SK hynix closed at USD 151.16, registering a 1.86% decline from the previous session. Despite the stock's decline, large options trades displayed a mix of conviction, including a multi-million dollar bullish call purchase and a sizable bull put spread, set against a backdrop of overall bearish large-trade sentiment.

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Options Indicators

SKHY’s implied volatility is 147.61%, and with an IV percentile of 100.00%, current option volatility sits at the very top of its recent range, indicating an elevated environment where options are priced expensively. Even though the IV/HV ratio is 0.67, suggesting implied volatility is below realized volatility, the percentile reading still shows that option premiums remain rich versus their own historical context, so buyers are paying up for exposure while premium-selling structures may offer better relative pricing efficiency.

The Call/Put volume ratio is 0.60, indicating a higher volume of puts traded relative to calls, which aligns with a cautious market tone.

Large Trades

A CALL purchase worth $9.12 million was the largest displayed bullish trade, with 3,000 contracts bought at the 160.0 strike expiring on 2026-09-18. With SKHY referenced at $151.16, this call was out of the money at execution, making it a clear directional upside bet that requires further appreciation in the underlying to gain intrinsic value. The long-dated tenor suggests the buyer was positioning for a sustained advance rather than a near-term move, and the outright premium paid signals conviction in a bullish scenario.

A bullish put spread worth $8.11 million was the other highlighted trade, structured by selling 3,500 contracts of the 145.0 put and buying 3,500 contracts of the 85.0 put, both expiring on 2026-08-21. Both puts were out of the money versus the $151.16 reference price, and the position was established for a net credit, indicating a premium-collection strategy with a bullish bias. Strategically, this spread expresses the view that SKHY will remain above 145.0 into expiration, while the long 85.0 put caps downside risk, making it a defined-risk income trade rather than an aggressive upside chase.

Overall sentiment in SKHY large trades was bearish, with total bullish flow of $17.23 million versus total bearish flow of $42.37 million, leaving a net difference of $25.15 million to the bearish side. Although the displayed top trades included two notable bullish positions—a long out-of-the-money call and a credit-based bull put spread—the broader large-trade tape was still dominated by heavier bearish structures, leading to a clear negative directional judgment. In short, investors showed some willingness to position for stability or upside, but the aggregate size and composition of the full large-trade set point to a market tone that remains decisively cautious to bearish.

Strategy Reference

Given the elevated IV percentile, a premium seller might consider a short put at a lower strike, such as 120.0, for a lower probability of assignment, while a defined-risk spread like a bear call spread could be used to express a cautious view without posting significant margin.