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INTC

Intel CorporationClose $111.78EOD only

Max Pain

$111.00

Next expiry Jun 5, 2026

Expected Move

±$3.87

3.5% from close

Price Gap

-0.78

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.04

Balanced positioning

Consensus

8.0/10

Bullish tilt

Published snapshot: Jun 4, 2026 close

End-of-day snapshot

This page reflects INTC options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 4, 2026 close

INTC Directional Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Bearish bias driven by negative dealer gamma, spot below max pain ($110), and high volatility regime. Heavy put OI concentration near $70 signals downside pressure. However, strong dealer long delta (+201M shares) and oversold conditions after sharp decline may slow the selloff. Mixed flow offers no clear catalyst, favoring a grind lower toward support zones.

Confidence:

6.5 / 10

Base 5; negative gamma amplifies (+2), flow mixed (no clear direction), spot 9.8% below MP (-1), VIX elevated (+0.5). Accept pre-computed score of 6.5 as formula captures all factors.

Supports: Dealer long delta (+201M shares) provides structural support; 1w low at $89.57 and 2w support at $86.59 act as floors; oversold conditions may trigger bounces.
Conflicts: Mixed flow offers no clear buy/sell signal; strong delta long may slow downside; market-wide selloff (QQQ -4.8%) could reverse if risk appetite returns.

📉Negative GEX (-45.1M) suggests dealers hedge by selling into weakness, accelerating declines.

🔻Spot below max pain $110 with heavy put OI at $70 indicates downside target zone.

⚠️Dealer long delta (+201M shares) may cushion falls near support levels.

Regime Classification

Vol Regime

High

Volatility is High (regime classification) with VIX at 21.5 and sharp moves in QQQ/SPY. INTC likely experiencing elevated realized vol, supporting continued large swings.

Gamma Regime

Trending

Gamma is Trending (negative gamma -$45.1M). Dealers are short gamma, meaning they hedge by selling during drops and buying during rallies, amplifying directional moves. Gamma flip at ~$70 (put OI concentration) acts as strong support/resistance.

Flow Regime

Mixed

Flow is Mixed. No dominant net premium direction. P/C ratios not provided, but heavy put OI suggests bearish positioning, yet dealer delta long implies some hedging.

Spot vs Max Pain

Below

Spot is Below max pain ($110 for weekly expiry). Distance of ~9.8% indicates bearish pressure and increased likelihood of pin to higher strike? Actually below MP typically pulls price toward MP, but with negative gamma, could accelerate away.

Thesis duration: Multi-week — Price ranges extend to 2 weeks; expiration cycles (weekly and monthly) provide structural pressure; dealer gamma negative persists across tenors. No event-specific catalyst, so trend likely continues over coming weeks.

Price Range Forecast

Next 1 week

$89.57$108.77

Range $89.57-$108.77. Negative gamma and below-MP spot favor testing lower bound. Resistance at $108.77 (1w high) unlikely to break.

Next 2 weeks

$86.59$111.74

Range $86.59-$111.74. Support at $86.59 key; gamma flip at $70 far below. Upside capped by dealer delta hedging and vol.

Key Levels

Max pain pins: $110 (2026-06-05); $109 (2026-06-12); $50 (2026-06-18)

EM guardrails: 1w $89.57/$108.77

Support: $86.59

Resistance: $111.74

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 34,357 (29.4% below spot)

Structural: Max pain pins: $110 (Jun5), $109 (Jun12), $50 (Jun18). EM guardrails: 1w $89.57/$108.77. Support: $86.59 (2w low). Resistance: $111.74 (2w high). Gamma flip: ~$70 (based on 34,357 put OI, 29.4% below spot).

Dealer Positioning (GEX/DEX)

GEX: $-45.1M

DEX: +201.4M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 34,357 (29.4% below spot))

NTM gamma: GEX: -$45.1M (negative). DEX: +201.4M shares (long delta). Gamma flip: ~$70 (put OI concentration). Negative gamma amplifies moves; long delta provides broader support.

IV Analysis

IV vs VIX: IV is rich compared to VIX (21.5) given INTC's high beta and recent sharp decline. Elevated IV reflects fear and potential for continued large moves, making options premium expensive for buyers.

Term structure: Front-end elevated due to weekly expiration (Jun5) and high near-term vol. Back-end flatter as event risk diminishes. Slight kink near monthly expiry (Jun18) due to max pain at $50.

Skew: Put skew elevated: puts are pricier than calls given bearish sentiment and heavy put OI. Opportunity: selling put spreads near $70 support (gamma flip) to capture high premium with defined risk.

Flow Analysis

Net premium: Net negative premium of -$38.9M with put/call volume ratio 0.84 (calls heavier) but OI ratio 1.04 (puts higher OI), indicating mixed flow but net selling pressure.

Directional prints: 145.3 put 55 OTM 2026-06-12 — Vol/OI 37.5x, high IV. OTM put bought as bearish hedge or speculative bet on further downside; likely bought given low OI. 85 call 120 OTM 2026-07-02 — Vol/OI 34.1x, IV 85%. OTM call bought (vol>OI) as bullish lottery ticket on recovery; sold if part of risk reversal.

Unusual: 500 call 53 ITM 2026-06-05 — Vol/OI 10.3x, IV extreme (capped at 500%). Deep ITM call with large premium; likely exercised or part of complex spread, not directional flow.

Risks & Catalysts

!Broader tech rally if QQQ recovers, invalidating sector weakness.

!Dealer long delta (+201M shares) provides natural buying support, limiting downside.

!Earnings or corporate event (none imminent) could shift sentiment abruptly.

!Gamma flip at $70 may act as magnet if spot trades lower, causing acceleration.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Strong	Buy 2026-07-17 $105.00/$95.00 put spread Why now: Defined-risk debit spread profits from further downside while limiting cost and tail risk.	Upside from dealer long delta (+201M shares) supporting a bounce.
Long put	Moderate	Buy 2026-07-17 $92.50 put Why now: Negative dealer gamma, high IV, bearish flow support further decline.	Time decay accelerates if stock consolidates; IV could contract.
Bear put spread	Moderate-Strong	Buy 2026-07-17 $100.00/$87.50 put spread Why now: High OI at 95 put provides support; spread on 100/95 targets decline while limiting tail risk.	Limited profit if stock drops sharply beyond lower strike.
Call credit spread	Moderate-Weak	Sell 2026-07-10 $118.00/$135.00 call spread Why now: Implied volatility elevated; call credit spread profits if stock stays below short strike.	Short call gamma risk if stock rallies sharply despite bearish bias.

Top Plays

Long Put on INTC

Buy 2026-07-17 $92.50 put

Long put to capitalize on bearish momentum and elevated implied volatility.

Why this play: Directly profits from bearish thesis; high IV and negative dealer gamma favor further downside despite dealer long delta support.

Debit: $6.48-$7.92

Max loss: $7.92

BE: $84.58

Mgmt: Monitor support near $70; consider trailing stop or take profit on volatility spikes.

Aggressive traders seeking high reward with defined risk of premium paid.

Bear Put Spread 105/95

Sell 2026-07-10 $118.00/$135.00 call spread

Bear put spread profits from decline to $95 while limiting tail risk and cost.

Why this play: Defined-risk spread targeting $95 support, lower cost than long put with similar directional view.

Credit: $1.89-$2.31

Max loss: $14.69

BE: $120.31

Mgmt: Exit if stock recovers above $110; consider rolling if time decay accelerates.

Traders wanting defined risk bearish exposure with a specific target.

Bear Put Spread 100/87.5

Buy 2026-07-17 $100.00/$87.50 put spread

Bear put spread targeting $87.50 for a deeper move, leveraging high OI at $95 put for support.

Why this play: Wider spread captures more downside potential with defined risk, suitable if expecting a sharper decline.

Debit: $5.22-$6.38

Max loss: $6.38

BE: $93.62

Mgmt: Monitor support at $95; adjust strikes if stock stays above $100.

Traders anticipating a significant drop beyond $95.

Watchlist Triggers

Entry Triggers

IFIF INTC price breaks below $100 → THEN buy 2026-07-17 $105/$95 put spread (entry range 5.15-6.30)

IFIF INTC price falls below $95 → THEN buy 2026-07-17 $92.50 put (entry range 6.48-7.92)

IFIF INTC price trades below $100 with bearish momentum → THEN buy 2026-07-17 $100/$87.50 put spread (entry range 5.22-6.38)

Tactical Summary

Bearish bias driven by negative dealer gamma and heavy put OI at $70. Key support $86.59, resistance $111.74. Favor defined-risk put spreads targeting $95-$87.50. Monitor for earnings on 2026-07-23.

How to Use These Reports

This directional reflects the market close on June 5, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.