GAMMA & VOLATILITY$INTCIntel CorpOpen ticker analysis →
Options positioning in Intel is stacking up around the $70 strike into Oct 30, 8.1% above where the stock trades at $64.77. Net gamma reads negative, a setup where hedging can speed moves up instead of slowing them down.
What happened
Across 216 contracts in the Oct 30 expiration, the heaviest gamma sits at $70. Net gamma exposure across the chain comes to roughly $10.17M negative, with about $94.45M of premium traded.
This read uses the standard gamma-map convention, counting call open interest as positive gamma and put open interest as negative. Real dealer books can differ, so treat the sign as a guide to the setup rather than a certainty.
Why it matters
When net gamma is negative, hedging chases the move: market makers buy as the stock rises and sell as it falls. Breaks can travel further and faster than usual in that setup.
For scale, Intel is a mega-cap semiconductors & related devices company valued near $486.7B, so it takes serious money to move the stock, which is what makes signals like this one worth tracking.
With 1 days left, this is expiration-week territory, when pinning pressure around big strikes is usually at its strongest.
Zooming out, $INTC has been in a sharp slide, down 23.3% over the past 20 sessions, and it trades below its 20-day average of $99.07, near the bottom of that range between $84.65 and $127.44.
The numbers
| Stock price | $64.77 |
|---|---|
| Expiration | Oct 30 (1 days) |
| Peak gamma strike | $70 |
| Strike vs. stock | 8.1% above |
| Net gamma exposure | $10.17M (negative) |
| Premium traded | $94.45M |
| Contracts in chain | 216 |
| 39-session range | $84.65, $127.44 |
| 20-day average price | $99.07 |
| 20-session change | -23.3% |
Three ways this could play out
Bullish continuation
If $INTC pushes through $127.44, the top of its recent range, it breaks away from the $70 cluster. With negative gamma, hedging can add fuel and extend the move.
Bearish rejection
If $INTC drops under $61.53, the $70 cluster stops acting as support. Negative gamma means hedging sells into the drop and can speed it up.
Neutral stabilization
If $INTC hovers near $70 into Oct 30, the cluster does its job and expiration-week pinning becomes the story.
What to watch next
- $70: the peak gamma strike and the most likely pin into expiration.
- Oct 30: expiration, when this positioning rolls off and the magnet effect ends.
- Whether net gamma flips sign as the stock moves. A flip from positive to negative often marks a volatility shift.
- $84.65 and $127.44: the edges of the recent trading range.
