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ANET

Arista Networks, Inc.Close $140.49EOD only

Max Pain

$140.00

Next expiry May 22, 2026

Expected Move

±$5.29

3.8% from close

Price Gap

-0.49

Distance to max pain

IV Rank

Low premium

P/C OI

1.03

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

ANET Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

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.

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.