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AEM

Agnico Eagle Mines LimitedClose $178.15EOD only

Max Pain

$185.00

Next expiry May 22, 2026

Expected Move

±$5.68

3.2% from close

Price Gap

+6.85

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.56

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects AEM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

AEM Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

4.5 / 10

base 3; +1.5 strong net premium & flow regime; -0 low volume/size constraint

Watch next session: $220C OI growth vs. volume; Any put flow >$1M notional near spot

Flow Summary

Net premium: +$18.1M bullish

P/C volume ratio: 0.70 — call-dominant

P/C OI ratio: 0.69 — moderate call lean

Clear bullish premium flow with a call-dominant P/C ratio. The net positive $18.1M premium and spot trading well above max pain suggest institutional positioning favors upside continuation, albeit in a low-volume, high-IV environment.

Notable Prints

AEM 4/17/26 $220 Call

Vol: 562

OI: 1,119

Vol/OI: 0.5x

IV: 55.5%

Notional: ~$1.28M

Intent: Addition to existing bullish position (roll or scale-in)

Dual read: Could be closing long calls (bearish) or opening new shorts (neutral/bearish)

Read-through: High notional, but volume < OI suggests it's likely adjusting an existing large position rather than a fresh directional bet. Given the bullish flow regime, a roll or scale-in is more probable than closing.

AEM 4/2/26 $207.50 Call

Vol: 248

OI: 1,236

Vol/OI: 0.2x

IV: 53.4%

Notional: ~$1.31M

Intent: Near-term bullish positioning or delta hedge

Dual read: Opening long calls (bullish) or selling/writing calls (neutral/bearish)

Read-through: Very high notional for a weekly option. The low vol/OI ratio again points to activity within an existing large position. Given its proximity to spot ($202.98), this could be part of a complex structure like a ratio spread or a delta adjustment for a large holder.

AEM 1/15/27 $40 Call

Vol: 4

OI: 1,518

Vol/OI: 0.0x

IV: 47.5%

Notional: ~$2.73M

Intent: Deep ITM long-dated call activity (likely financing or leverage trade)

Dual read: Buying deep ITM calls (bullish, synthetic long) or selling them (closing long, neutral)

Read-through: Extremely high notional value driven by deep intrinsic value. Tiny volume relative to massive OI suggests minimal new flow; this is likely a legacy position. Its contribution to the bullish net premium is structural, not a new signal.

Institutional Positioning

Call additions: Activity concentrated in near-term $207.5C and $220C. Large legacy OI in deep ITM $40/$55/$140 calls.

Put additions: Minimal. Top put OI is at $165 and $150, far OTM and likely legacy hedges.

GEX/DEX consistency: Yes — Positive GEX (+$4.6M) aligns with bullish flow, supporting a pinning/mean-reverting regime near current levels.

OI clusters: Key Call Walls: $220 (1,419 OI), $207.5 (1,236 OI). Key Put Support: $165 (2,395 OI combined). Gamma flip ~$165 acts as strong put support.

Hedging evidence: Minimal near-term protective put flow. Large, far OTM put OI clusters ($150-$165) are likely legacy portfolio insurance, not fresh hedging.

Max pain context: Current MP at $190, with spot at $203. The rising MP trend ($190→$200) and spot > MP suggest bullish drift, but positive GEX may cause resistance near call walls ($207.5, $220).

Signal vs Noise

~Deep ITM calls ($40, $55, $140): High notional flow is noise — driven by intrinsic value of legacy positions, not new directional bets.

~Low-volume prints on high OI strikes (e.g., $220C vol 562 vs OI 1119): Likely position adjustments/rolls, not fresh directional initiation.

~Far OTM put OI ($150, $165): Legacy hedging, not indicative of new bearish sentiment.

Key Conclusions

📊Bullish flow regime confirmed by +$18.1M net premium & P/C 0.70, but confidence capped by low total volume.

🧲Positive GEX (+$4.6M) and spot > Max Pain suggest a pinning/mean-reverting environment with support near $165.

⚠️Most notable prints are adjustments to large existing positions, not fresh directional bets. Watch for new high vol/OI activity.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.