Palantir closed at 194.12 USD, up 1.07%.

Large options activity showed a split between near-term confidence and long-term caution. A $2.51 million bull put spread expressed a moderately bullish view, while a $2.68 million long-dated put pointed to downside protection. The overall flow tilts modestly bullish, but the deep out-of-the-money put suggests traders are not ignoring tail risks.

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Options Indicators

Palantir currently has an implied volatility of 57.20%, and with an IV percentile of 41.83%, current option volatility sits in a neutral historical range rather than an especially cheap or expensive one. That suggests the market is assigning a fairly solid premium to near-term uncertainty, but not at a level that indicates unusually stretched pricing. At the same time, the IV/HV ratio of 2.33 shows implied volatility is running well above realized volatility, meaning options are embedding materially higher forward expectations than what the stock has recently delivered. The Call/Put volume ratio is 1.76.

Large Trades

A bull put spread collecting a net credit of $2.51 million was the most notable complex trade, and it leans bullish on PLTR. The position sold 2,700 contracts of the 190.0 put expiring on 2026-11-06 while buying 2,700 contracts of the 190.0 put expiring on 2026-10-09, with both legs out of the money versus the $194.12 reference stock price. As a spread-style premium collection trade, the key size is the stated net credit of $2.51 million, which suggests the trader is positioning for PLTR to remain firm above the 190 level over time, using the structure to express a moderately bullish view while taking in premium and defining risk through the long put leg.

A put purchase worth $2.68 million was the largest outright directional leg, with 2,000 contracts bought on the 130.0 strike put expiring 2028-01-21, and it was deeply out of the money at the time of execution. This is a clearly bearish position on a standalone basis, likely aimed at long-dated downside protection or a lower-probability but high-conviction tail-risk hedge against a major pullback in PLTR over the long run. Overall, the large-trade flow tilts modestly bullish rather than aggressively so: the leading complex order was a premium-collecting bullish spread centered near current price, while the main bearish expression was a far out-of-the-money long-dated put, which looks more like protection against downside risk than an immediate high-conviction call for weakness.

Strategy Reference

For a low assignment probability, a seller could consider the 150.0 strike put expiring in the next 30–45 days, as it sits well below current price and offers a wider buffer against short-term pullbacks; alternatively, a bull put spread like the 180/170 within one to two months can reduce margin requirements while still collecting premium.