Oracle Options Signal Extreme Put Skew as Stock Dips—Bull Call Spots Emerge at $155 and $170

Oracle shares open at $142.78 on a bearish technical setup.Options call volume surges at $155 and $170 strike levels.Put-heavy open interest hints at deep bearish expectations ahead.

If you’ve been watching Oracle’s options flow today, you’re seeing one thing loud and clear—investors are leaning heavily into the bear. But beneath the pessimism, a few strategic opportunities are emerging for those willing to bet on a rebound. Let’s break it down.

Where the Money is Flowing: Calls at $155 and $170, Puts Drowning the Chain

Oracle’s options chain is packed with bearish energy. The put/call ratio for open interest is nearly even—0.95—but when you look at the OTM options with the highest open interest, the bearish sentiment is unmistakable. This Friday’s puts at $118, $110, and $115 have more than 15,000 contracts each open, while the top calls—$150, $155, and $170—pale in comparison.

But here’s where things get interesting: the next Friday (April 10) shows some bullish activity. The top two call options by open interest are at $155 and $170—meaning a growing number of traders are positioning for a bounce. The $155 strike is a key level in the middle of Bollinger Bands, while the $170 strike is closer to the 100D moving average. These aren’t random picks; they reflect where traders see potential turning points.

Block trading data is relatively quiet today—no whale-sized moves. But that means there’s less noise to muddy the picture. If Oracle breaks out of its bearish pattern, the $155 and $170 calls could be where the action starts to flow.

The News: AI Pushes, Layoffs, and Lawsuits—What It All Means for Sentiment

Oracle is in the middle of a high-stakes transformation. The recent 30,000-employee layoff to fund a $58 billion AI data center is both shocking and strategic. That kind of move is bound to send shares lower in the short term, and the stock has already dropped 25% year to date.

But it’s not all bad news. Oracle just announced a new AI data platform for the U.S. government, a market segment that could stabilize its revenue over time. And while lawsuits are circling over AI disclosure failures, the recent Q1 earnings beat—$1.79 per share—shows the company is still generating strong revenue, even as it burns through cash on data centers.

The market is trying to balance these extremes—aggressive growth at the cost of current stability. And for now, options traders are betting the bearish side has more legs left.

Actionable Trade Ideas: Strikes at $155 and $170, Plus a Bullish Stock Setup

Here’s where to focus your attention:

• Options Buyers: The ORCL20260410C155 and ORCL20260410C170 strikes are currently the top calls by open interest for next Friday. These are speculative but not reckless. Oracle is trading near the lower Bollinger Band at $138–140, and any reversal into the $145–150 range could trigger a pop in these contracts.

• The ORCL20260410C155 is closer to current price action and has more open interest. It could serve as a directional bet or a short-term swing trade.
• The ORCL20260410C170 is a more aggressive play—good if you expect a stronger rebound and are willing to wait for a break above the 100D average.

• Stock Traders: If you prefer direct exposure, look for an entry near $144.50—right where the 30D MA (149.01) and Bollinger Band (138.16) converge. That’s a key support zone. A close above $146.28 (intraday high) could signal a breakout. Initial targets are at $150.79 (middle Bollinger Band) and $155 (RSI level that could trigger a bounce). Stop-loss below $140.30 (intraday low) would be prudent.

• Bear Traders: If you’re on the other side of this trade and want to hedge, consider the ORCL20260410P118 or ORCL20260410P122 for protection. These are deep puts and offer downside coverage if the stock collapses further.

Volatility on the Horizon—What to Watch for Tomorrow

Oracle is at a crossroads. The bear case is already priced in—put-heavy open interest, falling RSI (35.13), and a negative MACD. But the RSI is getting close to oversold territory, and the stock is already near the lower Bollinger Band. That doesn’t mean a reversal is guaranteed, but it does mean a bounce could come sooner than expected.

If Oracle’s management can show some progress on the AI data center projects—especially with the government platform—it could shift sentiment in favor of the bulls. The next earnings report in Q2 2026 will be critical, as will be the next round of analyst guidance.

For now, the market is looking for clarity. And if the $155 and $170 calls get traction, we may see the first signs of a rebound. Keep your eyes on these strikes and the 100D MA—it could be the key to a new trend.