Qualcomm closed at USD 176.88, up 0.27%.

QCOM’s options market saw a notable bullish slant even as implied volatility remains elevated. The largest single trade was a long-dated September 2026 $200.00 call purchase, sized at 1,252 contracts. While the dollar amount was modest, the trade was entirely directional and out of the money, reflecting upside speculation into 2026. This single order anchored an options session that leaned clearly positive on a call/put volume basis.

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Options Indicators

QCOM’s implied volatility is 49.73%, and its IV percentile stands at 70.92%, which places current option volatility in an elevated zone. In other words, compared with its own historical range, QCOM options are being priced on the expensive side, and the IV/HV ratio of 1.94 further suggests implied volatility is running well above realized volatility, indicating the options market is embedding a notably rich premium for future movement.

The Call/Put volume ratio is 3.93.

Large Trades

A CALL buy worth $0 million targeted the 2026-09-11 $200.00 strike, with 1,252 contracts traded for $0 million. With QCOM referenced at $176.88, this call was out of the money, making it a relatively low-premium bullish position that reflects upside speculation into a longer-dated expiration. The buyer is positioning for a meaningful advance above the current share price over time, suggesting a directional bet on continued strength rather than near-term protection.

Overall, the large-trade flow points to a bullish tone in QCOM. The activity was entirely concentrated in an out-of-the-money long call purchase, which signals appetite for upside exposure and a willingness to pay premium for future appreciation. While the absolute dollar size was modest, the character of the order flow still indicates constructive sentiment and a positive directional bias.

Strategy Reference

For traders who agree with the bullish bias but find the September 2026 $200 call too capital-intensive in premium terms, a bull call spread such as buying the $190 call and selling the $220 call in the same expiration can reduce net debit while capping maximum gain. Alternatively, a put seller seeking low assignment probability could consider shorting a 0.10–0.15 delta put in the 30–45 day expiration, though the elevated IV percentile makes collecting premium more attractive relative to QCOM’s own history.