SK hynix closed at USD 159.53, up 2.68%.

Large options trades in SKHY leaned decisively bearish on Thursday. The most notable print was a $5.13 million out-of-the-money call sale at the $165 strike, suggesting an income-oriented premium collection strategy rather than outright bullish conviction. Additional put buying in the full tape reinforced downside caution. With implied volatility near its own historical low and call/put volume at 0.87, the bulk flow indicated limited upside expectations and growing hedging interest.

>>>Click to claim your commission-free cards before trading!

Options Indicators

SKHY’s implied volatility stands at 72.87%, but its IV percentile is only 3.23%, which indicates that despite the high absolute IV reading, current option volatility is sitting near the low end of its own historical range. In other words, options appear cheaply priced relative to where this ETF’s implied volatility has typically traded, and the IV/HV ratio of 0.77 also suggests implied volatility is running below realized volatility rather than carrying a premium. Overall, the volatility backdrop looks subdued rather than stretched, which generally points to relatively inexpensive option pricing.

The Call/Put volume ratio is 0.87.

Large Trades

A call sale worth $5.13 million was the standout large trade, with 1,250 contracts sold at the 165.0 strike expiring on 2027-06-17. With SKHY referenced at 159.53, this call was out of the money at the time of execution, making it a bearish-to-neutral income-oriented position that benefits if the ETF remains below the strike or fails to rally meaningfully over time. Strategically, this kind of upside call writing suggests the trader was willing to cap upside in exchange for premium, pointing to restrained expectations for future price appreciation.

Overall, the bulk-order flow was clearly bearish. The dominant activity was concentrated in downside-leaning structures, led by the large out-of-the-money call sale and reinforced by additional put buying in the full tape, which together indicate caution on SKHY’s forward price path. The trading pattern suggests institutional participants were positioned for limited upside at best and potential weakness at worst, leaving the near-to-medium-term sentiment tilted decisively negative.

Strategy Reference

For a low assignment probability, a premium seller could consider the $165 call for shorter-dated expirations, while a more capital-efficient alternative is a bear call spread such as selling the $165 call and buying a $175 call to cap risk without posting full uncovered margin.