ARM closed at 293.67 USD, a 3.65 % gain.

The session was marked by a standout $192.23 million deep in-the-money put purchase on the January 15, 2027 $360.00 strike, with 22,500 contracts bought. The trade dominated the large-order flow, signaling a clear institutional bearish stance. No offsetting bullish block activity appeared, leaving the bulk-order picture firmly tilted toward downside protection or an outright negative directional bet on ARM.

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Options Indicators

ARM’s implied volatility stands at 77.27%, while its IV percentile is 69.32%, which places current volatility conditions in the upper end of the neutral range, just below the threshold where options would generally be considered expensive. With the IV/HV ratio at 0.82, implied volatility is running below historical volatility, suggesting current option premiums are not especially stretched relative to the stock’s realized movement and may be priced at a fairly reasonable level.

The Call/Put volume ratio is 1.42.

Large Trades

A put purchase worth $192.23 million was the standout large trade, with 22,500 contracts bought on the January 15, 2027 $360.00 put. With ARM referenced at $293.67, this strike sits in the money, which makes the position both expensive and highly sensitive to downside in the stock. As a single-leg bearish trade, it signals a clear defensive or speculative view that ARM could remain under pressure or decline further, while also suggesting the buyer was willing to pay a substantial premium for meaningful downside exposure over a long-dated horizon.

Overall, the large-trade flow points clearly bearish. The fact that the only displayed block was a sizable in-the-money long put, with no offsetting bullish large-trade activity, suggests institutional positioning is tilted toward downside protection or an outright negative directional bet. Taken together, the bulk-order figures indicate cautious to pessimistic sentiment around ARM rather than confidence in near- to medium-term upside.

Strategy Reference

For a lower assignment probability on the bearish side, a seller could consider the January 15, 2027 $220.00 put, which sits far out of the money relative to the $360.00 strike in focus, or a bear put spread such as buying the $360.00 put and selling the $220.00 put to reduce margin and cost while still benefiting from continued downside.