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ALAB

Astera Labs, Inc.Close $287.48EOD only

Max Pain

$220.00

Next expiry May 22, 2026

Expected Move

±$12.00

4.2% from close

Price Gap

-67.48

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

ALAB 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 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

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.