SK hynix ended the session at USD 182.56, a decline of 6.39 percent.

Despite the sharp drop, SK hynix drew notable options activity, including a $1.69 million put purchase and a bearish call spread that appeared defensive. However, the broader large-trade net flow remained decisively bullish, suggesting that institutional positioning was more optimistic than the featured bearish trades imply.

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Options Indicators

SK hynix currently has an implied volatility of 56.04%, while its IV percentile is just 1.67%, indicating that although absolute IV is not low, it sits near the bottom of its own historical range. In that context, options appear cheaply priced and overall volatility is on the low side, with the IV/HV ratio of 0.96 also suggesting implied volatility is roughly in line with recent realized volatility rather than carrying a notable premium.

The Call/Put volume ratio is 1.73.

Large Trades

A put purchase worth $1.69 million was the largest displayed directional trade, with 2,000 contracts of the March 19, 2027 $150.00 put bought at 8.45. With SKHY referenced at $182.56, this strike was out of the money at execution, making it a bearish downside position that likely reflects either protective hedging against a longer-term decline or a speculative view that the stock could weaken materially before expiration.

A bearish call spread opened for a net credit of $369,500.00 was the other displayed large trade, consisting of the sale of 1,071 December 18, 2026 $235.00 calls and the purchase of 1,071 December 18, 2026 $310.00 calls. Both strikes were out of the money versus the $182.56 reference price, and the structure points to a capped bearish-to-neutral stance: the trader collected premium upfront while expressing the view that SKHY is unlikely to rally above the short call strike by expiration, with the long higher-strike call serving as risk protection.

Overall, the displayed large trades lean bearish in tone because both highlighted positions either profit from downside or from the stock staying below elevated call strikes. However, the broader bulk-order picture still points to a bullish overall conclusion, as the net flow was decisively positive and dominated by a much larger premium-collecting call combination elsewhere in the tape. In short, the featured trades show selective caution and hedging pressure, but the full large-trade figures indicate that institutional sentiment was ultimately bullish.

Strategy Reference

With IV percentile near historical lows, a low-assignment-probability bullish put sell could consider the March 2027 $120.00 strike, or traders unwilling to post heavy margin may prefer a defined-risk bull call spread such as buying the $190.00 call and selling the $210.00 call in a nearer expiration.