Oracle closed at $144.77, rising 1.61% from the previous session, after opening at $143.93 and trading between $143.86 and $146.94. Large options activity was decisively bullish, led by a bull call spread with a net debit of $0.59 million targeting upside into 2026-11-20. A $160,900 single-leg call buy on the 160.0 strike expiring 2026-10-16 added to the constructive tone, with both trades positioned for a rally above nearby out-of-the-money levels.

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Options Indicators

Oracle’s implied volatility is 53.85%, and with an IV percentile of 22.71%, current option pricing sits on the cheaper side of its historical range, indicating volatility expectations are relatively subdued rather than elevated. At the same time, the IV/HV ratio of 1.23 shows implied volatility is still running modestly above realized volatility, so while options are not richly priced versus Oracle’s own history, the market is still assigning some premium over recently observed movement. The Call/Put volume ratio is 2.39.

Large Trades

A bull call spread with a net debit of $0.59 million was the largest displayed trade, signaling a clearly bullish stance on Oracle into the 2026-11-20 expiration. The structure involved buying the 165.0 call and selling the 195.0 call, with both strikes out of the money versus the $144.77 reference stock price. As a bull call spread, this is a defined-risk upside strategy that uses a net debit to express a directional bet while capping maximum upside above 195.0; it is typically used to gain bullish exposure more efficiently than an outright long call, while also reducing premium outlay through the short upper strike.

A single-leg call buy worth $160,900 added to the bullish tone, with 1,577 contracts bought on the 160.0 call expiring 2026-10-16. That strike is also out of the money relative to the current stock reference, so the trade reflects a straightforward upside bet that Oracle can rally above 160.0 over time, with the buyer paying premium for convex exposure rather than taking on stock-like downside. Overall, the large-trade flow is decisively bullish, with both displayed orders positioned for upside and no meaningful bearish large-block activity to offset them. The mix of a longer-dated bull call spread and an outright call purchase suggests traders are targeting further appreciation in Oracle while balancing leverage and premium efficiency, pointing to constructive sentiment on the stock’s medium-term outlook.

Strategy Reference

For a lower-assignment-probability short premium approach, selling the 120.0 put in a similar-dated cycle offers a meaningful cushion from spot with elevated premium capture; alternatively, the 165/195 bull call spread mirrors the largest trade for a defined-risk bullish view without posting excessive margin.