SK hynix closed at $137.91, down 3.92%.

Despite the daily decline, heavyweight options activity screamed conviction, as a $25.69 million bull call spread and an $11.56 million outright call buy hit the tape, both betting on a sustained advance. This lopsided bullish flow dominated the session, dwarfing any bearish trades and positioning for a multi-year rally, even as the stock pulled back from recent highs.

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Options Indicators

SKHY’s implied volatility is 87.89%, but its IV percentile is only 5.26%, which indicates that despite the high absolute IV reading, current option volatility is still sitting near the low end of its own historical range. Combined with the IV/HV ratio of 0.57, this suggests implied volatility is running below realized volatility and options appear relatively cheaply priced rather than expensive. In this setup, long-premium approaches may offer better value than they would in a high-percentile environment, as the market is not assigning an aggressive volatility premium at the moment. The Call/Put volume ratio is 1.11.

Large Trades

A bullish call spread worth $25.69 million was the largest highlighted trade, combining the purchase of 5,975 January 15, 2027 $160.00 calls with the sale of 5,975 January 15, 2027 $180.00 calls. This structure is a classic bull call spread designed to express upside exposure while capping both the maximum profit and the upfront cost relative to an outright long call. Based on the displayed legs, the strategy involved $11.32 million of premium received from the short $180.00 calls against $14.37 million of premium paid for the long $160.00 calls, resulting in a net premium of -$3.05 million, or a net debit. With SKHY referenced at $137.91, both strikes were out of the money, indicating the trader is positioning for a meaningful advance over time, with the profit zone centered on a move toward and through $160.00 and capped above $180.00 by expiration.

A CALL buy worth $11.56 million was the other major trade, consisting of 4,000 December 18, 2026 $150.00 calls purchased outright. This is a straightforward bullish directional options bet: the buyer paid premium for leveraged upside exposure with risk limited to the premium spent and open-ended upside above the strike once the option moves into intrinsic value. Since the $150.00 strike sits above the current reference price of $137.91, the calls were out of the money at execution, which suggests the trader is looking for a sustained rally into late 2026 rather than protecting an existing in-the-money position. The use of a single long call also signals a willingness to pay for convex upside participation without offsetting the cost through a short call leg.

Overall sentiment is clearly bullish. The large-trade flow was dominated by upside call exposure, led by a sizable long-dated bull call spread and reinforced by a substantial outright purchase of out-of-the-money calls, while bearish activity was comparatively minor and limited to a much smaller call sale. Taken together, the positioning suggests investors are leaning toward a constructive medium- to long-term outlook for SKHY, favoring upside participation and defined-risk bullish structures over defensive or outright bearish trades.

Strategy Reference

For those seeking a higher-probability income approach, selling the OTM put with a strike around the 85% probability of expiring worthless level, such as the 90.00 strike, could allow a seller to collect premium while keeping assignment risk relatively low, given the overwhelmingly bullish institutional flow.