INTC dropped 6% and the options flow looked "bullish" on paper. It wasn't.

INTC closed down 6.12% on 101 million shares. Calls outnumbered puts roughly 3:2, and a bunch of people called it dip-buying. ngl I almost fell for that too.

The thing is, raw call-to-put ratio tells you almost nothing on its own. You need to know when those contracts were opened relative to the selloff, what strikes, what expirations. A handful of big concentrated positions look completely different from scattered hedging activity spread across the whole chain.

Pulled up the Unusual Activity tool on moomoo Engine to dig into the contract-level detail, and it changed the picture pretty fast. Volume vs. Open interest alone flips the read on half those "bullish" calls.

Anyone else burned before by just going off the headline options flow number? Am I the only one who used to think high call volume automatically meant someone smart was buying the dip?