Qualcomm closed at USD 177.72, down 5.82%.

Large options trades in QCOM skewed bearish, with a standout sale of 1,182 out-of-the-money calls at the $200.00 strike expiring September 25, 2026. The block worth $36,600 suggests traders are collecting premium against capped upside, positioning for muted gains over the medium term. With no offsetting bullish block activity, the bulk flow reflects skepticism toward a strong breakout above $200.00.

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

Options Indicators

QCOM’s implied volatility is 48.23%, and with an IV percentile of 66.93%, current option volatility sits in the upper end of the neutral range, suggesting options are neither distinctly cheap nor fully elevated, though they are leaning toward the richer side of normal pricing. Coupled with an IV/HV ratio of 1.67, the options market is implying materially more future volatility than the stock has recently realized, indicating a meaningful premium is being embedded into current option prices.

The Call/Put volume ratio is 1.43.

Large Trades

A call sale worth $36,600 was the standout large trade, with 1,182 contracts sold at the 200.0 strike expiring on 2026-09-25. With QCOM referenced at $177.72, this call was out of the money, making it a bearish-leaning income or capped-upside positioning trade. Selling an out-of-the-money call at this strike suggests the trader does not expect QCOM to rally above $200.0 by expiration, and the trade is consistent with premium collection or a view that upside will remain limited over the life of the option.

Overall, the large-trade flow points to a bearish near-to-medium-term read on QCOM. The reason is straightforward: the only meaningful block in the dataset was an out-of-the-money call sale, which reflects either skepticism toward a strong upside breakout or a preference to harvest premium against restrained upside expectations. With no offsetting bullish large-trade activity present, the tone of the bulk order flow remains clearly negative.

Strategy Reference

For a low assignment probability, sellers may target an even farther out-of-the-money call such as the $210.00 or $220.00 strike on a shorter-dated expiration, while traders seeking a defined-risk bearish stance could consider a $180.00/$200.00 call credit spread to cap margin requirements while still benefiting from the negative large-trade read.