Palantir closed at $187.48, down 1.15%.

A $562,000 out-of-the-money call sale dominated the session’s large options activity, with 4,163 contracts sold on the October 2, 2026 $195.00 call. The trade signals a bearish-to-neutral stance, as institutions faded upside beyond $195.00. Overall flow leaned cautious, with no offsetting bullish large trades appearing alongside the standout block.

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

Options Indicators

Palantir’s implied volatility is 58.52%, and with an IV percentile of 42.23%, current option pricing sits in a neutral volatility regime rather than an extreme one. That suggests options are neither especially cheap nor notably expensive relative to their own recent history, while the IV/HV ratio of 1.21 shows implied volatility is running modestly above realized volatility, indicating the market is embedding somewhat higher forward-looking movement expectations than what the stock has recently delivered. The Call/Put volume ratio is 1.37.

Large Trades

A call sale worth $562,000 was the standout large trade, with 4,163 contracts sold on the October 2, 2026 $195.00 call. With PLTR referenced at $187.48, the strike sat out of the money at the time of execution, making this a bearish-to-neutral income-style position that leans against a breakout above $195.00 by expiration. Strategically, selling an out-of-the-money call typically reflects expectations that upside will remain capped, while also allowing the trader to collect premium if the stock fails to rally through the strike.

Overall, the large-trade flow points to a bearish near-term read on PLTR. The only meaningful block in the data was an out-of-the-money call sale, which suggests institutional positioning favored fading upside rather than paying for further gains. With no offsetting bullish large trades appearing alongside it, the options activity indicates cautious sentiment and an expectation that PLTR may struggle to sustain a move materially above the $195.00 level into the stated expiration.

Strategy Reference

For a low assignment probability on a short call, a seller could look further out to a strike above $210.00, while a bear call spread such as selling the $195.00 call and buying a $210.00 call may cap margin and define risk for traders who prefer not to post a large naked premium requirement.