SK hynix ended the session at $126.79, a 2.60% decline.

The stock attracted overwhelmingly bullish options flow, headlined by a sweeping $13.19 million in out-of-the-money put sales. The two largest trades were a $6.83 million sale on the November 2026 $125.00 put and a $6.36 million sale on the January 2027 $120.00 put, both expressing confidence that SKHY will hold above those strike levels.

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Options Indicators

SKHY’s implied volatility is 120.10%, but its IV percentile is only 8.33%, which indicates that despite the high absolute IV level, current option pricing sits near the lower end of its own historical range. Combined with an IV/HV ratio of 0.71, options appear relatively cheaply priced, suggesting the market’s implied volatility expectation is below realized volatility and overall volatility pricing is on the low side rather than elevated. The Call/Put volume ratio is 1.15.

Large Trades

A PUT sale worth $6.83 million was the largest displayed trade, with 2,500 contracts sold on the November 20, 2026 $125.00 put. With SKHY referenced at $126.79, this strike sits out of the money, making the trade a moderately bullish expression. Selling this put suggests the trader is willing to take on downside assignment risk near $125.00 in exchange for collecting premium, which is typically consistent with a premium-income strategy or a willingness to accumulate shares at a lower effective entry level.

Another notable trade was a $6.36 million sale of 2,200 contracts in the January 15, 2027 $120.00 put. This strike is also out of the money versus the $126.79 reference price, and the transaction similarly points to a bullish or at least constructive stance. By selling the lower-strike put, the trader appears to be collecting premium while expressing confidence that SKHY can remain above $120.00 into expiration, or alternatively signaling comfort with potential share exposure at that level if assigned.

The directional bias is decisively positive, with the dominant flow concentrated in sizable out-of-the-money put selling, a pattern that typically reflects income generation and confidence in price stability or moderate upside rather than aggressive downside protection.

Strategy Reference

For a lower assignment probability, a seller could consider the $115.00 strike. Alternatively, traders who prefer not to post uncovered margin can replicate the bullish OTM put-selling structure with a put credit spread, such as selling the $120.00 put and buying the $110.00 put in the same expiration.