thetaOwl

INTC

Intel CorporationClose $119.84EOD only
Max Pain
$107.00
Next expiry May 29, 2026
Expected Move
±$9.95
8.3% from close
Price Gap
-12.84
Distance to max pain
IV Rank
70
High premium
P/C OI
1.08
Balanced positioning
Consensus
7.5/10
Bullish tilt
Published snapshot: May 22, 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 22, 2026 close
INTC Flow Report
Analysis based on market close April 15, 2026

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

You are viewing an older report from April 15, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

BiasBullish
Confirmation: Sustained call-side premium demand (net premium staying 3e= +$50M) and continued short-dated call buying that drives dealer hedges to buy stock, pushing spot above the $65.00 GEX concentration into the $67D70 band.
Invalidation: A session of put-dominant net premium flow that flips net premium negative (below $0) or rapid sell-to-close/roll-down of the large short-dated call blocks (especially the Apr-17 67C and May-08 80C) that relieves dealer hedges and allows spot to slide below the $62.23 2-day EM lower bound.
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 incremental from large short-dated call prints increasing dealer delta sensitivity; -1 spot 29.9% from MP; +0.5 VIX 18

Watch next session: Follow-through in call premium and bid-lifts at the 65D70 strikes (volume and price action on 65/67/70 calls).; Trades or large prints on INTC260501C00069000, INTC260417C00067000, and INTC260508C00080000  particularly sales/rolls  which would indicate profit-taking or dealer unwind.

Flow Summary

Net premium: +$109.3M bullish

P/C volume ratio: 0.58

P/C OI ratio: 0.97

Flow is strongly bullish and more front-loaded than first reported: deterministic net premium is +$109.3M with call concentration at 55/65/70, and two very large short-dated call prints (Apr-17 67C Vol=14,085 OI=6,773 and May-08 80C Vol=14,670 OI=5,576) materially increase dealer delta exposure this week. Short-dated call pressure amplifies immediate hedging demand and reinforces GEX pinning in the $65D70 band, making near-term upside the path of least resistance unless a fast put-led unwind appears.

Notable Prints

#1
INTC260501C00069000
Vol: 12,556
OI: 101
Vol/OI: 124.3x
IV: 83.1%
Notional: ~$3.8M
Intent: Fresh directional call accumulation (opening buys or call-heavy vertical leg)
Dual read: Could be components of structured spreads, but the 124.3x volume-to-OI ratio and low OI (101) strongly favor large opening buys.

Read-through: Significant one-sided bullish signal into May-01; will force dealer hedging that supports upside into the 67D70 band if followed by more call demand.

#2
INTC260417C00067000
Vol: 14,085
OI: 6,773
Vol/OI: 2.1x
IV: 59.2%
Notional: ~$861K
Intent: Large front-week short-dated directional call activity (aggressive call buying or call spreads)
Dual read: Could be short-dated call rolls or dealer inventory trades, but size and volume indicate meaningful short-dated demand that forces immediate delta hedging.

Read-through: High-volume Apr-17 67C materially increases front-week gamma and dealer hedging needs, amplifying upward pressure around the $65 GEX concentration and making the 65D70 band more likely to act as a pin/short-term magnet.

#3
INTC260508C00080000
Vol: 14,670
OI: 5,576
Vol/OI: 2.6x
IV: 80.7%
Notional: ~$1.79M
Intent: Aggressive speculative or structured call accumulation (far-OTM call buys or call-heavy spreads)
Dual read: High IV and large volume at 80C suggest vol-driven speculation or part of larger directional structures; still represents significant notional and forces dealers to manage delta/gamma exposure out the chain.

Read-through: Adds medium-dated upside convexity and increases dealers' sensitivity to upside moves, reinforcing bullish bias and supporting call-driven pinning toward the 65D70 area.

#4
INTC260501P00062000
Vol: 2,941
OI: 354
Vol/OI: 8.3x
IV: 81.9%
Notional: ~$941K
Intent: Protective puts or hedging at the May-01 boundary
Dual read: Could be outright bearish puts or part of collars; the vol-to-OI suggests opening buys for downside protection.

Read-through: Meaningful but smaller than the large call blocks; tempers upside conviction but does not overturn it.

#5
INTC260417P00067000
Vol: 1,034
OI: 163
Vol/OI: 6.3x
IV: 59.0%
Notional: ~$310K
Intent: Front-week protective puts / immediate hedging
Dual read: Likely client-driven protection into expiry rather than speculative directional shorting.

Read-through: Will modestly increase front-week implieds on the downside; size is modest relative to short-dated call pressure.

Institutional Positioning

Call additions: Aggressive additions across short-to-mid expiries centered at $55.00, $65.00 and $70.00, plus large short-dated blocks (Apr-17 67C Vol=14,085 OI=6,773 and May-08 80C Vol=14,670 OI=5,576) indicating both tactical and structural upside exposure.

Put additions: Targeted protective buys at Apr-17 ITM 66/67 and May-01 $62.00; these are selective hedges that coexist with larger call accumulation rather than represent a directional bearish shift.

GEX/DEX consistency: Stronger consistency after including the large short-dated calls: positive GEX (+$157.9M) and the concentrated GEX at $65.00 (+$34.1M) now reflect even greater dealer delta exposure and sensitivity to upside moves, reinforcing pinning dynamics in the 65D70 band.

OI clusters: Largest OI remains call-heavy: $70.00 (multiple expirations with the single largest OI = 72,119), $55.00 (51,631), $65.00 (40,320). The influx of high-volume short-dated calls increases the effective gamma and delta pressure around these clusters, turning them into stronger short-term magnets/walls.

Hedging evidence: Clear evidence of front-week protective hedging (Apr-17 66/67 puts) alongside significant call accumulation  indicative of institutions layering downside insurance while aggressively adding upside exposure (collar-like pockets but net long calls).

Max pain context: Despite short-dated max pain points being lower ($50–55), current flow and GEX pinning are biasing dealer hedging to hold spot nearer $65. The falling MP trend (50→40 across expiries) is present but not driving near-term positioning which is dominated by call accumulation and positive GEX at $65–70.

Signal vs Noise

~Large far-dated Dec-18 $70 call OI is structural and not a same-session directional print — it represents longer-term positioning and should not be treated as immediate flow.
~Front-week April 17 ITM put prints (66/67) look like protective hedges into a near expiry rather than a broad bearish directional signal.
~High volume on low-priced short-dated calls (e.g., Apr-17 67C) will cause rapid dealer delta adjustments; some of this is market-maker inventory/gamma management rather than fresh directional conviction.
~The elevated IV term and presence of upcoming earnings (2026-04-23) mean some put activity (short-dated ITM puts) could be earnings hedging rather than outright bearish bets.

Key Conclusions

🐂Net flow is bullish: +$109.3M net premium with concentrated call buying at 55/65/70 — expect dealer hedging to support upside into the $65–70 band.
📌Pinning risk at $65.00: GEX +$34.1M concentrated at $65 and heavy call OI at $70 create a near-term magnet; watch whether spot holds above the 2-day EM lower bound $62.23.
🛡️Protective short-dated puts (Apr-17 66/67 and May-01 62) show selective hedging — institutions are buying downside insurance while maintaining net upside exposure.
How to Use These Reports
This flow reflects the market close on April 15, 2026.
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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.

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