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
65
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 Theta Report
Analysis based on market close April 7, 2026

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

You are viewing an older report from April 7, 2026. A newer theta report is available for May 22, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell short-dated defined-risk call credit spreads and cash-secured puts (skew toward selling calls given heavy call flow)
Invalidation: Close/reevaluate below $49.82 (2d EM lower guardrail) — sustained trade below $48 (max pain) invalidates bullish pin thesis
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned (Pinning, Bullish); +1 GEX positive; -1 spot 10.2% from MP

IV Environment

IV Regime
High
IV vs VIX
IV 73.4% vs VIX N/A — IV is very rich versus typical equity levels
Favorable?
Yes

Term structure: Term structure elevated across near-dates: 3d ATM 80.7%, 10d 68.7%, 17d 79.0% → front/intermediate curve is humped and volatile, favoring selling premium in 30–45 DTE wings where term vol still rich (45d ATM 68.2%)

💰Avg IV 73.4% — large edge for sellers
📈Dealer GEX +164.1M (pinning) increases probability of mean reversion to OI magnets near $50–$55

Pin Risk Assessment

Spot vs MP: Above (Pre-computed: Spot vs MP = Above). Current spot $52.91 is above near-dated max pain $48 (4/10) and $45 (4/17 & 4/24).

GEX regime: Pinning (GEX +$164.1M) — dealers are long gamma net and likely to damp large moves toward pin magnets

OI concentrations: Call walls: $55.00 (48,222 OI), $50.00 (44,136 OI) and heavy call premium flow at $50/$55/$60; Put clusters: $40.00 (25,948 OI), $35.00 (25,909 OI)

Verdict: Favorable — pinning regime supports defined-risk credit sells and CSPs as dealer hedging can keep price between $50–$55, but sellers must respect lower guardrails ($49.82/$48.11)

Premium Opportunities

#1
put spread (CSP style defined-risk)
Sell 5/22/2026 50/47.5 put spread (45 DTE)
45d ATM vol (68.2%) is still elevated; $50 has large call & put OI (44k/24k) and GEX +$15.9M at $50 acts as pin support. Defined-risk put spread limits assignment risk while collecting rich premium.
Credit: $0.90-$1.30
Max loss: $2.60
BE: ≈49.10
Mgmt: Take profits at 50–65% of max credit; roll down or close if price trades below $49.82 (2d EM lower guardrail) or if spread intrinsic >50% of max loss; cut at 80% of max loss.
#2
call credit spread
Sell 5/22/2026 55/57.5 call spread (45 DTE)
$55 is an active call OI wall (48,222) and GEX concentration +$19.5M at $55 (+4.0% from spot) is a short-term pin magnet. Selling the 55/57.5 spread sells rich call premium while keeping defined risk; flow shows net call buying at $55–60 which inflates call IV and widens spread edge.
Credit: $0.80-$1.10
Max loss: $1.90
BE: ≈56.30
Mgmt: Close at 50% of max profit; if INTC trades above $56.00 (near 1d/2d EM upper) consider rolling up/out; cut at 80% of max loss or on daily close above $57.50.
#3
iron condor
Sell 5/22/2026 short 50P / 55C with wings 47.5P / 57.5C (45 DTE)
High IV and pinning GEX create range between $48–$57 (1w EM $48.11–$57.71). Using defined-risk wings lets you collect elevated premium across both sides while respecting dealer magnets ($50/$55). Iron condor benefits from heavy call flow and elevated put skew.
Credit: $1.95-$2.50
Max loss: $3.05
BE: ≈46.05 / 58.55
Mgmt: Take profit at 40–60% of max credit; if short put tested (<$49.82) or short call tested (> $56.00), consider rolling that side out 1–2 strikes and 1–2 expirations; close entire condor if price breaks both EM bounds or hits 70% of max loss.
#4
covered call / buy-write
Buy 100 shares and sell 5/22/2026 55 call (45 DTE)
For capital-efficient income: collect elevated call premium at $55 (high OI and liquidity). Works with bullish flow and dealer pinning keeping price near current spot. Suitable for holders wanting yield and limited upside sell-off risk.
Credit: $1.50-$2.00
Max loss: unlimited (stock)
BE: $51.41
Mgmt: Close or roll call at 50% of max premium captured; if stock falls below $49.82 consider closing the covered leg or buying back call and selling nearer-term puts; trim stock exposure on >10% drop from entry.
#5
calendar (vol arbitrage)
Sell 4/17/2026 52.5 call, buy 5/22/2026 52.5 call (35–45 DTE split)
Term structure is bumpy (3d/10d/17d ATM spikes). Short the front-dated 52.5 call (high IV; GEX magnet at 52.5) and long the later to harvest front gamma/vol decay. Works when spot stays near $52–$53.
Debit: $0.10-$0.60
Max loss: Debit paid (~$0.10–$0.60)
BE: Timing/IV dependent; profits if near-term IV collapses and front leg decays faster
Mgmt: Close front leg for 60–80% profit of the carry; unwind entire calendar if spot moves >$2.50 from 52.5 or if front IV collapses unfavorably; cap loss at 100% of debit.

Risk Alerts

!Earnings on 2026-04-23 (16 days) — avoid naked positions through announcement; prefer defined-risk or close before the print.
!High IV (Avg IV 73.4%) can compress rapidly — watch for IV crush if macro/news or flows reverse.
!Pinning GEX (+$164.1M) can keep price near OI walls but sudden dealer hedging shifts or large directional flow can flip regime to trending.
!Near-term EM lower guardrails $49.82 (2d) and $48.11 (1w) — sustained trade below these levels threatens puts and CSPs.
!Unusual short-dated put activity at $52–$53 (multiple 4/10 & 4/17 entries) — possible institutional directional hedges; monitor trade prints before legging into short put trades.
How to Use These Reports
This theta reflects the market close on April 7, 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.