Seagate closed at USD 805.63, a 9.18 percent decline.

Despite the sharp sell-off, large options traders leaned bullish. The standout flow was a $6.88 million net debit call spread targeting substantial upside into late 2026. Overall options volume reflected a Call/Put ratio of 1.53, and implied volatility sat near the low end of its historical range, making directional long premium exposure relatively affordable.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

Seagate’s implied volatility stands at 66.94%, while its IV percentile is just 14.74%, which indicates that although the absolute IV level is not low, it sits near the lower end of its own historical range. In other words, current option pricing is relatively cheap versus Seagate’s recent history, and volatility conditions appear on the low side rather than elevated. With an IV/HV ratio of 1.09, implied volatility is only modestly above realized volatility, suggesting the options market is not applying an aggressive premium to near-term movement expectations. The Call/Put volume ratio is 1.53.

Large Trades

A bullish call spread with a net debit of $6.88 million was the standout large trade, consisting of 5,000 contracts bought on the 980.0 call expiring 2026-10-30 and 5,000 contracts sold on the 1100.0 call with the same expiration. Both strikes were out of the money versus the $805.63 reference stock price. This is a vertical call spread established for a net debit, indicating a defined-risk bullish directional bet rather than outright premium collection. The buyer is positioning for upside into late October 2026, while capping maximum gains above 1100.0 in exchange for reducing entry cost versus a naked long call.

Overall, the large-trade flow points clearly to a bullish stance in STX. The only notable block was a sizable debit-funded bull call spread, which suggests traders are willing to pay meaningful premium for upside exposure while still expressing discipline through a capped-risk, capped-reward structure. That combination typically reflects constructive medium- to longer-dated expectations for the stock, with sentiment leaning decisively positive rather than defensive.

Strategy Reference

For a low assignment probability on the short side, a seller could consider the 650.0 put expiring 2026-10-30, which is far out of the money and benefits from the relatively low IV percentile while capturing premium without directional bullish spread margin requirements.