Oracle closed at 120.04 USD, down 4.61%.

A dynamic session in Oracle options revealed a powerful tug-of-war between aggressive upside bets and large-scale premium collection, but bulls claimed a decisive advantage with a $34.44 million net flow. The tape was dominated by an $11.80 million double-call buying combination and an $11.05 million double-put selling structure, highlighting institutional conviction in a positive directional outcome through 2026.

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Options Indicators

ORCL’s implied volatility is 70.62%, and with an IV percentile of 80.88%, current option pricing sits in an elevated range relative to its own recent history. Combined with an IV/HV ratio of 1.48, this suggests the options market is embedding substantially higher forward volatility than the stock’s realized volatility, so premiums appear expensive rather than cheap at current levels. The Call/Put volume ratio is 1.53.

Large Trades

A directional double-call buying combination worth $11.80 million was one of the day’s standout trades, consisting of purchases of 10,000 Aug. 21, 2026 $125.00 calls and 10,000 July 31, 2026 $120.00 calls. This is a same-direction long call structure, executed for a net debit, and it reflects an aggressive upside bet rather than premium collection. With ORCL referenced at $120.04, the $125.00 call is out of the money while the $120.00 call is effectively in the money, giving the position both near-the-money exposure and higher-strike upside convexity. Strategically, this combination suggests the trader is positioning for a meaningful bullish move, or at minimum a sharp directional expansion to the upside across two expirations.

A same-direction double-put selling combination worth $11.05 million was another major trade, involving the sale of 3,175 July 24, 2026 $140.00 puts and 3,250 July 24, 2026 $135.00 puts. This structure is a net credit trade designed primarily for premium collection, with a neutral-to-slightly-bearish tone in the preprocessing, though the short-put nature also implies a view that downside will remain contained enough for the options to decay favorably. Both strikes are in the money versus the $120.04 reference price, making this a relatively assertive volatility-selling stance with substantial assignment risk if weakness persists. The strategic intent appears to be harvesting rich premium while leaning on the expectation of short-term stabilization rather than a deep additional selloff.

Overall, large-trade sentiment in ORCL leaned bullish, with total bullish flow at $51.06 million versus $16.62 million in bearish flow, leaving a net bullish difference of $34.44 million. The directional judgment is clearly positive: despite the presence of notable premium-selling put structures and some bearish call selling or put spreads in the broader tape, the aggregate flow shows bulls maintaining a decisive edge. That constructive tone is reinforced by the presence of sizable bullish put spreads and the aggressive long-call combination among the top trades, indicating that institutional activity is not merely defensive but includes meaningful upside participation.

Strategy Reference

With IV in the 80th percentile and premiums elevated, premium-selling strategies are favored; a trader with a neutral-to-bullish view could consider selling the July 24, 2026 $100.00 put to collect rich theta while maintaining a wide margin of safety below the double-put sale’s aggressive strike zone.