NEBIUS closed at USD 259.20, up 34.14%.
Despite the sharp rally, large options prints pointed to a bearish undertone. The standout trade was a $0.77 million out-of-the-money call sale at the $330 strike, suggesting a sizable trader is positioning for limited upside. With no material bullish large trades to offset the flow, the net bearish premium collection dominated the session, casting a cautious shadow over the stock’s explosive move.
>>>Click to claim your commission-free cards before trading!
Options Indicators
NBIS has an implied volatility of 106.01%, and with an IV percentile of 64.94%, current volatility conditions sit in the neutral zone rather than an extreme high-volatility regime. Even so, the absolute IV level is very elevated, while the IV/HV ratio of 0.64 suggests implied volatility is running below realized volatility. This indicates options are not especially rich relative to the stock’s actual movement profile and may be closer to fairly priced to slightly underpriced rather than overtly expensive. The Call/Put volume ratio is 1.28.
Large Trades
A CALL sale worth $0.77 million was the standout large trade, with 7,654 contracts sold at the 330.0 strike expiring on 2026-08-21. With the stock reference price at 259.2, this call was out of the money, making it a bearish-to-neutral positioning that suggests the trader was willing to cap upside well above the current price while collecting premium. Strategically, this kind of single-leg call sale is typically associated with premium collection and a view that the stock is unlikely to rally through the strike by expiration. Overall sentiment in NBIS large trades was clearly bearish. Total bullish flow was $0.00 million, while total bearish flow reached $0.78 million, leaving a net difference of $0.78 million to the bearish side. The directional signal is therefore decisively negative, with the flow dominated by bearish option activity and no meaningful bullish large-trade participation to offset it.
Strategy Reference
For traders sharing a neutral-to-bearish view, selling an OTM call at the $330 strike or a call spread such as selling the $330 call and buying a $350 call can define risk while collecting elevated premium.