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INTC

Intel CorporationClose $118.96EOD only

Max Pain

$109.00

Next expiry May 22, 2026

Expected Move

±$7.97

6.7% from close

Price Gap

-9.96

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.09

Balanced positioning

Consensus

7.0/10

Bullish tilt

Published snapshot: May 20, 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

May 20, 2026 close

INTC Flow Report

Analysis based on market close April 2, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 2, 2026. A newer flow report is available for May 20, 2026.

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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.

How to Use These Reports

This flow reflects the market close on April 2, 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.