Oracle’s shares closed at $142.48, up 0.13%.

Oracle’s options market flashed a cautious institutional tone, as a $1.34 million long put dominated the session’s large trades. The February 2027 $130 put purchase overshadowed a smaller $203,700 put sale, and the broader bulk-order flow also leaned negative. With implied volatility sitting at a cheap 23.51 percentile, long premium buyers appear to be using the subdued pricing environment to position for downside protection or bearish directional exposure.

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Options Indicators

Oracle’s implied volatility is 54.14%, and with an IV percentile of 23.51%, current option volatility sits on the low side of its historical range, indicating that options are cheaply priced rather than expensive. At the same time, the IV/HV ratio of 1.21 shows implied volatility is running modestly above realized volatility, suggesting the market is still embedding some forward-looking premium, but overall pricing remains relatively favorable for option buyers given the subdued percentile backdrop. The Call/Put volume ratio is 1.43.

Large Trades

A put purchase worth $1.34 million was the largest displayed trade, with buyers taking 1,200 contracts of the February 19, 2027 $130.00 put. With ORCL referenced at $142.48, this strike was out of the money at the time of the trade, making it a clear downside hedge or bearish directional bet that positions for weakness over a longer-dated horizon. The willingness to pay a sizable premium for an OTM long put suggests conviction that shares could face meaningful pressure before expiration, or at minimum that a large holder saw value in securing protection well below the current stock price.

A put sale worth $203,700 was the other displayed large trade, with 2,500 contracts sold in the November 6, 2026 $115.00 put. That strike was also out of the money versus the $142.48 reference price, so this trade reflects a moderately bullish or income-oriented stance, with the seller effectively expressing confidence that ORCL can stay above $115.00 through expiration while collecting premium. Even so, the overall large-trade tone remains bearish, because the dominant premium outlay was concentrated in downside put buying, and the broader bulk-order flow also leaned negative, indicating that institutional-sized activity was more focused on protection and downside positioning than on aggressive upside exposure.

Strategy Reference

For a low-assignment-probability short put, a seller could target a strike near $115.00 or lower given Oracle’s current IV backdrop, while traders wary of margin requirements may prefer a put credit spread such as selling the $115.00 put and buying a lower strike put to cap downside risk.