Palantir Technologies closed at USD 172.73, down 1.80% from the prior session.

Options activity showed a constructive tone, with a notable block trade in long-dated upside calls. A buyer paid USD 8,700 for 1,090 contracts of the $200.00 strike expiring on 2026-08-28, positioning for further gains above current levels. The flow leaned bullish, as traders favored low-premium, out-of-the-money calls rather than defensive puts or bearish structures.

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Options Indicators

PLTR’s implied volatility is 51.55%, while its IV percentile is just 14.74%, which indicates that despite the headline IV level, current option pricing sits near the lower end of its own historical range. In other words, volatility is on the low side and options appear relatively cheap rather than expensive. With the IV/HV ratio at 0.51, implied volatility is also running below realized volatility, reinforcing the view that the options market is not demanding a rich premium at the moment.

The Call/Put volume ratio is 1.59.

Large Trades

A CALL buy worth $8,700 targeted the $200.00 strike expiring on 2026-08-28, with 1,090 contracts purchased. With PLTR referenced at $172.73, this call was out of the money, making it a relatively low-premium bullish wager on further upside into late August 2026. The trade suggests the buyer was positioning for a continued advance above the current share price, using upside optionality to express a directional view with limited premium at risk.

Overall, the large-trade flow points to a bullish bias in PLTR. The only displayed block was an out-of-the-money call purchase, which indicates traders were willing to pay premium for upside exposure rather than positioning defensively or leaning bearish, reinforcing a constructive sentiment toward the stock’s near-term direction.

Strategy Reference

For traders seeking lower assignment probability, selling an out-of-the-money put below the current price, such as the $150.00 strike with shorter-dated expiration, may offer attractive premium given PLTR’s low IV percentile and strong relative volume in calls.