SK hynix closed at 143.73 USD, down 3.54%.

A notable $12.00 million bull call spread dominated Friday’s options activity, signaling strong long-term conviction. The trade targets a rise into the $180.00–$250.00 range by 2027, while a smaller bullish put spread added to the constructive tone. With implied volatility near its historical low, the large-scale bullish positioning stands out amid the stock’s daily decline.

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Options Indicators

SKHY’s implied volatility stands at 119.11%, but its IV percentile is only 7.14%, which indicates that despite the high absolute IV reading, current option pricing sits near the low end of its own historical range. In other words, volatility is on the low side for this name and options appear relatively cheap rather than expensive. The IV/HV ratio of 0.69 further suggests implied volatility is running below realized volatility, reinforcing the view that current premiums are comparatively modest. The Call/Put volume ratio is 1.12.

Large Trades

A bull call spread worth $12.00 million was the standout large trade, reflecting a moderately bullish directional view through January 15, 2027. The position was built by buying 2,214 out-of-the-money $180.00 calls for $7.82 million and simultaneously selling 2,214 out-of-the-money $250.00 calls for $4.18 million, resulting in a net premium paid of $3.63 million. This is a classic upside participation strategy designed to gain from a sustained rise in SKHY while capping the maximum upside beyond $250.00 in exchange for reducing upfront cost versus an outright call purchase. With the reference stock price at $143.73, both strikes sit above the current level, so the trade expresses a view that the underlying can advance meaningfully over time, but in a measured rather than unlimited-bullish way.

A bull put spread worth $0.28 million added to the positive tone, signaling another bullish stance with an income-oriented or risk-defined entry objective. The structure consisted of buying 6,000 $95.00 puts expiring August 7 and selling 4,000 $95.00 puts with the same expiration, and the preprocessed data classifies the overall strategy as bullish. Even though this was far smaller than the leading call spread, it still supports the broader view that large-trade participants were positioning for stability or upside rather than downside, using defined-risk spread exposure rather than outright bearish protection.

Overall, the large-trade flow in SKHY was clearly bullish. The sentiment was one-sided, with all meaningful large-trade activity classified as bullish and no bearish large trades appearing in the aggregated summary. Just as importantly, the dominant capital was concentrated in an upside call spread dated well into 2027, which suggests conviction in a longer-term advance, while the smaller bullish put spread reinforced the idea that traders were comfortable expressing constructive views through structured option positions rather than hedging against deterioration.

Strategy Reference

Given the low IV percentile, selling puts to capture elevated premium is less attractive. For those seeking to emulate the bullish thesis with defined risk, a bull call spread mirroring the large trade’s $180.00/$250.00 structure offers a favorable risk-to-reward profile, or a shorter-term bull put spread below the supportive $95.00 level could be considered for income generation.