INTC Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 for massive net bullish premium (+$80.6M) and call-dominant P/C (0.64); +1 for GEX/flow alignment (positive GEX supports pinning near call walls); -0.5 for spot below max pain and elevated IV (70%) indicating volatility risk.

Watch next session: Spot reaction near the $45 max pain level; Follow-through in the $46-$48 put block sales; Any defensive call buying at the $50 strike

Flow Summary

Net premium: +$80.6M bullish

P/C volume ratio: 0.64 — call-dominant

P/C OI ratio: 0.86 — moderate put lean in positioning

The flow regime has intensified from bullish to aggressively bullish, with net premium exploding to +$80.6M. This is driven by massive call buying concentrated at the $45-$55 strikes, particularly the $50C. While the P/C OI ratio shows a legacy put lean, today's volume is decisively call-driven, suggesting institutions are positioning for a continued rally, likely targeting the max pain cluster at $45.

Notable Prints

INTC 4/2/26 $46 Put

Vol: 22,294

OI: 1,618

Vol/OI: 13.8x

IV: 57.2%

Notional: ~$2.2M (est. avg premium $0.10)

Intent: Large-scale put selling (short put)

Dual read: Sold to open (bullish/neutral) or bought to close (bullish). High volume vs. OI and proximity to spot suggest new sales.

Read-through: This is a significant bullish signal. Selling 22k+ puts just $1.87 below spot ($44.13) for Friday expiry is a high-conviction bet that INTC will not drop below $46. It's either a premium harvest or a synthetic way to get long stock. The notional risk is substantial.

INTC 4/2/26 $47 Put

Vol: 17,520

OI: 1,365

Vol/OI: 12.8x

IV: 54.8%

Notional: ~$1.75M (est. avg premium $0.10)

Intent: Large-scale put selling (short put)

Dual read: Sold to open (bullish/neutral). Part of a cluster with the $46P and $48P.

Read-through: Another block of short puts, forming a defensive wall from $46-$48 for the weekly expiry. This activity collectively represents a major institutional bet against a sharp drop, providing significant gamma support just below the market.

INTC 4/17/26 $47.50 Put

Vol: 8,609

OI: 101

Vol/OI: 85.2x

IV: 58.6%

Notional: ~$860K (est. avg premium $0.10)

Intent: Fresh put selling (short put)

Dual read: Sold to open. The extreme vol/OI ratio and elevated but not peak IV point to a new opening sale.

Read-through: Extends the put selling theme out to the April monthly expiry. Selling OTM puts 2.5 weeks out is a bullish income or acquisition strategy, reflecting confidence in stability or upside over that period.

INTC 4/2/26 $48 Put

Vol: 13,219

OI: 396

Vol/OI: 33.4x

IV: 52.5%

Notional: ~$1.32M (est. avg premium $0.10)

Intent: Large-scale put selling (short put)

Dual read: Sold to open, completing the $46-$48 short put wall.

Read-through: The highest strike in the weekly short put cluster. Selling these ~8.8% OTM puts for minimal premium (low IV) is a very bullish, almost outright directional bet that a significant drop is off the table in the short term.

Institutional Positioning

Call additions: Massive premium influx at $50C (+$17.3M net), $70C (+$13.7M), $55C (+$9.2M), and $45C (+$7.9M). This is concentrated buying in the $45-$55 zone for April/May.

Put additions: Minimal net put buying. The notable put flow is overwhelmingly sales (as seen in unusual activity), not purchases. Small defensive put premium at $38 and $46.

GEX/DEX consistency: Yes — Positive GEX (+$75.4M) indicates a 'pinning' or mean-reverting regime. This aligns with the flow thesis of call buying and put selling creating a supportive gamma wall, which should dampen volatility and pin price near high-OI call strikes like $45 and $50.

OI clusters: Major Call OI: $40C (98K), $50C (75K), $70C (83K). Major Put OI: $15P (55K), $30P (49K), $20P (49K). The $40 and $50 strikes are key magnets. The $45 max pain level for 3/27 is now a critical near-term target.

Hedging evidence: Very little recent protective hedging. The deep OTM put OI ($15, $20, $30) is legacy. The current put flow is dominantly short (sales), which is the opposite of hedging.

Max pain context: Spot ($44.13) is 1.9% below the nearest max pain at $45 (3/27). The flow and positive GEX are actively pulling price toward this level. The longer-term MP trend is downward ($45 to $40), but near-term gravity is higher.

Signal vs Noise

~The enormous net premium at the $70 Call (+$13.7M) and $50 Call (+$17.3M) is likely a mix of new bullish speculation and rolling/adjustment of the massive legacy OI (83K and 75K respectively). It is a strong signal but amplified by existing positioning.

~Deep OTM Put OI at $15, $20, $30: Remains noise for near-term direction. These are long-dated, cheap positions not indicative of current sentiment.

~The high IV in the 4/24 expiry (73.2%) is notable and may be related to the TBD earnings date of 4/23. Flow in that expiry could be earnings-driven positioning, not pure directional bets on the current move.

Key Conclusions

💰Net bullish premium exploded to +$80.6M, signaling a massive institutional bet on continued upside.

🛡️Large-scale short put blocks at $46-$48 for weekly expiry create a strong gamma support floor, limiting near-term downside.

🎯Price is being pulled toward the $45 max pain level, supported by positive GEX and call-focused flow.

⚡High IV (70%) and pinning GEX regime suggest explosive moves are less likely; expect controlled grind toward call walls.

Read the Flow analysis for INTC for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.