Option Focus | NEBIUS Draws $7.75 Million in OTM Call Buying at $300 and $280 Strikes, Signaling Decisive Bullish Conviction Despite Cheap IV

Option Witch
Oct 06

NEBIUS closed at $232.57, down 4.22%, after opening at $244.10, reaching a high of $244.49 and a low of $230.51, with 15.03 million shares traded on turnover of $3.53 billion.

The standout options flow came from two large outright call purchases, combining for $7.75 million in premium. The largest was a $5.77 million block of January 15, 2027 $300.00 calls, followed by a $1.98 million purchase of November 20, 2026 $280.00 calls. Both strikes sit far above the spot close, underscoring a decisive bullish stance rather than hedging activity.

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Options Indicators

NEBIUS currently has an implied volatility (IV) of 81.46%, while its IV percentile is just 0.80%, which indicates that although the absolute IV level is high, it sits at the very low end of its own historical range. In other words, current option pricing is relatively cheap versus where volatility has typically traded, and with an IV/HV ratio of 1.36, implied volatility is still running above historical realized volatility, suggesting the options market is pricing in more movement ahead than the stock has recently delivered.

The Call/Put volume ratio is 1.55.

Large Trades

A call-buying block worth $5.77 million was the largest displayed trade, consisting of 3,000 January 15, 2027 $300.00 calls purchased outright. With the stock reference price at $232.57, this strike sits out of the money, making the trade a clearly bullish directional bet on substantial upside over a longer time horizon. The buyer is paying premium for leveraged exposure to a rally above $300.00 by expiration, which signals strong conviction in continued appreciation rather than a defensive hedge.

Another bullish single-leg trade was a $1.98 million purchase of 1,498 November 20, 2026 $280.00 calls. These calls are also out of the money versus the $232.57 reference stock price, pointing to a second outright upside wager that targets a meaningful advance over the next year. Taken together, the displayed large trades show concentrated demand for upside call exposure at strikes well above spot, indicating traders are positioning for a sizable move higher rather than focusing on income generation or downside protection. Overall sentiment is decisively bullish, as the bulk-order flow is dominated by aggressive call buying while the only opposing activity is a much smaller premium-collection call-selling structure, leaving the broader large-trade picture firmly tilted toward upside expectations.

Strategy Reference

For those seeking to sell premium with a low assignment probability, the $180.00 put in the nearest monthly expiration offers a strike roughly 22.60% below spot, aligning with a delta near 0.15 given the elevated IV environment.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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