INTC 117-118 Call Spread Sees 2,812 Contracts Traded with 7.9% Quick Gain—What Are Traders Betting On?
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Large Call Spread Trade Nets 7.9% Gain in Under Two Hours
A notable surge of options activity hit the Intel (INTC) tape, as a trader executed a heavy volume 117-118 call spread for 2,812 contracts near the open on May 8, 2026. The spread traded at a volume-weighted average price (VWAP) of $0.35; within two hours, that value rose to $0.38 as INTC shares climbed $2.21—turning a 7.9% unrealized profit for early buyers nearly instantly.
Key Details of the INTC Call Spread Trade
| Component | Value |
|---|---|
| Options Expiration | 08-May-26 |
| Call Strikes | 117-118 |
| Number of Contracts | 2,812 |
| Days to Expiration | 0 (Same-day expiry) |
| VWAP Trade Price | 0.35 |
| VWAP as of 11:30 | 0.38 (+7.9%) |
| VWAP Bid Price | 0.29 |
| VWAP Ask Price | 0.36 |
| Stock Reference Price (at Trade) | 114.42 |
| Current Stock Price | 116.62 |
View this trade on the multi-leg trade analyzer.
Trade Insights: Modest Risk for Outsize Upside
The buyers of this call spread bet just over $49,000 in premium, aiming for a potential payday of roughly $92,000 at maximum profit. The break-even moves are tight, reflecting the sharp upward move needed by expiration: INTC must close above $118 for buyers to realize full profit. With the stock moving from $114.42 to $116.62 by late morning, the trade quickly showed a partial gain, but full success hinges on a final push above the upper strike.
Given the tight spread and same-day expiration, this structure suggests traders were positioning for an aggressive, short-term price burst—perhaps banking on continued momentum from earlier strength.
Technical Indicators Are Bullish: INTC Strongly Outperforms SPY
Recent price action and moving averages showcase notable bullishness for Intel. Here's a closer look at key stats and how INTC has stacked up against the market:
- Stock Price: $116.62, with a jump of 6.39% on the day, up $7.00 from the previous close
- Breaking above 52-week high: +1.8% above previous peak, and far above yearly lows (up 514.9%)
- Open-to-close strength: +2.0% jump at open, +4.3% gain beyond open
- Price vs. moving averages: +208.6% over 250-day MA, +92.7% over 50-day MA, and +43.6% over 20-day MA
- Momentum: 20-day MA is 34.2% above 50-day MA, 115.0% above 250-day MA
- Uptrend confirmed by technical moving average analysis
| Duration | INTC Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +6.6% | 111.80 | 117.75 | +0.7% |
| 2 Week | +74.9% | 79.62 | 117.75 | +4.0% |
| 1 Month | +120.8% | 54.80 | 117.75 | +11.8% |
| 3 Month | +130.9% | 40.63 | 117.75 | +7.0% |
| 6 Month | +206.4% | 32.89 | 117.75 | +10.4% |
| 1 Year | +475.1% | 18.97 | 117.75 | +32.6% |
| YTD | +216.6% | 37.76 | 117.75 | +8.3% |
| 3 Year | +278.9% | 17.67 | 117.75 | +83.7% |
| 5 Year | +108.2% | 17.67 | 117.75 | +82.5% |
INTC’s numbers dramatically outpace those of the SPY ETF, particularly over the last year (+475.1% vs. +32.6%). This outperformance underlines why bullish options traders have favored further upside bets.
INTC is also breaking above its expected resistance of $114.68, potentially clearing a path for further short-term momentum. The price remains well above all major moving averages, underscoring a robust technical setup.
Skew Indicators Are Slightly Bullish: Implied Volatility Skew Sits at 66% Rank
Beyond price action, the forward-looking option skew sends a slightly bullish signal. The 30-day implied volatility skew indicator ranks at 66% versus its historical range (where 100% denotes the most bullish posture), signaling that market participants expect continued upside—at least relatively—over the coming month. This lines up neatly with the call spread trade, suggesting the options market’s pricing also leans bullish.
Key Takeaway: Technical and Options Sentiment Align for Near-Term INTC Upside
This large, concentrated call spread illustrates how some traders are positioning for a late-session or end-of-day push higher in INTC, risking $0.35 per contract for the chance at maximum payoff if INTC can push above $118. With technicals and option sentiment both pointing upward, it’s a moment worth watching for Intel bulls and curious market observers alike.
To explore more multi-leg options trades like this one, or to find additional bullish/bearish setups, visit the Multi-Leg Option Trade Screener.
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