SK hynix closed at USD 171.38, up 3.04 percent.

SK hynix options activity was dominated by decisively bullish institutional positioning, highlighted by a $1.33 million synthetic long and a $1.32 million call buy. Both large trades were concentrated in the 2026-09-18 expiration, using the 200.0 strike call to express upside conviction. With bearish large-trade flow at zero, the net bullish difference reached $4.08 million, signaling strong directional confidence in a longer-term advance.

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Options Indicators

SKHY’s implied volatility is 83.24%, while its IV percentile stands at 20.00%, indicating that although the absolute IV level looks high, it remains low relative to its own historical range. In that context, current option pricing appears relatively cheap rather than overstretched, and the IV/HV ratio of 0.74 further suggests implied volatility is running below realized volatility, reinforcing the view that options are on the lower-priced side. The Call/Put volume ratio is 1.09.

Large Trades

A bullish synthetic long worth a net debit of $1.33 million was the largest complex trade, pairing a long 200.0 call with a short 140.0 put, both expiring on 2026-09-18. This is a classic synthetic long stock structure, established for a net debit, and it signals a directional upside bet rather than premium collection. With the underlying reference price at 171.38, the 200.0 call was out of the money and the 140.0 put was also out of the money, showing the trader was positioning for appreciation over time while accepting downside assignment risk below 140.0. The structure expresses clear bullish conviction and can also be viewed as a capital-efficient way to replicate long equity exposure into the 2026 expiration.

A CALL buy worth $1.32 million was the other standout trade, consisting of 1,500 contracts of the 200.0 call expiring on 2026-09-18. With the strike above the 171.38 reference price, the option was out of the money at execution, making this a straightforward bullish directional wager on a meaningful upside move by September 2026. The buyer paid substantial premium for convex upside exposure, suggesting expectations for a stronger rally rather than a hedging motive.

Overall sentiment was decisively bullish, with total bullish large-trade flow at $4.08 million versus bearish flow at $0.00 million, leaving a net difference of $4.08 million to the bullish side. The directional message is clearly positive: all notable large trades were upside-oriented and concentrated in long-dated 200.0 calls or synthetic long exposure, indicating traders were willing to pay premium and take on downside obligation in exchange for leveraged participation in a longer-term advance.

Strategy Reference

For a defined-risk bullish alternative, consider a 200.0/220.0 call debit spread on the 2026-09-18 expiration, which reduces upfront premium and margin requirements while retaining exposure to a continued rally toward the 200.0 strike.