Qualcomm closed at $201.97, gaining 3.97% from the prior session.
The session featured a $4.34 million long-dated call purchase on the $250.00 strike and a $1.80 million bear call spread that caps upside through October 2026. The net effect of these large trades, combined with bullish retail order flow, leaves the bulk-order activity modestly bullish on Qualcomm.
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Options Indicators
Qualcomm’s implied volatility stands at 53.35%, and with an IV percentile of 71.31%, current option volatility is in an elevated range, indicating that options are priced expensively relative to the stock’s recent history. The IV/HV ratio of 1.10 also suggests implied volatility is running modestly above realized volatility, reinforcing the view that the options market is carrying a somewhat richer premium.
The Call/Put volume ratio is 3.94.
Large Trades
A call purchase worth $4.34 million was the largest highlighted trade, with 3,500 contracts bought on the February 19, 2027 $250.00 call. With Qualcomm referenced at $201.97, this strike is out of the money, making it a clear bullish directional bet on meaningful upside over a longer time horizon. The buyer is paying premium for leverage to a future rally, suggesting expectations that the stock can climb well beyond current levels before expiration.
A bear call spread with a net credit of $1.80 million was the other major trade, built by selling 3,000 October 16, 2026 $205.00 calls and buying 3,000 October 16, 2026 $225.00 calls. Both strikes are out of the money versus the current stock price, and the structure reflects a bearish-to-neutral view that Qualcomm is unlikely to rise materially above the short-call strike over this timeframe. Because this is a call spread established for net credit, the strategy points to premium collection with defined risk, while also expressing a capped bearish outlook.
Overall, the bulk-order flow leans modestly bullish on Qualcomm. The strongest single expression was a sizable long-dated upside call purchase, which signals conviction in future appreciation, while the opposing large trade was a credit call spread that appears more focused on harvesting premium and capping upside rather than pressing an aggressive downside thesis. Taken together, institutional activity suggests cautious optimism: investors appear willing to position for upside, but with some participants still expecting gains to be limited over the medium term.
Strategy Reference
For a low assignment probability, a seller could consider the October 16, 2026 $225.00 call, which sits well above the current price and offers premium collection while aligning with the prevailing view that upside may stay capped below that level.