ANET Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

4 / 10

base 3; +1 for net premium positive; -0 for mixed P/C ratio; +0 for GEX negative but spot below MP; -0 for low volume/sample size

Watch next session: Flow around $125 strike (next MP); Any unusual activity in $105-$115 puts (large OI zone); Gamma flip estimate near $105

Flow Summary

Net premium: +$2.2M bullish

P/C volume ratio: 0.97 — balanced

P/C OI ratio: 0.96 — balanced

Mixed flow with a slight bullish tilt from net premium. Positioning is balanced, but the stock trades below max pain, creating a gravitational pull toward $130. The negative GEX suggests a trending, pro-cyclical regime.

Notable Prints

ANET 4/10 $124 Put

Vol: 158

OI: 100

Vol/OI: 1.6x

IV: 47.3%

Notional: ~$19.6K

Intent: Hedge or speculative downside bet

Dual read: Bought (bearish protection) or sold (neutral/bullish premium collection)

Read-through: Small size suggests retail or minor hedging. The $124 strike is just above spot, indicating a near-term defensive posture or a bet on a minor pullback.

Institutional Positioning

Call additions: Not evident in top premium flow. Large call premiums are at deep OTM strikes ($35, $67.50, $80) which are likely part of multi-leg strategies or far-dated bets, not fresh directional buying.

Put additions: Top premium flow shows significant put buying at OTM strikes $170, $195, $165. This is likely tail-risk hedging or part of structured positions given the distance from spot.

GEX/DEX consistency: Yes — Negative GEX (-$7.0M) aligns with a trending, pro-cyclical regime. Flow is mixed, not strongly contradicting this.

OI clusters: Major put OI at $105 (8,655), $115 (5,436), $110 (3,719). Major call OI at $160 (7,047), $145 (~6,441 combined), $140 (3,139). Creates a put wall/support zone at $105-$115 and call ceilings at $140-$160.

Hedging evidence: Yes. The large OI in $105 puts and significant premium spent on OTM $165+ puts suggests institutional downside protection is in place, possibly as collars or standalone hedges.

Max pain context: Spot ($122.78) is 5.6% below nearest max pain ($130). This creates a mild upward pull toward pinning, but the next expiration's MP is $125, which is a nearer-term magnet.

Signal vs Noise

~Large call premium at $35, $67.50, $80 strikes: These are deep OTM (45-70% below spot). Almost certainly legs of bullish spreads (e.g., buy $80C, sell $160C) or far-dated, low-probability lottery tickets, not direct bullish bets.

~Large put premium at $170, $195, $165 strikes: Similarly, these are 35-60% above spot. This is tail-risk hedging or part of complex strategies (e.g., put spreads, collars), not a direct near-term bearish bet.

~The single unusual print is very low notional value (~$20K), making it statistically insignificant for a stock of ANET's size. It is noise.

~High IV (58%) across the board inflates premium values. Large dollar flows at extreme strikes are more a function of high volatility pricing than concentrated directional conviction.

Key Conclusions

⚖️Flow and positioning are balanced (P/C ~0.97), but spot below max pain creates a mild upward bias.

🛡️Significant institutional hedging evident via large OI in $105 puts and premium in OTM puts.

📉Negative GEX (-$7.0M) confirms a trending, pro-cyclical regime—momentum moves may accelerate.

🎯Watch $125 (next MP) and $105 (gamma flip/put wall) as key technical levels derived from options.

Read the Flow analysis for ANET. 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.