Palantir closed at $172.40, up 2.12%.
Large options activity leaned bearish despite the gain. The biggest trade was a $300,600 call credit spread, and the second-largest was a $258,700 put purchase. Both positions targeted limited upside and added downside exposure, suggesting larger participants were positioning for resistance rather than a continued breakout.
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Options Indicators
Palantir’s implied volatility is 52.22%, while its IV percentile sits at 19.92%, which indicates current option volatility is on the low side relative to its own recent history and that options are cheaply priced rather than expensive. With the IV/HV ratio at 0.83, implied volatility is also running below realized volatility, suggesting the options market is not demanding a particularly rich premium at the moment.
The Call/Put volume ratio is 1.51.
Large Trades
A bearish call spread with a net credit of $300,600 was the largest highlighted trade, built by selling the 177.5 call and buying the 182.5 call, both expiring on 2026-11-20. With PLTR referenced at 172.4, both strikes were out of the money at execution, which makes this a defined-risk premium-selling strategy that profits if the stock stays below 177.5 or at least fails to rally materially through that zone by expiration. The net credit structure points to a moderately bearish to neutral view, with the trader effectively capping upside risk while positioning for time decay and resistance above the current price.
A PUT buy worth $258,700 was the other displayed large trade, consisting of long 155.0 puts expiring on 2026-12-04. With the stock at 172.4, the strike was out of the money, so this was a downside-focused bearish wager that would benefit from a meaningful pullback into December. Taken together, the large-trade flow leans clearly bearish: the biggest order was a call-credit spread expressing expectations for limited upside, and the second-largest trade was a direct purchase of downside protection/speculation, reinforcing the view that larger participants were positioning for weakness rather than chasing further upside.
Strategy Reference
For a low assignment probability, a trader could sell the 155.0 put expiring on 2026-12-04, or use a put credit spread at 155.0/150.0 to reduce margin and cap risk while still collecting premium from the elevated put-side flow.