Seagate closed at $697.97, rising 4.51%.
Large options flow reinforced the bullish tape: a $0.97 million four-leg collar-like vertical spread for November 20, 2026, and a $929 thousand deeply out-of-the-money put sale both pointed to confidence that Seagate can hold firm to higher. The combination of a risk-defined bullish structure with downside protection and a distant-strike premium sale suggests investors are positioning for continued strength rather than a material bearish breakdown.
>>Don’t Let Fees Quietly Eat Into Your Returns — Get up to SGD 200 in Options Rewards!
Options Indicators
Seagate’s implied volatility is 68.10%, while its IV percentile sits at 19.52%, indicating that although the absolute IV level is high, it remains low relative to its own recent history. In that context, volatility is on the cheaper side and options appear relatively inexpensively priced. The IV/HV ratio of 0.91 also suggests implied volatility is slightly below realized volatility, reinforcing the view that current option premiums are not especially rich.
The Call/Put volume ratio is 1.55.
Large Trades
A $0.97 million net-debit four-leg spread dominated the tape, combining a long 662.5/667.5 call vertical with a long 660.0/655.0 put vertical for the November 20, 2026 expiration. With the stock reference at 697.97, both call strikes were in the money and both put strikes were out of the money, making this a collar-like paired vertical structure rather than a synthetic position. The trade used the 662.5 call purchase against the 667.5 call sale to cap upside participation, while the 660.0 put purchase against the 655.0 put sale created a defined downside hedge; taken together as a net debit, the structure points to a controlled directional bet with protection, consistent with an investor seeking bullish exposure while limiting both upside and downside to a defined range into long-dated expiry.
A $929 thousand sale of the December 18 450.0 put was the other notable block, and with the strike far below the 697.97 stock reference it was deeply out of the money at execution. Selling such a low-strike put is typically a bullish premium-collection stance, expressing confidence that shares are unlikely to fall anywhere near that level by expiration and willingness to own stock only at a much lower effective entry point if assigned.
Overall, the large-trade flow leans clearly bullish. The biggest structure was a net-debit, risk-defined position that still preserved upside exposure while adding downside protection, and the additional large put sale reinforced a constructive outlook through premium collection at a distant downside strike. Taken together, the block activity suggests investors are positioned for Seagate to stay firm to higher rather than anticipating a material bearish breakdown.
Strategy Reference
For a lower assignment-probability premium sale, a trader may consider selling an even more distant December put such as the 400.0 or 420.0 strike; alternatively, a call spread using an out-of-the-money long 720.0/short 740.0 structure can express bullishness with defined risk and smaller margin than a naked call.