OPTIONS FLOW$SKHYSK hynix Inc.Open ticker analysis →
$35.3M moved through SK hynix Inc. ($SKHY) options on Friday in a 2-leg trade built around the $200 strike. The legs lean bearish: the bought side profits as SK hynix falls, and the sold side helps pay for it.
What happened
The legs printed together midday, around 1:10 p.m. ET on Friday, October 16, with $SKHY near $138.61, for $35.3M in combined premium across 6,800 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader paid about $17.27M to put the position on. The sold legs mean the risk does not stop at that debit if the stock moves hard against them.
- SKHY Jun 16, 2028 $200 Put: 3,400 contracts at $77.31 (bought)
- SKHY Jun 16, 2028 $200 Call: 3,400 contracts at $26.51 (sold)
Why it matters
A straddle pairs a call and a put at the same strike. Bought, it pays on a big move in either direction; sold, it pays if the stock stays put.
Net of all legs, the structure behaves like being short roughly 355,500 shares of SKHY, about $49.28M of stock exposure.
Every leg shares the $200.00 strike (44.3% above the stock), so the trade is about timing at one level rather than a move to a new one.
With 609 days until Jun 16, 2028, this is a long-dated position measured in years, the kind of trade built around a thesis rather than the next headline. Implied volatility ran around 57%, elevated, which means traders are paying up for movement.
Over the last 12 sessions $SKHY has traded between $135.80 and $195.97 and is down 26.1% over that stretch. The stock came into this trade near the bottom of that range.
The numbers
| Structure | Straddle (2 legs) |
|---|---|
| Lean | Bearish |
| Expirations | Jun 16, 2028 (nearest in 609 days) |
| Strikes | $200 |
| Contracts | 6,800 |
| Total premium | $35.3M |
| Net cost | $17.27M debit |
| Stock at the trade | $138.61 |
Three ways this could play out
Bullish continuation
A move through $200.00 puts $SKHY above every strike. For a structure leaning bearish, that is the worst case.
Bearish rejection
A drop under $200.00 takes $SKHY below every strike. That is where this bearish structure pays the most.
Neutral stabilization
If $SKHY settles near $200.00 into Jun 16, 2028, a short straddle collects its premium and a long one bleeds.
What to watch next
- $200.00: the shared strike this trade is built on.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Jun 16, 2028: expiration, 609 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $135.80 and $195.97: the edges of SKHY’s recent trading range.
