IBM Options Market Shows Heavy Call Volume Ahead of Friday Expiration

The IBM options market is showing heavy activity in calls with a 4:1 ratio to puts, indicating a bullish sentiment. The largest call volume is concentrated on the $250 strike price, which expires this Friday and represents a +4.1% move from today's stock price of $240.17. This is not a speculative long-term bet but rather a short-term catalyst play.

The concentration of volume in 2-day expiries suggests that market participants are betting on a significant price movement in the next two trading sessions. The $215 put strike, which has an open interest ratio of 13.3×, is an unusually large downside hedge, indicating that some investors are hedging their bets against a potential rally.

The 3-month 90/110 skew has risen to 1.68ppt, reflecting the market's increasing concern about tail risk despite the dominant call volume. The implied volatility of IBM's stock is elevated at 38.44%, making it an aggressive ask for the $250 Friday call to pay off.