INTC Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

6 / 10

base 5; +1 for strong net bullish premium (+$60.3M); +1 for GEX/flow alignment (positive GEX supports pinning); -1 for mixed P/C ratio (0.92) and elevated IV (69%) indicating volatility and hedging.

Watch next session: Reaction near the $50 strike (major OI magnet); Follow-through in the $60C long-dated call buying; Any defensive put buying at the $47-$49 strikes

Flow Summary

Net premium: +$60.3M bullish

P/C volume ratio: 0.92 — mixed, slightly call-leaning

P/C OI ratio: 0.85 — moderate put lean in positioning

The flow has moderated from last week's explosive bullishness but remains net positive. Premium is strongly bullish, driven by call buying at $50-$60, but this is now being partially offset by notable put activity near the money, creating a more balanced, tactical picture. The market is grappling with high volatility while being pulled toward major OI strikes.

Notable Prints

INTC 5/15/26 $50 Put

Vol: 18,624

OI: 1,350

Vol/OI: 13.8x

IV: 67.6%

Notional: ~$1.86M (est. avg premium $0.10)

Intent: Fresh put selling (short put) or put buying to close

Dual read: Sold to open (bullish/neutral income) or bought to close (bullish unwind). The high volume vs. OI and ATM strike suggest new positioning.

Read-through: This is the most significant single print. 18.6k contracts at the $50 strike for May expiry is a major statement. Given the net bullish premium context and last week's theme of short puts, this is likely more short put sales, reflecting a belief that $50 will hold as support over the next 6 weeks. It provides bullish gamma support at a critical level.

INTC 11/20/26 $60 Call

Vol: 14,788

OI: 514

Vol/OI: 28.8x

IV: 65.2%

Notional: ~$2.96M (est. avg premium $0.20)

Intent: Fresh directional call buying (long call)

Dual read: Bought to open (bullish) or sold to close (bearish). The extreme vol/OI ratio and long-dated, OTM strike strongly favor new bullish speculation.

Read-through: A large, long-dated bullish bet targeting a ~19% move higher over 7.5 months. This is not a hedge or roll; it's a conviction play on sustained upside, likely tying into a longer-term fundamental thesis. It aligns with the massive net premium at the $60 strike (+$16.2M).

INTC 4/10/26 $50 Put

Vol: 7,477

OI: 181

Vol/OI: 41.3x

IV: 59.5%

Notional: ~$1.12M (est. avg premium $0.15)

Intent: Fresh put selling (short put) for premium or acquisition

Dual read: Sold to open. The ultra-high vol/OI ratio, near-term expiry, and ATM strike are hallmarks of a new, tactical short put position.

Read-through: This is a high-conviction, short-term bet that INTC stays above $50 through next week. It's a direct support play, adding to the bullish gamma at the current spot. The lower IV (59.5%) vs. the term structure suggests this is a premium harvest on expected volatility decay.

INTC 5/01/26 $37 Put

Vol: 2,523

OI: 322

Vol/OI: 7.8x

IV: 85.7%

Notional: ~$1.26M (est. avg premium $0.50)

Intent: Protective put buying (long put) or put spread leg

Dual read: Bought to open (bearish hedge) or sold to close. The very high IV and deep OTM strike (~26% below spot) point to a cheap, tail-risk hedge purchase.

Read-through: This is likely a hedge. In the context of overall bullish flow, buying deep OTM puts is a cost-effective way to protect a long stock or call position against a catastrophic drop. It's a signal of risk management, not a primary directional bearish bet.

Institutional Positioning

Call additions: $50-$60 calls across April-May and long-dated (Nov '26). The $60C for Nov saw massive premium influx (+$16.2M net).

Put additions: Minimal net put buying for protection. Notable put flow is concentrated in sales at $50 (short puts), not purchases. Small hedging seen in deep OTM $37P.

GEX/DEX consistency: Yes — Positive GEX (+$143.3M) indicates a strong 'pinning' or mean-reverting regime. This aligns with the flow of call buying and ATM put selling, which creates supportive gamma walls and should dampen volatility, pinning price near high-OI strikes.

OI clusters: Major Call OI: $40C (98K), $50C (71K), $70C (74K), $60C (51K). Major Put OI: $15P (55K), $30P (49K), $20P (49K). The $50 strike is now the key near-term magnet with large OI on both sides, creating a battleground.

Hedging evidence: Limited. The deep OTM put OI ($15, $20, $30) is legacy. The $37P buy is a small, efficient tail-risk hedge. The dominant put activity is short (sales), which is the opposite of protective hedging.

Max pain context: Spot ($50.38) is now 12% above the nearest max pain ($45 for 3/27). This is a significant shift from last week (spot below MP). The longer-term MP trend is falling ($45 to $40), but spot has aggressively rallied past it, suggesting strong momentum that may challenge the pinning forces of high OI at lower strikes.

Signal vs Noise

~The enormous legacy OI in deep OTM puts ($15P, $20P, $30P) and calls ($70C) is multi-year positioning and is noise for near-term directional analysis.

~High IV in the 4/24 expiry (72.5%) is likely related to the TBD earnings date of 4/23. Flow in that expiry may be earnings-driven speculation or volatility plays, not pure directional bets on the current trend.

~The $40 Call OI (98K) is a massive, likely multi-year position. Its high OI but low recent volume suggests it's not active in today's flow and acts more as a distant anchor.

Key Conclusions

📈Net bullish premium remains strong at +$60.3M, confirming institutional appetite for upside, though more tactically mixed than last week's explosive buying.

⚖️The battle line is drawn at $50. Large short put sales and call OI at this strike create a major support/resistance magnet, reinforced by positive GEX.

🎯Long-dated $60 call buying signals conviction in a sustained rally beyond near-term pinning, with a target ~19% above spot.

🛡️Elevated IV (69%) and deep OTM put hedging indicate underlying volatility concerns, tempering the pure bullish flow thesis.

Read the Flow analysis for INTC for 2026-04-02. 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.