Palantir closed at $198.78, up 2.40%.

Large options flow leaned decisively bullish, led by a $4.58 million in-the-money call purchase. A smaller $0.60 million bear put spread provided limited offset. Overall activity suggests institutional traders are positioning for further upside rather than downside protection, reinforcing a constructive near-to-medium-term bias in Palantir’s options market.

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Options Indicators

Palantir’s implied volatility is 58.40%, and with an IV percentile of 45.02%, current option pricing sits in a neutral volatility regime rather than at a historical extreme. That suggests options are neither especially cheap nor especially expensive versus their own recent range, although the IV/HV ratio of 2.64 shows implied volatility is still running well above realized volatility, meaning the market is embedding a meaningful forward premium into option prices. The Call/Put volume ratio is 2.01.

Large Trades

A CALL purchase worth $4.58 million was the dominant large trade of the session, consisting of 1,532 contracts of the 170.0 strike calls expiring on 2026-10-16. With PLTR referenced at 198.78, these calls were in the money, making this a clearly bullish position that reflects willingness to pay substantial premium for continued upside exposure over a longer-dated horizon. The structure suggests conviction rather than short-term premium selling, as the buyer is positioning for further appreciation while already holding intrinsic value in the contract.

A bearish put spread with a net debit of $0.60 million was the other highlighted large trade, built through the purchase of 1,500 contracts of the 185.0 puts and the sale of 1,500 contracts of the 175.0 puts, both expiring on 2026-10-09. Because this combination includes a buy put and a sell put, it is a bear put spread rather than a synthetic position, and the trade expresses a defined-risk bearish view. Both legs were out of the money versus the 198.78 reference price, indicating a downside bet that PLTR could weaken toward the lower strike area by expiration, while the short 175 put helps finance the long 185 put and caps the maximum payoff range.

Overall, the large-trade flow was decisively bullish. The overwhelming feature in the tape was the very large in-the-money call buying, which strongly outweighed the relatively small bearish put spread and other modest opposing flow. That pattern points to institutional sentiment leaning positive on PLTR, with traders showing much greater interest in securing upside participation than in aggressively positioning for downside, so the broad conclusion from the bulk orders is a bullish near-to-medium-term stance.

Strategy Reference

For traders who prefer a higher probability of expiring worthless while riding the bullish institutional bias, selling a 140.0 put in a closer-dated monthly cycle could offer lower assignment probability, while those with limited buying power might consider a bull call spread using the 200.0 and 230.0 strikes to define risk more efficiently.