Oracle closed at USD 128.23, down 4.64% from the previous session.

Large options trades in Oracle showed a clash of long-term views: a $1.71 million long call at the 140 strike expiring November 2026 signaled bullish conviction, while a $725,000 short call at the 150 strike for the same expiration hinted at capped upside. The flow leaned bullish overall, with stronger premium commitment on the long side, though the 150 sale suggested skepticism that Oracle would rally through that level by 2026.

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Options Indicators

Oracle’s implied volatility stands at 60.96%, and with an IV percentile of 49.00%, current volatility conditions sit in a neutral range rather than at an extreme. The IV/HV ratio of 1.11 indicates implied volatility is only modestly above realized volatility, suggesting options are not especially cheap but also not meaningfully overinflated at current levels. Overall, Oracle’s options appear fairly priced relative to their recent volatility backdrop.

The Call/Put volume ratio is 1.07.

Large Trades

A call purchase worth $1.71 million was the largest displayed trade, with 2,800 contracts bought at the 140.0 strike expiring on 2026-11-20. With ORCL referenced at $128.23, this call was out of the money at execution, making it a clearly bullish directional bet that targets upside over a longer-dated horizon. The buyer was paying premium for convex upside exposure, suggesting expectations for a meaningful advance beyond the strike by expiration rather than a near-term defensive hedge.

A call sale worth $725,000 was the second displayed trade, consisting of 2,500 contracts sold at the 150.0 strike for the same 2026-11-20 expiration. Given the $128.23 reference stock price, this call was also out of the money, so the trade reflects a bearish-to-capped view, with the seller collecting premium while expressing skepticism that ORCL will rally through 150.0 by expiration. Overall, the large-trade flow leans bullish: despite this notable upside call sale, the broader block activity shows stronger bullish premium commitment, led by aggressive long-call buying and supported by additional bullish positioning, which points to a market tone that still favors upside potential in ORCL over the medium to longer term.

Strategy Reference

For a low assignment probability, a seller could consider the 155.00 strike in the same November 2026 expiration, further out of the money than the observed 150.00 sale; alternatively, a call spread such as buying the 140.00 call and selling the 150.00 call would cap margin requirements while retaining defined upside exposure through 2026.