NEBIUS closed at 218.99 USD, down 2.99%.

A massive $27.93 million calendar call spread dominated the options flow, as an investor sold near-dated 180 calls and bought later-dated 190 calls, collecting a net credit of $1.11 million. This bullish structure aims to maintain upside exposure while capitalizing on time decay, overshadowing a smaller $0.06 million out-of-the-money put purchase.

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Options Indicators

NBIS is showing an implied volatility of 142.02%, and with an IV percentile of 91.24%, current option volatility sits in a clearly elevated zone. That means options are priced expensively relative to their own historical range, even though the IV/HV ratio of 0.89 suggests implied volatility is slightly below recent realized volatility. Overall, the premium environment remains rich, so outright option buying faces a high cost backdrop while premium-selling structures or defined-risk spreads may be more efficient ways to express a view. The Call/Put volume ratio is 0.80.

Large Trades

A cross-expiration CALL combination worth $27.93 million was the dominant large trade of the session, structured as a four-leg calendar-style call spread that sold two 180.0 CALL blocks expiring on 2026-08-14 and bought two 190.0 CALL blocks expiring on 2026-08-21. Using net premium as the measure of strategy size, the short call legs brought in $14.52 million while the long call legs required $13.41 million, resulting in a net premium received of $1.11 million. With all legs in-the-money versus the $218.99 reference stock price, this appears to be a bullish-to-moderately bullish diagonal/calendar call structure aimed at gaining directional exposure while also benefiting from the near-dated short calls decaying faster than the longer-dated long calls. The trade suggests an investor willing to cap some upside in the near term in exchange for premium intake and maintained upside exposure through the later expiration at the higher 190.0 strike. A PUT buy worth $0.06 million targeted the 165.0 strike expiring on 2026-08-07, with 2,700 contracts purchased outright. This put was out-of-the-money relative to the $218.99 reference stock price, so it likely represents a low-cost bearish hedge or a speculative downside bet on a sharp short-term pullback. Because the buyer paid premium for downside exposure far below spot, the trade carries limited defined risk but would require a meaningful move lower to become highly valuable by expiration. Overall sentiment is bullish. The large-trade flow was overwhelmingly driven by a sizable constructive call combination that expresses continued upside exposure and premium-efficient positioning, while the only bearish trade was a relatively small out-of-the-money put purchase that looks more like a hedge or tail-risk speculation than a strong conviction negative view. Taken together, the large-trade activity points to institutional positioning that remains favorable on NBIS, with bullish structures clearly dominating the tape.

Strategy Reference

Given the elevated IV percentile, selling an out-of-the-money put around the 165.00 strike could offer a high probability of expiring worthless, while a bullish put spread would reduce margin requirements for those looking to define risk.