NIO closed at $3.40, down 0.87%.

Large options flow was led by a bullish put spread that took in a net credit of $396,900, indicating a premium-collection stance rather than outright long premium buying. The trade centered on the $4.00 and $3.00 puts expiring January 15, 2027, with risk defined below $3.00. This positioned the block as a structural bet that NIO can hold above the lower strike over time, setting a cautiously optimistic tone despite the day’s modest share decline.

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Options Indicators

NIO’s implied volatility is 62.26%, while its IV percentile is 14.34%, which indicates that although absolute IV is not low, it sits near the lower end of its own historical range. In that context, options are relatively cheaply priced and current volatility conditions are on the low side versus what NIO options have typically reflected. With an IV/HV ratio of 2.12, implied volatility is still running well above realized volatility, showing that the options market is pricing in materially higher forward movement than what the stock has recently delivered.

The Call/Put volume ratio is 1.29.

Large Trades

A bullish put spread with a net credit of $396,900 was the standout large trade in NIO, built by selling the January 15, 2027 $4.00 put and buying the January 15, 2027 $3.00 put. This is a credit spread, so the trade size should be read from the net credit rather than the gross leg amounts, and the structure points to a premium-collection strategy with a bullish bias. With NIO referenced at $3.415, the short $4.00 put sits in the money while the long $3.00 put is out of the money, showing the trader is willing to take on downside exposure above $3.00 in exchange for upfront premium, while still defining risk with the lower-strike protective put. Strategically, this expresses a view that NIO can stabilize or improve over time and remain firm enough for the short put exposure to be manageable into expiration.

Overall, the large-trade flow in NIO leans clearly bullish. The only highlighted block was a bullish put spread established for net premium intake, which typically reflects confidence that shares will hold above the lower risk-defined area rather than break down materially. The absence of notable bearish large-trade activity reinforces that tone, suggesting institutional positioning is tilted toward cautious optimism, with traders preferring income-generating bullish structures over aggressive downside speculation.

Strategy Reference

For a low assignment probability, a seller could look at the January 2027 $2.50 put or lower, while those wanting to avoid the margin requirement of a short put may prefer the $3.00/$2.50 bull put spread as a defined-risk alternative.