Option Focus | Bullish Bets on Intel Gain Momentum as Traders Pile Into $195 Calls While Using Longer-Dated Puts to Hedge Tail Risk

Intel shares closed at $118.96, up 7.36% on the session. Following the stock’s sharp recent rally, investor sentiment has turned increasingly bullish. Activity in the options market has also accelerated, with large block trades over the past three sessions dominated by call buying. One trade involving nearly 10,000 contracts of $195 strike calls drew particular attention.

Options Indicators Point to Elevated Bullish Positioning

Implied volatility (IV), a key gauge of expected future price swings in the options market, currently stands at 88.08% for Intel options. The stock’s IV percentile has climbed to 99.20%, indicating that implied volatility is near historical extremes.

The elevated readings suggest traders are pricing in significant future price movement, making options comparatively expensive on a historical basis.

At the same time, the call-to-put volume ratio stands at 1.99, meaning call trading volume is nearly double that of puts. The imbalance underscores a bullish tilt in market sentiment, with investors showing greater willingness to position for additional upside in the stock.

Large Options Trades Reveal Aggressive Upside Bets

Recent block-trade activity points to a clear institutional trading pattern. The dominant theme has been the purchase of out-of-the-money call options to capture further upside potential.

At the same time, traders also executed a longer-dated deep out-of-the-money put purchase as a tail-risk hedge, alongside one notable sale of out-of-the-money calls aimed at collecting premium income.

Key trades include:

• Buying INTC June 5, 2026 $110 Calls, with premium outlay totaling $2.95 million. The trade represents a bullish stance through in-the-money calls.

  $INTC 20260605 110.0 CALL$

Source: Tiger Trade App

• Buying INTC July 17, 2026 $195 Calls, with volume reaching 9,698 contracts and total premium of $2.24 million. The trade reflects a sizable wager that Intel shares could stage a substantial rally over the coming months.

  $INTC 20260717 195.0 CALL$

Source: Tiger Trade App

• Selling INTC Aug. 21, 2026 $150 Calls, generating $1.66 million in premium income. The seller appears to believe the stock may struggle to rise above $150 over the longer term, reflecting a more moderate bullish or range-bound outlook.

• Buying INTC Aug. 21, 2026 $195 Calls, with premium totaling $1.23 million. The position similarly targets longer-term upside convexity through deep out-of-the-money calls.

• Buying INTC June 18, 2026 $170 Calls, with premium of $1.09 million, signaling expectations that the recent upward momentum could continue in the near term.

Other Notable Trades

• Buying INTC Jan. 21, 2028 $50 Puts, with premium totaling $756,300. The deep out-of-the-money long-dated put appears to serve as a classic portfolio insurance strategy against a potential severe downside scenario over the coming years.

• Buying INTC June 5, 2026 $125 Calls, with premium of $691,900, reflecting additional near-term bullish positioning.

• Buying INTC May 22, 2026 $120 Calls, with premium totaling $630,000, suggesting short-term directional trading around near-the-money strikes.

Strategy and Sentiment Analysis

Bullish Positioning Dominates

Call buying overwhelmingly dominated recent large-lot activity, particularly in out-of-the-money strikes, highlighting strong conviction in further upside for Intel shares over the short to medium term.

Notably, traders continued to aggressively accumulate calls despite historically elevated implied volatility levels, suggesting expectations for powerful upside catalysts or sustained volatility ahead.

Signs of Caution From Option Sellers

The sale of $150 strike calls introduces a more cautious element to the broader bullish narrative. Some investors appear to view upside potential as capped, preferring to monetize elevated option premiums while positioning for a more moderate advance or consolidation phase.

Long-Term Positioning Balances Upside and Protection

The simultaneous purchase of deep out-of-the-money 2026 calls and 2028 puts indicates institutions are balancing aggressive upside participation with downside protection. The positioning suggests a more sophisticated long-term framework that seeks exposure to upside convexity while hedging against tail risks.

Position Structure Remains Straightforward

All of the highlighted trades were executed as single-leg positions rather than multi-leg spreads, indicating clear directional intent across contracts.

Strategy Takeaways

For options sellers seeking to participate in the market, historically elevated implied volatility may make selling deep out-of-the-money calls — particularly strikes above $150 — appear attractive from a premium-collection perspective, given the relatively lower probability of exercise.

However, traders should remain mindful of the risk of extreme upside moves.

For investors looking to limit margin exposure and reduce directional risk, bull call spreads — such as buying lower-strike calls while simultaneously selling higher-strike calls — may offer a more balanced way to express a bullish outlook while controlling costs.