Credo Technology Group Holding Ltd closed at $167.75, down 1.65%.

A massive $5.99 million net-credit short strangle dominated CRDO’s options tape, with a large trader selling 2,820 Nov. 20, 2026 $210 calls and 2,013 Nov. 20, 2026 $150 puts. Both legs were out of the money at execution, signaling an income-oriented, range-bound posture rather than a breakout bet. The flow leans moderately bearish, with heavier call selling capping upside expectations.

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Options Indicators

CRDO’s implied volatility is 76.29%, but its IV percentile is just 5.98%, which indicates that despite the high absolute IV level, current option pricing sits near the low end of its own historical range. Combined with an IV/HV ratio of 0.67, this suggests implied volatility is relatively subdued versus realized volatility, and overall options appear cheaply priced rather than expensive at current levels. The Call/Put volume ratio is 1.91.

Large Trades

A premium-collection short strangle with a $5.99 million net credit was the standout large trade in CRDO, consisting of the sale of 2,820 Nov. 20, 2026 $210 calls and the sale of 2,013 Nov. 20, 2026 $150 puts. With CRDO referenced at $167.75, both legs were out of the money at execution, making this a classic volatility-selling spread structure rather than a directional breakout bet. The trader is taking in premium by selling upside exposure above $210 and downside exposure below $150, implying an expectation that CRDO will remain within a broad range into expiration, or at least that realized volatility will stay below what was priced into those options. Because this is a two-sided short premium position, the strategic intent looks centered on income generation and range-bound positioning, while accepting risk if the stock makes a large move in either direction.

Overall, the large-trade flow leans moderately bearish. Although the short put leg reflects some willingness to own or defend the stock at lower levels, the larger call-selling side carries more weight and suggests capped upside expectations. Taken together, the institutional activity points less to outright panic and more to a view that CRDO is unlikely to sustain a major rally, with traders favoring premium collection and a contained trading range rather than positioning for strong upside acceleration.

Strategy Reference

For traders seeking a similar low-assignment-probability sell, the Nov. 20, 2026 $220 call sits further above the $210 short strike and offers an added cushion with current IV near its historical low percentile; alternatively, a defined-risk bear call spread such as selling the $210 call and buying the $240 call can cap margin exposure while still monetizing the capped-upside view.