36 million while selling 3,000 contracts of the 250.0 put for $10.23 million and selling 1,500 contracts of the 170.0 put for $1.47 million, with all three legs out of the money versus the $333.20 stock reference. Because the package includes both bought puts and sold puts, it is best read as a put spread strategy rather than a simple outright bearish bet, and the trade size should be viewed through its stated net credit of $336 thousand. Strategically, this looks like a premium-collecting downside structure that still keeps a hedge near the current share price through the long 330 put, while financing that protection by selling further-out downside puts, suggesting a defined-view positioning for a moderate decline rather than an aggressive collapse scenario.

Overall, the large-trade flow leans mildly bullish. The key reason is that the only notable block was a net-credit put combination, which indicates the trader was willing to take in premium and sell substantial lower-strike downside exposure while retaining only limited nearer-strike protection. That kind of positioning usually reflects a view that ARM may weaken somewhat or stay range-bound, but is unlikely to suffer a severe breakdown by expiration. In short, institutional activity points to cautious optimism rather than outright bullish enthusiasm, with the market signaling resilience and a preference for harvesting premium over chasing downside conviction.

Strategy Reference

For a low assignment probability seller, the 170 put leg in this structure shows how deep out-of-the-money sold puts can be used to finance nearer-the-money protection within a net-credit put spread.