SK hynix ended the session at USD 188.30, down 5.20%.

Options flow was dominated by a single USD 10.60 million double call sale expiring on December 18, 2026. The trade involved selling 1,326 contracts of the 150.0 call and 2,652 contracts of the 225.0 call, creating a large net credit while capping upside participation. This institutional-sized premium collection structure sets a decisively neutral-to-bearish tone for SKHY into 2026.

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Options Indicators

SKHY’s implied volatility stands at 66.90%, while its IV percentile is just 16.67%, which indicates that although the absolute IV level appears high, it is low relative to its own historical range. Combined with an IV/HV ratio of 1.02, options look fairly aligned with realized volatility and, on a relative basis, are cheaply priced rather than stretched. This suggests current option premiums are on the low side compared with where they have typically traded.

The Call/Put volume ratio is 0.81.

Large Trades

A call spread premium-selling strategy worth USD 10.60 million dominated the tape, structured as a same-direction double call sale expiring on December 18, 2026, and carrying a neutral-to-bearish tone. The trader sold 1,326 contracts of the 150.0 call, which is in the money versus the USD 188.30 reference stock price, and simultaneously sold 2,652 contracts of the 225.0 call, which is out of the money, for a combined net credit of USD 10.60 million. This is best understood as a call spread-style premium collection trade designed to monetize time decay and cap upside participation, suggesting an expectation that SKHY remains contained rather than stages a major rally into expiration. The in-the-money short 150.0 call adds meaningful bearish or overwrite-like pressure, while the additional short 225.0 call reinforces the view that upside is seen as limited.

Overall, the large-trade flow points clearly bearish. The dominant transaction by far was a sizable call premium-selling structure with neutral-to-bearish characteristics, and the broader bulk-order mix also leaned to the downside despite a few smaller put sales and one modest call purchase. In short, institutional-sized activity appears to favor muted or capped upside, with traders showing greater interest in harvesting premium and expressing skepticism toward a strong advance than in positioning for sustained bullish momentum.

Strategy Reference

For a defined-risk bearish expression, a put debit spread such as buying the 180.0 put and selling the 170.0 put expiring in the nearest monthly cycle offers controlled exposure with lower capital outlay than naked positioning; alternatively, premium sellers could consider selling the 250.0 call for a lower assignment probability while keeping the neutral-to-bearish bias intact.