Intel Corporation closed at USD 87.26, declining 3.12%, after opening at USD 88.86 and moving between USD 85.14 and USD 88.91 during the session. The options tape showed notable institutional-sized positioning, with a USD 9.10 million bull put spread and a USD 2.27 million synthetic long leading the flow. These structures point to traders using the pullback to express longer-dated constructive views rather than chasing immediate upside, with credit-based strategies dominating the most significant premium concentrations.

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Options Indicators

INTC’s implied volatility is 63.82%, while its IV percentile stands at 28.69%, indicating that although the absolute IV level appears relatively high, it is still sitting near the lower end of its own historical range. In other words, option volatility is on the low side and contracts are currently cheaply priced relative to where they have traded over time. The IV/HV ratio of 0.87 further suggests implied volatility is running below realized volatility, reinforcing the view that current option pricing is not especially expensive.

The Call/Put volume ratio is 1.74.

Large Trades

A bullish put spread with a USD 9.10 million net credit was the largest displayed trade, built by selling the September 18, 2026 USD 110.00 put and buying the September 18, 2026 USD 85.00 put for the same 4,800-contract size. With INTC referenced at USD 87.26, the short USD 110.00 put was in the money while the long USD 85.00 put was out of the money, making this a classic bull put spread established for premium intake. The trader is effectively expressing a constructive-to-moderately bullish view that INTC can hold above the lower-risk zone over time, while the purchased USD 85.00 put caps downside exposure and defines the risk of the position.

A synthetic long worth USD 2.27 million was also highlighted, created through buying the September 18, 2026 USD 100.00 call and selling the September 18, 2026 USD 90.00 put in 2,500 contracts each. Based on the preprocessed trade amounts, the synthetic call size is the sum of both legs, with the USD 1.85 million short put and the USD 422,500 long call combining into a bullish stock-replacement structure, while the package was opened for a USD 1.43 million net credit. Given the USD 87.26 reference price, the short USD 90.00 put was in the money and the long USD 100.00 call was out of the money, showing a trader willing to accept downside assignment risk in exchange for leveraged upside participation if INTC strengthens over the longer dated horizon. Overall, the large-trade flow leans clearly bullish: the biggest premium concentrations were tied to bullish structures, especially credit-based positioning that suggests confidence in downside support and willingness to get long on weakness, while the aggregate block sentiment also points to a constructive outlook rather than defensive hedging.

Strategy Reference

For a low assignment probability, a seller could consider the September 18, 2026 USD 65.00 put, which sits far below the USD 85.00 protective floor seen in the largest bull put spread and offers a wider margin of safety; alternatively, a bull call spread using the USD 95.00/USD 105.00 strikes would cap margin requirements while still participating in a recovery above the USD 90.00–USD 100.00 zone highlighted by the synthetic long.