Oracle Stock Sees $9M Put Surge as Traders Target $240 Gap

After a strong 2024 rally, Oracle’s momentum appears to be stalling. Despite the stock trading up slightly at $259.70, institutional players are positioning defensively ahead of a potential correction in early 2025. A massive $9.2 million options bet is now pointing toward $240 as the next significant level—where an unfilled price gap from earlier in the year still sits on the chart.

The Trade That’s Turning Heads

On October 31, market watcher Rocky – The Stock Trader Hub flagged unusual activity in Oracle’s options market: 6,220 put contracts targeting the $240 strike for January 16, 2026 expiry. Here’s what stood out:

• Volume: 6,220 contracts
• Open Interest: 5,393
• Average Fill: $14.87
• Total Premium: $9,247,552

The steady pricing around $15 per contract and execution in large blocks suggest institutional buyers accumulating positions—not just retail speculation. With Oracle trading roughly 8% above the strike, this looks like a calculated medium-term directional play rather than simple downside insurance.

What the Chart Is Saying

Oracle opened strong, pushing toward $264 before settling around $259. But during that same window, something interesting happened beneath the surface: Net Put Premium (red line) surged while Net Call Premium (green line) dropped—signaling a clear shift from bullish optimism to cautious positioning.

Even with a positive session for the stock, the options tape tells a different story. Traders are bracing for potential volatility or profit-taking in the weeks ahead.

The $240 target isn’t random. It corresponds to an unfilled gap left on Oracle’s chart from an earlier 2024 breakout. These gaps often act as magnets in technical analysis, pulling price back before the broader trend resumes. The January 2026 expiry gives this trade plenty of time to play out—it’s not a quick flip, but a strategic long-term bet.

Oracle has ridden the AI and cloud infrastructure wave, benefiting from data management partnerships and enterprise software demand. But as investors rotate out of stretched tech names and into defensive sectors, valuations are starting to look shaky across the industry.

With bond yields rising and the Nasdaq showing signs of fatigue, smart money may be locking in profits or positioning for a correction in high-flying tech stocks like Oracle.

The $9 million in long-dated puts on Oracle marks one of the biggest bearish options flows in recent weeks. While the long-term trend for ORCL remains intact, the options market is flashing a warning: the next big move could be a retracement toward that $240 gap zone. Traders are watching closely.