Oracle closed at USD 134.47, up 3.00%.

Large options activity featured a $42.84 million net-credit double short put sale at deeply in-the-money strikes, alongside a $9.21 million put purchase that signals bearish institutional caution. The mix of premium collection and defensive put demand suggests a cautious-to-negative tone beneath the surface.

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Options Indicators

Oracle’s implied volatility is 58.16%, and with an IV percentile of 38.25%, current volatility sits in a neutral historical range rather than an elevated one. Combined with an IV/HV ratio of 1.08, options appear to be priced close to realized volatility, suggesting premiums are not especially cheap or especially expensive at the moment.

The Call/Put volume ratio is 1.23.

Large Trades

A spread-style put sale collecting $42.84 million in net credit was the largest displayed trade, structured as a same-direction double short put combination. The trader sold the December 18, 2026 $240.00 put and the March 19, 2027 $260.00 put, with both strikes deeply in the money versus the $134.47 reference stock price. Because the structure contains two sold puts, it is best read as a premium-collection strategy rather than a pure outright downside bet, with the rich net credit indicating a willingness to absorb downside exposure while positioning for stabilization or less-bearish-than-feared price action over time. Even so, the use of in-the-money short puts at elevated strikes gives the trade a neutral-to-bearish tone, reflecting either aggressive yield harvesting or a readiness to accumulate risk at levels far above spot.

A put purchase worth $9.21 million was the second displayed large trade, with the buyer taking 2,225 contracts of the October 16, 2026 $175.00 put. This strike is also in the money relative to the $134.47 reference price, which makes the contract highly sensitive to continued weakness and gives the position clear bearish utility. Strategically, this looks like a straightforward downside hedge or a directional bearish wager, expressing concern that Oracle may remain under pressure or decline further before expiration. Overall, the bulk-order flow leans clearly bearish: while some large trades were structured as short-put premium collection, the dominant character of the tape is still defensive and downside-focused, with substantial put demand and bearishly tilted positioning suggesting institutional sentiment remains cautious to negative on Oracle.

Strategy Reference

For a lower assignment probability, a seller could consider the December 18, 2026 $95.00 put, which sits well out of the money versus the $134.47 spot; alternatively, a bear put spread such as buying the $140.00 put and selling the $110.00 put may reduce margin requirements while maintaining downside exposure.