SK hynix closed at 130.17 USD, down 8.98 percent.

Despite the sharp single-day decline, large options traders aggressively positioned for a rebound. The session's standout was a $78.96 million bullish call spread, alongside a $1.62 million put sale, while overall bullish premium overwhelmed bearish premium by $76.02 million. This flow indicates institutional conviction that the drop is a buying opportunity rather than the start of a deeper trend.

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Options Indicators

SKHY’s implied volatility stands at 128.48%, but its IV percentile is only 27.27%, which suggests that despite the high absolute IV level, current option pricing sits toward the lower end of its own historical range. In other words, volatility is on the low side relative to where SKHY options have typically traded, and options appear cheaply priced rather than expensive. The IV/HV ratio of 0.75 further indicates implied volatility is running below realized volatility, reinforcing the view that current premiums are relatively modest.

The Call/Put volume ratio is 1.57.

Large Trades

A bullish call spread worth $78.96 million was the standout large trade of the day. In this position, the trader bought 12,073 December 18, 2026 $140 calls for $39.24 million and sold 24,146 December 18, 2026 $210 calls for $39.72 million, making it a net credit call spread. With the stock reference price at $130.17, both strikes were out of the money at execution. Strategically, this structure expresses a bullish directional view with defined upside participation while also emphasizing premium collection, as the trader appears to be positioning for upside toward higher levels but with gains capped around the short-call strike area.

A PUT sale worth $1.62 million was the other displayed large trade, consisting of 1,200 contracts of the December 18, 2026 $95 put sold while that strike was out of the money versus the $130.17 stock reference price. This is a bullish single-leg trade because the seller benefits if the shares remain above $95 into expiration, and it also reflects a willingness to accumulate stock at a lower effective entry level if assigned. The trade suggests confidence that downside risk remains limited over the life of the option and that the $95 level is viewed as a favorable support zone.

Overall sentiment across all large trades was clearly bullish, with total bullish premium of $122.35 million versus bearish premium of $46.33 million, leaving a net bullish difference of $76.02 million. The directional judgment is decisively positive: the flow was dominated by bullish structures, especially large upside call spreads and supportive put-selling activity, which points to traders positioning for further appreciation while still using defined-risk or income-generating structures rather than outright aggressive long-call speculation. That combination suggests constructive market sentiment with expectations for upside, but in a measured and strategy-driven way.

Strategy Reference

For traders seeking a low-assignment-probability income play, selling the December 18, 2026 $95 put mirrors the institutional flow while keeping a wide buffer below today's close. Those preferring defined risk without large margin requirements could replicate the large trade’s structure via a $140/$210 call spread, which offers upside participation with a capped, capital-efficient risk profile.