Coherent ended the session at $207.82, down 12.51% from the prior close.

Options flow showed a decisively bearish tone, led by a $9.71 million net-credit calendar put spread and a separate $1.95 million long-dated put purchase. The largest structure combined selling nearer-dated 250–260 puts with buying a longer-dated 300 put, while the second trade added outright protection at the 150 strike. Institutional activity was concentrated entirely in puts, signaling positioning for continued downside rather than a rebound.

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Options Indicators

Coherent’s implied volatility is 86.66%, and with an IV percentile of 56.18%, current volatility sits in a neutral range rather than at an extreme. Combined with an IV/HV ratio of 1.05, options appear fairly priced relative to the stock’s recent realized volatility, suggesting the market is assigning a moderate premium for forward uncertainty without signaling especially cheap or especially expensive option levels.

The Call/Put volume ratio is 0.49, underscoring the session’s put-heavy activity and bearish sentiment among options traders.

Large Trades

A calendar-style put combination with a net credit of $9.71 million was the largest featured trade, built as a four-leg put spread structure rather than a synthetic position. The trader bought 1,380 contracts of the 300.0 put expiring 2026-10-30 while selling 2,300 contracts of the 260.0 put, 1,230 contracts of the 255.0 put, and 1,230 contracts of the 250.0 put, all expiring 2026-10-23. Using the provided net figure, this was a net credit trade, which points to a premium-collecting and downside-positioning strategy that also uses longer-dated protection at the higher strike. With the stock reference price at 207.82, all listed strikes were in the money, indicating the structure was centered on downside exposure and near-term decay capture rather than upside participation.

A put buy worth $1.95 million was the other highlighted large trade, consisting of 1,200 contracts of the 150.0 put expiring 2027-06-17. This strike sat out of the money versus the 207.82 stock reference price, making it a longer-dated bearish wager or portfolio hedge aimed at protecting against a substantial decline over time. Overall, the large-trade flow was clearly bearish: the featured orders were concentrated entirely in put exposure, with the biggest structure combining short-dated premium collection with an embedded downside stance and the second trade adding outright long-put protection. Taken together, the block activity suggests institutional participants were positioning for weakness in COHR rather than a rebound.

Strategy Reference

For traders looking to collect premium without taking an outright bearish stance, selling out-of-the-money puts below the gap area—such as the 170 or 165 strike in the nearest monthly expiration—may offer relatively low assignment probability while still capturing elevated implied volatility. Alternatively, a bear put spread using the 200/180 strikes could express downside with defined risk and reduced margin compared to a naked long put.