ALAB Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

4.5 / 10

base 3; +1.5 net premium strongly bearish; +0.5 P/C ratio >1; -0.5 low volume context

Watch next session: $80 PUT OI of 6,969 for gamma flip level; Flow around $110 strike (max pain for 4/2 & 4/10)

Flow Summary

Net premium: -$25.7M bearish

P/C volume ratio: 1.16 — put-dominant

P/C OI ratio: 0.90 — slight put lean

Clear bearish premium flow with net sellers paying for downside protection. The put/call volume ratio confirms a defensive tilt, while open interest shows a moderate put lean. The stock trades well below near-term max pain, suggesting positioning is skewed for further downside.

Notable Prints

ALAB 8/21/26 $200 Call

Vol: 249

OI: 148

Vol/OI: 1.7x

IV: 83.9%

Notional: ~$27.3K

Intent: Speculative long-dated call purchase or spread leg

Dual read: Bought (bullish bet on recovery) or sold (covered call/writing against shares)

Read-through: Given the overall bearish flow, this is more likely a speculative long-dated recovery bet or part of a complex structure, not a dominant directional signal.

Institutional Positioning

Call additions: Minimal. Top premium flow for calls is at $80 strike ($1M net), likely buy-writes or protective collars.

Put additions: Significant premium paid for puts at $195, $175, $260, $160, and $145 strikes. This is defensive positioning or outright bearish bets.

GEX/DEX consistency: Yes — Negative GEX (-$5.2M) aligns with bearish flow, indicating gamma is amplifying spot moves (pro-cyclical).

OI clusters: Major OI clusters: $80 PUT (6,969), $105 PUT (4,364), $110 PUT (3,541), $100 CALL (3,013). Creates a strong put wall at $80 and resistance near $100-$110.

Hedging evidence: Strong evidence. Large net premium paid for far OTM puts ($195, $175, $260) suggests tail-risk hedging or portfolio protection.

Max pain context: Spot ($109.60) is 10.2% below nearest max pain ($122). Falling max pain trend ($122 → $100) indicates positioning is shifting lower over time.

Signal vs Noise

~The single unusual print (8/21 $200C) is low notional (~$27K) and could be a lottery ticket or part of a multi-leg spread. It's noise in the context of the broader bearish flow.

~Large put premium at strikes like $195 and $260 is extreme OTM and more indicative of portfolio/volatility hedging than a direct directional bet on ALAB.

~High IV (89%) suggests a lot of the flow is driven by volatility supply/demand (selling vol vs. buying protection) rather than pure directional conviction.

Key Conclusions

⚠️High volatility regime (IV 89%) with negative Gamma (GEX -$5.2M), making price moves more volatile

📉Net premium flow strongly bearish (-$25.7M), dominated by put buying

🧱Major gamma flip/put wall at $80 (OI: 6,969), a key downside level to watch

🎯Spot trades 10% below max pain ($122), with positioning skewed for further downside

Read the Flow analysis for ALAB. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.