Intel closed at $120.23, up 3.71%.

The session’s options flow leaned firmly bullish, headlined by an $18.11 million net debit call spread targeting further upside and a $1.28 million short put that underlines confidence in downside support. Together, the large trades show institutions positioning decisively for continued appreciation rather than hedging against a pullback, with the most capital-intensive structure built around the June 2028 expiration.

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Options Indicators

Intel’s implied volatility stands at 72.57%, and with an IV percentile of 58.17%, current volatility is in a neutral historical range rather than an extreme high or low. The IV/HV ratio of 0.99 suggests implied volatility is broadly in line with realized volatility, indicating options are fairly priced overall rather than showing a clear premium or discount.

The Call/Put volume ratio is 2.40, reinforcing the bullish tone visible across much of the order flow. Elevated call activity relative to puts points to traders favoring upside exposure, but the neutral IV level means they are not paying an exaggerated premium for that positioning.

Large Trades

A bullish call spread with a net debit of $18.11 million was the standout large trade, built by buying the June 16, 2028 $80.00 calls and selling the June 16, 2028 $130.00 calls in equal size. With the long $80.00 call already in the money and the short $130.00 call out of the money versus the $120.23 reference stock price, this structure expresses a defined-risk bullish view on further upside while capping gains above $130.00. The net debit indicates the trader was willing to pay premium for upside exposure, which is consistent with a directional bullish bet rather than income collection, and the use of a spread suggests confidence in appreciation but with a targeted range rather than an unlimited-upside call purchase.

A short put sale worth $1.28 million in the June 17, 2027 $80.00 strike was the other displayed large trade, and it also carried a bullish stance. Since the $80.00 put is out of the money relative to the $120.23 stock price, the trade suggests the seller is comfortable underwriting downside risk well below the current market in exchange for premium income. Strategically, this reflects either a willingness to accumulate shares at a much lower effective entry level or a view that the stock is unlikely to break materially below that strike by expiration, making it a moderately bullish to supportive positioning signal.

Overall, the large-trade flow points clearly bullish. The dominant activity was a sizable upside call spread financed as a net premium outlay, reinforced by multiple put-selling trades across the broader block flow, which typically signals confidence in price stability or appreciation rather than concern about a sharp decline. With bearish flow minimal and the biggest capital commitment aimed at upside participation over a long-dated horizon, institutional sentiment appears decisively constructive on INTC.

Strategy Reference

For traders seeking a lower assignment probability on the sell side, an out-of-the-money put such as the $95.00 or $90.00 strike in shorter-dated expirations may offer a balance of premium income and distance below support, while a bull call spread like the $120.00/$140.00 structure can capture upside with reduced margin versus a naked call purchase.