Palantir closed at $209.00, down 0.02%.

Options activity showed a nuanced large-trade picture, with the biggest print a $5.68 million put sale and a contrasting $1.96 million put buy on the same long-dated $160.00 strike. The dominant premium-selling block suggests constructive positioning below the market, while the defensive purchase adds a layer of caution. Net block flow still leaned mildly bullish, with investors selling downside rather than aggressively chasing protection at current levels.

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Options Indicators

Palantir’s implied volatility stands at 59.97%, and with an IV percentile of 51.39%, current option volatility is sitting in a neutral range rather than at an extreme. That suggests options are neither especially cheap nor notably expensive versus their own recent history, even though the IV/HV ratio of 2.35 indicates implied volatility is running well above realized volatility and the market is still embedding a meaningful premium for forward uncertainty.

The Call/Put volume ratio is 1.21.

Large Trades

A put sale worth $5.68 million was the largest displayed block, with 19,403 contracts sold on the December 18, 2026 $160.00 put. With PLTR referenced at $209.00, this strike sits out of the money, making the trade a moderately bullish to neutral income-style position: the seller is expressing confidence that shares can stay above $160.00 into expiration while collecting premium, and would only be pressured if the stock breaks materially lower. The scale of the trade suggests a willingness to underwrite downside at a much lower level than spot, which is typically interpreted as constructive sentiment rather than an outright bearish bet.

A put buy worth $1.96 million was the second displayed large trade, covering 7,000 contracts of the same December 18, 2026 $160.00 put. This strike is also out of the money versus the $209.00 reference price, so the buyer is paying for downside protection or positioning for a sharp bearish move over a long-dated horizon. While the trade is clearly defensive or bearish in isolation, the broader large-trade flow still leans bullish overall: the biggest print was premium-selling below the market, and even with additional put buying present in the full tape, the block activity points to a market willing to sell downside exposure at lower levels. Taken together, the large-order picture supports a mildly bullish conclusion, with investors appearing cautious but still broadly constructive on PLTR’s longer-term price outlook.

Strategy Reference

For premium sellers seeking low assignment probability, the $140.00 put in the same December 18, 2026 expiration offers an even deeper out-of-the-money alternative with reduced tail exposure; alternatively, a put credit spread such as selling the $160.00 put and buying the $130.00 put could lower margin requirements while retaining a bullish-to-neutral income profile.