Qualcomm Incorporated (QCOM) closed at USD 184.84, down 1.58%.

The options market saw a standout large trade as buyers snapped up 1,200 December 18, 2026 $240.00 calls for $682,800.00. With QCOM far below that strike, the flow was decisively bullish and long-dated, signaling a leveraged bet on a substantial multi-year rally rather than a near-term bounce. The day’s large-trade activity was exclusively driven by upside call buying, with no notable bearish participation to offset the optimistic positioning.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

QCOM’s implied volatility is 49.34%, and with an IV percentile of 70.12%, current option volatility sits in the elevated zone, indicating that options are priced on the expensive side relative to the stock’s own recent history. The IV/HV ratio of 1.78 further suggests the options market is implying substantially more future movement than what has been realized historically, reinforcing the view that premium levels are rich at the moment.

The Call/Put volume ratio is 2.29.

Large Trades

A call purchase worth $682,800.00 stood out as the day’s key large trade, with buyers taking 1,200 December 18, 2026 $240.00 calls. With QCOM referenced at $184.84, this strike is out-of-the-money, making the position a clear upside directional bet that targets a substantial rally over a long-dated horizon. The trade’s bullish nature suggests the buyer is seeking leveraged exposure to a continued advance in the stock while limiting risk to the premium paid.

Overall, the large-trade flow in QCOM was clearly bullish. The activity was entirely driven by upside call buying, with no meaningful bearish large-trade participation appearing alongside it, which points to constructive sentiment and a willingness among larger traders to position for longer-term appreciation rather than near-term downside protection.

Strategy Reference

For traders wary of the elevated IV, selling a December 2026 $300.00 call against the $240.00 long call creates a bull call spread that reduces net premium while capping the upside; alternatively, a cash-secured put seller could target the $150.00 strike to maintain a low assignment probability given the current premium richness.