Oracle closed at 139.54 USD, down 3.47%.

Options activity featured a $972,000 long-dated bull call spread and an $888,000 in-the-money bear put spread. Despite the bullish structure, overall large-trade flow leaned clearly bearish, with institutional activity dominated by downside put buying and bearish strategies, signaling expectations of continued weakness or elevated downside risk in Oracle shares.

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

Options Indicators

Oracle’s implied volatility is 53.42%, and with an IV percentile of 19.52%, current option pricing sits on the cheaper end of its own historical range, suggesting volatility is relatively subdued rather than elevated. The IV/HV ratio of 1.06 indicates implied volatility is only slightly above realized volatility, which supports the view that options are not being priced at an aggressive premium at the moment. The Call/Put volume ratio is 1.35.

Large Trades

A bull call spread with a net debit of $972,000.00 was one of the day’s standout bullish structures, built by buying the March 19, 2027 $160.00 call and selling the March 19, 2027 $185.00 call, with both strikes still out of the money versus the $139.54 reference stock price. As a debit call spread, this is a defined-risk upside position that expresses a directional bet on Oracle rising over the longer term while capping gains above $185.00. The trader paid premium upfront to secure upside exposure, while the short higher-strike call helped reduce entry cost, suggesting a measured bullish view rather than an outright aggressive call purchase.

A bear put spread with a net debit of $888,000.00 was the other major featured trade, created by buying the September 25, 2026 $162.50 put and selling the September 25, 2026 $155.00 put. Both legs were in the money relative to the current stock price, making this a structured downside trade that targets further weakness while limiting premium outlay through the short lower-strike put. The use of a debit put spread points to a bearish directional bet with defined risk and defined payout, indicating the trader expects Oracle to remain under pressure or move lower into that expiry rather than simply hedging with an open-ended long put.

Overall, the large-trade flow leans clearly bearish on Oracle. Although the featured bull call spread shows some willingness to position for a longer-dated rebound, the broader block activity is dominated by downside put buying and bearish structures, which indicates institutional traders are placing greater emphasis on protection or speculative downside exposure than on upside participation. Taken together, the order flow suggests sentiment remains negative, with the market’s larger players appearing to expect continued weakness or at least elevated downside risk in the shares.

Strategy Reference

Given the bearish institutional tilt and relatively cheap IV, a trader seeking low assignment probability could sell a out-of-the-money call spread such as the March 2027 $185.00/$190.00 call spread, though contrarian put sellers may prefer a bull put spread below the September 2026 $155.00 short put to further reduce downside exposure while collecting premium.