Intel closed at $21.67. The Apr 20th options have a very large open interest of PUTS at $21 ( 110k contracts ) and CALLS at $22 ( 150k contracts ). The option market maker opened up the $21.50 late last week. Without news, I would expect little movement. Negative ratings weigh on the stock. Earnings optimistic risk providing some lift.
You can buy an APR 20th (expire at the end of the week) $21.50 STRADDLE for BID/ASK of 87/91 cents. If you buy the 91 cent $21.50 straddle, your breakeven price if you held till expire would be
Higher: $21.50 plus .91 = $22.41
Lower: $21.50 minus .91 = $20.59
The biggest loss would be if Intel finished at $21.50 when you lose all 91 cents.
Alternative strategy, to lessen a 91 cent loss, would be to sell (close) the position early to recover most of your 91 cents volatility bet if market is flat after earnings.
IMO, there will be a lot of these straddle/strangle option trades on Monday and Tuesday. They will tend to cause Intel to orbit the strike prices. Expect Intel, without news, to trade pretty close to $21.50 or $21 or $22 on Monday/Tuesday. Without earnings, I would expect a finish near $21.50 on Friday close.