OPTIONS FLOW$INTCIntel CorpOpen ticker analysis →
A 4-leg, $6.89M options structure landed in $INTC on Thursday, built around the $91 to $93 strikes. It reads as a multi-leg options structure, a trade about how far Intel moves and when, more than a simple call on direction.
What happened
The legs printed together in the final half hour, around 3:55 p.m. ET on Thursday, October 29, with $INTC near $92.11, for $6.89M in combined premium across 11,996 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
- INTC Nov 20 $93 Call: 2,999 contracts at $5.75
- INTC Nov 20 $92 Call: 2,999 contracts at $6.21 (sold)
- INTC Nov 20 $92 Put: 2,999 contracts at $5.77 (sold)
- INTC Nov 20 $91 Put: 2,999 contracts at $5.25
Why it matters
Multi-leg trades shape risk on purpose: some legs pay for others, and the payoff depends on where the stock finishes relative to each strike.
The strikes run from $91.00 (1.2% below the stock) to $93.00 (1% above the stock), so the trade is built around a zone rather than a single target.
With 22 days until Nov 20, the trade has a few weeks to be right, enough room for a catalyst but not much for waiting. Implied volatility ran around 66%, elevated, which means traders are paying up for movement.
The numbers
| Structure | Multi-leg options trade (4 legs) |
|---|---|
| Lean | Direction depends on the legs |
| Expirations | Nov 20 (nearest in 22 days) |
| Strikes | $91, $92, $93 |
| Contracts | 11,996 |
| Total premium | $6.89M |
| Stock at the trade | $92.11 |
Three ways this could play out
Bullish continuation
A move through $93.00 puts $INTC above every strike. Legs above the stock price take over the result.
Bearish rejection
A drop under $91.00 takes $INTC below every strike. Legs below the stock price take over the result.
Neutral stabilization
If $INTC settles between $91.00 and $93.00 into Nov 20, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $91.00 and $93.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Nov 20: expiration, 22 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
