Qualcomm Inc. ended the session at $186.56, rising 1.96%. The options market saw significant activity, highlighted by a large, multi-million dollar short put combination trade, indicating a focus on premium collection amidst elevated volatility expectations.

Options Indicators

QCOM’s implied volatility is 74.79%, and with an IV percentile of 87.25%, current option volatility sits in the elevated zone, indicating that options are priced expensively relative to their own historical range. At the same time, the IV/HV ratio of 1.03 suggests implied volatility is only slightly above realized volatility, so while premium levels are high in percentile terms, they are not dramatically disconnected from the stock’s recent actual movement. Overall, the option market is embedding rich pricing and elevated volatility expectations, which means long-option buyers are paying up for premium here. The Call/Put volume ratio is 1.87.

Large Trades

A same-direction double short PUT combination worth $11.39 million was the standout large trade, consisting of the sale of 2,250 contracts of the March 19, 2027 $165.00 put and the sale of 1,500 contracts of the September 18, 2026 $210.00 put. This is a net credit structure designed to collect premium, and it reflects a range-bound or only moderately bearish strategic intent rather than an outright aggressive downside chase. Relative to the $186.56 reference stock price, the $165.00 put is out of the money, while the $210.00 put is in the money, giving the position a mixed strike profile across two expirations. Strategically, the trader appears willing to accept downside exposure in exchange for premium income, suggesting comfort with QCOM holding up reasonably well over time but also acknowledging some downside risk through the in-the-money short put sale.

Overall sentiment across all large trades was bearish, with total bearish flow at $11.39 million versus total bullish flow of $0.00 million, leaving a net difference of $11.39 million to the bearish side. The directional conclusion is therefore clearly bearish, though the character of the flow points more to premium-selling and a volatility or stabilization view than to an outright panic hedge or aggressive long-put speculation. Because the session’s only large trade was a short-put premium collection structure with a neutral-to-bearish tone, the market signal suggests cautious skepticism on QCOM rather than a high-conviction collapse view.

Strategy Reference

For traders seeking to sell premium with a lower probability of assignment, selling an out-of-the-money put spread, such as the 165/160 put spread for a later expiration, can define risk while collecting credit.