NEBIUS closed at USD 184.11, down 2.05%.
A mammoth $5.03 million short strangle dominated the session, selling the 180.00 put and 220.00 call expiring in August 2026, a premium-collection play targeting range-bound action. Despite this, overall large-trade sentiment leaned bullish, with $4.28 million in bullish flow outpacing $3.20 million in bearish bets, leaving a net bullish difference of $1.08 million.
>>>Click to claim your commission-free cards before trading!
Options Indicators
NBIS has an implied volatility of 118.47%, and with an IV percentile of 83.67%, its current volatility level sits in the elevated range, indicating that options are priced expensively relative to their own recent history. Although the IV/HV ratio of 0.71 suggests implied volatility is running below historical realized volatility, the high percentile still shows that listed options are carrying rich premiums on a relative basis, so buyers are paying up for exposure while premium-selling structures or defined-risk spreads may offer more efficient positioning. The Call/Put volume ratio is 1.13.
Large Trades
A net-credit two-leg short strangle worth $5.03 million was the largest displayed trade, consisting of the sale of the 180.00 put and the 220.00 call expiring on 2026-08-21, with the position taking in a net credit of $5.03 million. Both strikes were out of the money versus the $184.11 reference stock price, which points to a premium-collection strategy built around the view that NBIS will remain within a broad range into expiration. Strategically, this is primarily a volatility-selling and income-generating position rather than a pure directional bet, though the short put side adds a moderately constructive bias while the short call caps upside participation.
A bearish single-leg call sale worth $1.22 million was the second highlighted trade, with 1,628 contracts sold at the 230.00 strike for the 2026-08-21 expiration. This call was out of the money relative to the current stock reference, so the seller appears to be expressing the view that NBIS is unlikely to rally above that level by expiration, while also collecting premium upfront. As a standalone trade, it reflects a cautious-to-bearish stance on upside potential rather than an outright aggressively bearish wager.
Overall, large-trade sentiment leaned bullish, with total bullish flow at $4.28 million versus bearish flow at $3.20 million, leaving a net bullish difference of $1.08 million. The directional takeaway is modestly positive rather than strongly one-sided: while the largest individual structure was a premium-selling short strangle that emphasized range expectations, the full large-trade mix still skewed bullish because put-selling activity and upside call buying outweighed the bearish call-selling exposure. Taken together, the options flow suggests investors are generally constructive on NBIS but expect that upside may be controlled rather than explosive.
Strategy Reference
With elevated IV percentile, premium selling remains attractive; a trader looking to sell a put with low assignment probability could consider the 150.00 strike, which sits well below the current price and outside the range of the dominant short strangle, while a defined-risk bull put spread using that same strike can help limit margin requirements for those unwilling to sell a naked put.
Comments