Qualcomm closed at $184.10, down 1.80%, after opening at $189.48, reaching an intraday high of $190.03 and a low of $182.23 on volume of about 10.0 million shares. Large options trades were dominated by a clearly bullish four-leg call spread expiring in October 2026, structured around out-of-the-money strikes and executed for a net debit of $943.40 thousand, signaling premium spending for upside exposure rather than downside protection.

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

Options Indicators

Qualcomm’s implied volatility is 53.90%, and with an IV percentile of 71.31%, current option volatility sits in an elevated range, indicating that options are priced expensively relative to their own recent history. At the same time, the IV/HV ratio of 0.95 suggests implied volatility is roughly in line with, and slightly below, realized volatility, so while premiums are rich on a historical percentile basis, they are not dramatically overstated versus actual recent movement.

The Call/Put volume ratio is 2.21.

Large Trades

A call spread structure established for a net debit of $943.40 thousand was the standout large trade, built through a four-leg combination expiring on 2026-10-02: long the 190.0 call, long the 192.5 call, long the 205.0 call, and short the 210.0 call, all for 1,883 contracts. With Qualcomm referenced at $184.10, all four strikes were out of the money at execution. This is best understood as a bullish call-spread-style positioning expressed through layered upside exposure, where the bought calls create participation in a rally while the short 210.0 call helps partially finance the structure and caps part of the far-upside payoff. Because the package was done for a net debit of $943.40 thousand, the trade reflects premium paid for upside exposure rather than premium collection, pointing to a directional bet on higher shares into the October 2026 expiration.

Overall, the large-trade flow was clearly bullish on Qualcomm. The only notable block activity was a net-debit call combination centered entirely on out-of-the-money upside strikes, which signals a willingness to spend premium for a continued advance rather than to defend against downside. The structure’s use of multiple long calls suggests expectations for a meaningful upside move, while the limited short-call financing leg indicates traders were comfortable sacrificing some extreme upside in exchange for reducing entry cost. Taken together, the bulk-order activity supports a constructive to bullish outlook for Qualcomm.

Strategy Reference

For traders seeking lower assignment probability on the short side, selling the 210.0 call in a vertical spread with a higher long call can define risk while still positioning for a measured advance into 2026.