Oracle Corporation closed at USD 147.61, down 1.98%.

Oracle shares pulled back from recent strength, but the options tape showed a distinctly bullish institutional tone. The largest displayed trade was a $1.02 million sale of October 2026 $115.00 puts, followed by another out-of-the-money put sale at the $120.00 strike. These block trades dominated the session and pointed to confidence in downside support rather than demand for protective puts.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

ORCL’s implied volatility is 51.20%, while its IV percentile stands at 13.15%, which places current volatility in the low end of its historical range and suggests options are cheaply priced rather than expensive. With the IV/HV ratio at 0.99, implied volatility is roughly in line with realized volatility, indicating the market is not assigning a meaningful premium over recent actual movement.

The Call/Put volume ratio is 1.95.

Large Trades

A PUT sale worth $1.02 million was the largest displayed trade, with 9,900 contracts of the October 30, 2026 $115.00 put sold. With ORCL referenced at $147.61, this strike sits out of the money, making the trade a moderately bullish income-style position that benefits if the stock stays above $115.00 into expiration. Strategically, this kind of short put expresses confidence in downside support while collecting premium, and it can also reflect willingness to accumulate shares at a lower effective entry level if assigned.

Another out-of-the-money PUT sale, worth $312,000.00, appeared in 2,000 contracts of the October 30, 2026 $120.00 put. This is likewise a bullish premium-selling trade, using a strike below the current stock price to express a view that ORCL is unlikely to break materially lower over the life of the option. Taken together with the broader block flow, the conclusion is clearly bullish: the large-trade activity was dominated by put selling and there was no meaningful bearish block interest, pointing to institutional confidence in ORCL’s downside support and a market stance favoring stability to upside rather than protection against weakness.

Strategy Reference

For a lower assignment probability than the $115.00 strike, a seller could consider the October 2026 $100.00 put, which sits further out of the money and reduces the likelihood of being put the stock; alternatively, traders who want to limit margin requirements while still collecting premium may prefer a put credit spread such as selling the $115.00 put and buying the $100.00 put.