ORCL (ORCL) options memo

ORCL +19% WTD but 50% Off 52-Week High as Term Structure Pins $175–$200

The Read

ORCL is down 3.65% today at $150.52.

Options traders lean neutral into 2026-08-14, and neutral further out.

A move through $129.58 would change how dealers hedge this stock.

Key numbers

• Spot: $150.52
• Lean: conflicted
• Nearest expiry: Fri 9/11
• Implied move: 14.2%
• ATM implied volatility: 271.1%
• Max pain: $155.00
• Pin strike: $175.00
• Gamma flip: $174.77
• Dealer positioning: SHORT GAMMA
• Call wall: $175.00
• Put wall: $150.00
• Put/call open interest: 0.790

Signals

• Options: Spot at $171.20. The 2-DTE expiry pins at $175 (PCR 0.463); the 9-DTE expiry pins at $200 (PCR 0.452); the 44-DTE expiry pins at $170 (PCR 0.177), the only pin at or below spot; the 64-DTE expiry returns to $200 (PCR 0.639). IV ranges 55.1–66.1% across the term structure. Call-heavy flow dominates all expiries, most pronounced at 44 days.
• Price action: Oracle Corp. trades at $171.20, up 19.17% WTD and 17.88% MTD following a sharp recovery, yet remains 50.48% off its 52-week high and down 12.52% YTD. Relative underperformance versus SPY stands at -14.18 points and -15.05 versus QQQ, placing it among the wider laggards on a YTD basis despite the recent weekly move.
• Fundamentals: Oracle Corp. trades at 29.8x earnings and 22.84x book, with a 25.3% net margin. The P/E sits between MSFT (24.4x) and FTNT (31.3x), well below NOW (54.7x) and PANW (104.9x). Post-earnings drift has been negative in 2 of the last 3 prints (-2.29% and -3.65% over 5 days), though 3 of 4 prior periods showed positive post-drift.
• News: 40 news items over 14 days with a maximum impact score of 9. The highest-impact item is Oracle Corp.'s Q3 2026 earnings report (March 11), citing a 44% cloud revenue increase and raised guidance. A pre-earnings setup piece from CNBC also scored 9. The third-ranked item is unrelated analyst action on Bloom Energy, reflecting limited fresh Oracle-specific catalysts since March.