Intel closed at USD 112.50, down 3.18%. The session featured pronounced long-dated bullish options flow, highlighted by a $4.83 million net debit in 145.0 strike calls expiring January 2027 and a $1.31 million short put position at the 105.0 strike with the same expiry. Together, these trades point to institutional conviction in upside and limited downside risk over a multi-year window.

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Options Indicators

Intel’s implied volatility is 65.91%, while its IV percentile stands at 34.66%, which places current volatility conditions in a broadly neutral zone rather than an elevated one. With the IV/HV ratio at 0.96, implied volatility is also sitting slightly below historical volatility, suggesting option pricing is fairly balanced and not showing a notable premium versus Intel’s recent realized movement. The Call/Put volume ratio is 2.28, reflecting a broadly bullish tilt in overall options activity during the session.

Large Trades

A directional CALL buying combination with a net debit of $4.83 million was the standout large trade, consisting of two buy orders in the same 145.0 strike CALL expiring on 2027-01-15, for 6,400 contracts and 1,600 contracts respectively. With Intel referenced at 112.50, the 145.0 strike is out-of-the-money, so this structure represents an aggressive upside bet that requires a substantial rally over a long-dated horizon. Because both legs are CALL purchases at the same strike and expiry, this is best read as concentrated premium spending for directional exposure and potentially large upside convexity rather than premium collection, signaling a willingness to pay meaningful option premium for a bullish move.

A single-leg short PUT worth $1.31 million was the other highlighted large trade, involving the sale of 1,500 contracts of the 105.0 PUT expiring on 2027-01-15. With the stock above the strike at 112.50, the put was out-of-the-money at execution, making this a moderately bullish income-style position: the seller is expressing confidence that Intel can stay above 105.0 into expiration, while also being willing to accumulate shares effectively lower if assigned. Overall, the large-trade flow leans bullish, driven by the dominant long-dated upside CALL buying and reinforced by out-of-the-money PUT selling, which together suggest institutional participants are positioning for strength in Intel rather than preparing for a sustained downside move.

Strategy Reference

For a low assignment probability as a put seller, traders could consider the 90.0 strike in the same January 2027 expiration, which sits roughly 20% below the current price and aligns better with a cautious income strategy than the more aggressive 105.0 short put already observed. Alternatively, those preferring limited margin exposure could use a bull call spread at the 145.0/160.0 strikes expiring January 2027, capturing upside participation while capping the net premium outlay relative to outright long 145.0 calls.