Palantir Technologies Inc. closed at USD 179.92, down 3.47 percent from the previous close.

Large options trades on Palantir captured attention with a sizable bullish put spread generating a net credit and a notable bearish put spread showing a net debit, reflecting a mixed but overall moderately constructive institutional tone as traders positioned for support while also hedging downside risk.

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

Options Indicators

PLTR’s implied volatility is 50.72%, while its IV percentile is just 12.30%, which places current option pricing in the low end of its historical range and suggests volatility is relatively subdued. With the IV/HV ratio at 1.01, implied volatility is very close to realized volatility, indicating options are priced fairly rather than showing a meaningful premium or discount versus the stock’s actual movement. Overall, PLTR options appear cheaply priced from a historical percentile perspective, with current implied volatility broadly aligned with recent realized volatility.

The Call/Put volume ratio is 0.98.

Large Trades

A bullish put spread with a $352.40 thousand net credit stood out as one of the day’s largest displayed trades. In this structure, traders sold the 180.0 put and bought the 170.0 put for the 2026-09-11 expiration, defining a classic bull put spread. With PLTR referenced at 179.92, the short 180.0 put was in the money while the long 170.0 put was out of the money at the time, showing a moderately bullish stance that seeks premium collection while expressing confidence the stock can hold near or above the spread area over time. The net credit indicates the trader was paid upfront to assume limited downside risk, which is typically consistent with a constructive outlook rather than an outright aggressive upside chase.

A bearish put spread with a $197.90 thousand net debit was the other key displayed trade. Here, the trader bought the 180.0 put and sold the 175.0 put for the 2026-09-11 expiration, creating a bear put spread that benefits from downside movement while capping gains below the lower strike. With PLTR at 179.92, the long 180.0 put was in the money and the short 175.0 put was out of the money, making this a defined-risk bearish directional bet rather than a pure volatility sale. The premium paid upfront shows the trader was willing to spend for downside protection or speculative bearish exposure, suggesting concern that PLTR could weaken from current levels into that expiration window.

Overall, the large-trade flow leans bullish on balance. Although the presence of a sizable bear put spread shows some traders are actively positioning for downside or hedging against weakness, the broader block activity is characterized more by premium-selling structures and bullish put exposure, which usually reflects confidence in price support and a willingness to get paid while taking limited downside risk. Taken together, the figures point to a moderately constructive institutional tone, with bullish sentiment outweighing bearish positioning even as some caution remains.

Strategy Reference

For a low assignment probability, a seller could consider the 145.0 put for the 2026-09-11 expiration, which sits well below the current price and benefits from the low IV percentile and fair IV/HV reading while reducing early assignment risk.