Palantir closed at USD 169.20, up 5.50%.
The options tape was dominated by a massive $23.75 million same-side double-call purchase on the 165 strike, signaling decisive institutional conviction in sustained upside. Combined with a call-heavy volume profile and neutral implied volatility metrics, the large-trade flow reflects an aggressive bullish posture rather than a speculative lottery-style wager. The positioning points to expectations of continued strength in Palantir over the coming months.
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Options Indicators
Palantir’s implied volatility stands at 55.98%, while its IV percentile is 37.05%, which places current volatility in a broadly neutral zone rather than an especially cheap or expensive extreme. With the IV/HV ratio at 0.95, implied volatility is also running slightly below historical realized volatility, suggesting options are priced fairly to modestly conservatively relative to the stock’s recent actual movement, rather than carrying a pronounced volatility premium.
The Call/Put volume ratio is 1.76, indicating that call activity is substantially outpacing put activity and reinforcing the bullish lean visible across the broader options complex.
Large Trades
A directional call-buying combination worth $23.75 million was the dominant large trade, structured as a same-side double-call purchase and clearly aimed at a sizable upside move in PLTR. The trader bought 10,596 contracts of the 165.0 call expiring on 2026-12-18 for $14.37 million and simultaneously bought 10,596 contracts of the 165.0 call expiring on 2026-11-20 for $9.38 million, for a total net debit of $23.75 million. With PLTR referenced at $169.20, both call legs were already in the money, which makes this an aggressive bullish expression with meaningful delta exposure rather than a cheap lottery-style upside bet. The use of two expirations at the same strike suggests the buyer wanted sustained upside participation across time while positioning for a potentially large directional continuation.
Overall, the large-trade flow was decisively bullish. The tape was overwhelmingly shaped by aggressive premium spending on in-the-money calls, while the limited bearish activity elsewhere was small and more consistent with tactical premium collection than with a high-conviction downside view. Taken together, the bulk-order figures point to institutional-style confidence in further upside for PLTR, with the market’s large-trade positioning favoring continued strength rather than preparing for a meaningful reversal.
Strategy Reference
For traders seeking a lower-margin bullish expression than the large ITM call purchases, a bull call spread such as buying the 175 call and selling the 200 call can cap cost and define risk, while a cash-secured put writer may consider the 140 strike in a nearer expiry for a lower assignment probability given the current bullish flow.