SK hynix closed at USD 158.02, down 0.95%.

The options tape featured two large institutional prints: a $3.97 million long put expiring December 2026 and a three-leg credit structure worth $940 thousand expiring September 2026. The put purchase reflects direct downside hedging, while the three-leg combination uses a short 155.0 put to fund a long 182.5 call and a long 130.0 put, creating a financed bullish position with tail-risk protection. The overall flow is cautiously constructive, with protection demand tempering upside positioning.

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Options Indicators

SKHY’s implied volatility is 74.57%, while its IV percentile stands at 12.50%, which indicates that although the absolute IV level looks high, it sits near the lower end of its own historical range. Combined with an IV/HV ratio of 0.80, options appear relatively cheaply priced, with implied volatility running below realized volatility and overall volatility conditions on the low side versus the stock’s recent history. The Call/Put volume ratio is 0.44, showing that put volume is more than double call volume, consistent with the defensive tone visible in the large trades.

Large Trades

A three-leg options structure with a net credit of $940 thousand was the largest displayed trade, combining a short 155.0 put, a long 182.5 call, and a long 130.0 put, all expiring on 2026-09-18. Because this combination includes both a buy put and a sell put, it is best viewed as a put spread overlay paired with an upside call purchase rather than a synthetic position. Using the provided figure, the strategy was established for a net credit of $940 thousand, which suggests a financed directional structure: the trader collected premium from selling the 155.0 put, used part of that credit to fund the out-of-the-money 182.5 call and the farther out-of-the-money 130.0 put, and effectively positioned for upside participation while retaining downside protection below 130.0. With the stock reference at 158.02, all three legs were out of the money at execution, pointing to a defined-risk, moderately bullish setup that still acknowledges tail-risk hedging.

A PUT buy worth $3.97 million was the other displayed large trade, consisting of a purchase of the 150.0 put expiring on 2026-12-18. With the stock at 158.02, this put was out of the money, so the buyer was paying premium for downside protection or a bearish directional view over a longer horizon. As a single-leg put purchase, the trade carries clear negative delta exposure and benefits from a meaningful decline in the underlying, making it a straightforward bearish or hedging transaction. Overall, the large-trade flow leans slightly bullish, but only narrowly: the biggest complex trade reflects a constructive stance with upside optionality and defined downside protection, while the substantial long put shows that participants are still actively paying for protection against weakness. The takeaway is a cautiously bullish sentiment rather than an aggressive risk-on view.

Strategy Reference

For sellers seeking a low assignment probability, the 130.0 put expiring 2026-09-18 offers a wide buffer below spot and aligns with the downside floor already visible in the large credit structure; alternatively, traders with margin constraints may prefer a bull put spread using the 130.0/120.0 strikes to define risk while still collecting premium from elevated absolute IV.