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QCOM

QUALCOMM IncorporatedClose $195.61EOD only

Max Pain

$195.00

Next expiry May 22, 2026

Expected Move

±$12.40

6.3% from close

Price Gap

-0.61

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.71

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects QCOM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

QCOM Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 strong bearish net premium & P/C ratio; +1 GEX pinning near spot; +0.5 max pain at $130 vs spot $128.78

Watch next session: $125 PUT OI (5,269) for defense; Flow in $150-$155 PUT zone from unusual activity

Flow Summary

Net premium: -$85.1M bearish

P/C volume ratio: 1.95 — extreme put-dominant

P/C OI ratio: 0.86 — moderate put lean

Aggressive put buying dominates flow, with net premium deeply negative. The volume ratio shows nearly 2 puts traded for every call, indicating strong directional bearish bets or significant hedging. Spot is pinned near max pain ($130) but below it, with gamma pinning forces present.

Notable Prints

QCOM 4/17 $150 Put

Vol: 2,810

OI: 280

Vol/OI: 10.0x

IV: 60.2%

Notional: ~$4.2M (2810 * 100 * $14.90 avg premium)

Intent: Fresh directional put buying or large-scale hedge

Dual read: Bought to open (bearish) or sold/covered (bullish)

Read-through: High IV (60.2%) suggests buying pressure. This is a deep OTM put (~16% below spot), making it a cheap hedge or a bet on a significant drop. The 10x volume/OI ratio confirms new positioning.

QCOM 4/10 $122 Put

Vol: 910

OI: 181

Vol/OI: 5.0x

IV: 38.7%

Notional: ~$1.1M (910 * 100 * $12.00 avg premium)

Intent: Near-term directional put buying

Dual read: Bought to open (bearish) or sold (neutral/bullish)

Read-through: Strike is ~5% below spot, expiring in 10 days. IV is in line with term structure, suggesting this is not a volatility play but a directional bet on a quick move lower. The 5x volume/OI ratio points to new bearish positioning.

QCOM 4/17 $155 Put

Vol: 800

OI: 139

Vol/OI: 5.8x

IV: 70.5%

Notional: ~$1.3M (800 * 100 * $16.50 avg premium)

Intent: Fresh directional put buying (paired with $150P)

Dual read: Bought to open (bearish) or sold (bullish)

Read-through: Extremely high IV (70.5%) indicates strong buying pressure for downside protection or speculation. This, combined with the $150P print, suggests institutional positioning for a move below $150.

QCOM 5/1 $135 Call

Vol: 291

OI: 119

Vol/OI: 2.5x

IV: 41.9%

Notional: ~$120k (291 * 100 * $4.10 avg premium)

Intent: Covered call writing or call spread leg

Dual read: Sold to open (neutral/bearish) or bought (bullish)

Read-through: Small notional relative to put flows. Given the overwhelming bearish context, this is more likely a covered call sale (yield generation) or a call credit spread leg than a bullish bet.

Institutional Positioning

Call additions: Minimal. Top premium flow is overwhelmingly put-driven.

Put additions: Concentrated in $150-$155 (April) and $122 (April) strikes. Large OI at $125 Put (5,269) acts as a near-term support/magnet.

GEX/DEX consistency: Yes — Positive GEX ($2.2M) indicates net long gamma, consistent with pinning near max pain ($130). However, flow is bearish, suggesting institutions are hedging long delta exposure with puts.

OI clusters: Major call OI at $260 (5,391) and $300 (5,029) — far OTM and likely legacy. Major put OI at $125 (5,269) and $145 (4,859). This creates a put wall at $125 and a call wall far above at $260+.

Hedging evidence: Strong evidence. Large, high-IV put buys at $150 and $155 (April) are classic protective puts for institutional long portfolios. The $122 put (April) could be a nearer-term hedge.

Max pain context: Spot ($128.78) is just below near-term max pain ($130 across multiple expiries). The rising max pain trend ($130 → $140+) suggests option writers are positioning for a gradual recovery, but current flow is fighting that.

Signal vs Noise

~Far OTM calls ($260, $300) with high OI but negligible volume are legacy positions, not new flow.

~The $135 Call (5/1) activity is small notional and likely a covered call or spread leg, not a directional bullish signal.

~Top premium flow strikes ($195, $200) show massive net negative premium, but these are likely low-probability, far OTM puts used for tail-risk hedging or defined-risk bearish spreads, not direct spot bets.

Key Conclusions

🐻Flow is aggressively bearish: -$85M net premium, P/C ratio 1.95

📌Gamma pinning at $130 (max pain) conflicts with bearish flow, creating tension

🛡️Institutions are buying high-IV puts ($150-$155) as protection, not just speculation

🎯Key level to watch: $125 (large PUT OI & estimated gamma flip). Break below confirms flow thesis.

How to Use These Reports

This flow reflects the market close on March 31, 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.