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APP

Applovin CorporationClose $482.28EOD only

Max Pain

$465.00

Next expiry May 22, 2026

Expected Move

±$23.70

4.9% from close

Price Gap

-17.28

Distance to max pain

IV Rank

Low premium

P/C OI

0.86

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

APP Flow Report

Analysis based on market close April 2, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 massive net put premium persists; +1 spot below MP and falling MP trend; +0.5 concentrated near-term put flow; -1 positive GEX suggests near-term pinning

Watch next session: $380 and $387.50 puts for 4/2 expiry; Any call buying to defend $400; Spot reaction to $382.50-$390 pinning zone

Flow Summary

Net premium: -$160.9M bearish

P/C volume ratio: 0.78 — slight put lean

P/C OI ratio: 0.77 — moderate put lean

Overwhelmingly bearish net premium persists, now at -$160.9M, driven by massive long-dated put positioning. Near-term flow is mixed but leans defensive, with significant put volume clustering around the spot price for the imminent 4/2 expiry, suggesting a battle for control just below $390.

Notable Prints

APP 4/2 $400 Call

Vol: 4,226

OI: 1,094

Vol/OI: 3.9x

IV: 32.4%

Notional: ~$1.69M (4226 * 100 * $4)

Intent: Likely short call writing (covered or naked) for premium capture

Dual read: Sold to open (bearish/neutral yield) or bought to close (covering a short, less bearish)

Read-through: With spot at $386.37, selling the $400C 0DTE is a high-probability income trade or a hedge against a long stock position. In the context of dominant bearish premium, this aligns with a neutral-to-bearish yield generation stance, not bullish conviction.

APP 4/2 $380 Put

Vol: 1,734

OI: 274

Vol/OI: 6.3x

IV: 17.6%

Notional: ~$0.65M (1734 * 100 * $3.75)

Intent: Fresh directional put buying or protective hedge

Dual read: Bought to open (bearish) or sold to close (covering)

Read-through: High volume vs. OI for a 0DTE option indicates new positioning. Targeting a move below $380 today. The low IV suggests these may be bought puts, not sold. This is a direct, near-term bearish bet, building on last session's $375-$385 put flow.

APP 4/10 $400 Call

Vol: 1,028

OI: 237

Vol/OI: 4.3x

IV: 61.5%

Notional: ~$0.41M (1028 * 100 * $4)

Intent: Directional call buying for a bounce or as a hedge against short stock/puts

Dual read: Bought to open (bullish) or sold/written (bearish)

Read-through: Given the high IV and the bearish macro flow, this is more likely a tactical bounce bet targeting a move back toward $400-$420 (near max pain for 4/10) over the next week, or a hedge for an institution with net short exposure.

APP 4/2 $387.50 Put

Vol: 714

OI: 208

Vol/OI: 3.4x

IV: 18.8%

Notional: ~$0.27M (714 * 100 * $3.75)

Intent: Near-term directional or protective put

Dual read: Bought to open (bearish) or sold to close

Read-through: Strike is just above spot, indicating a bet that price fails to hold $387.50 or a hedge for long stock. Part of the dense cluster of put activity between $375 and $390 for today's expiry, defining a key resistance zone.

Institutional Positioning

Call additions: Minimal. The 4/10 $400C and $420C are the only notable near-term call flows, likely tactical or hedging.

Put additions: Massive, long-dated put positions evidenced by net premium at strikes $660-$1000. New near-term defensive positioning at $380-$390 for 4/2 expiry.

GEX/DEX consistency: Divergent. Positive GEX (+$3.0M) suggests near-term pinning/mean-reverting forces around current strikes. However, massive bearish DEX (6.95M shares equiv) and -$160.9M net premium reveal the dominant institutional positioning is short/hedged for downside.

OI clusters: Major put OI remains at deep OTM strikes $200 (3,910) and $150 (3,049) – long-term protection. Major call OI is far OTM ($550, $700, $900). Near-term, OI is building at 4/2 $400C (1,094) and various puts $375-$390, creating a pinning magnet between $382.50 and $390.

Hedging evidence: Overwhelming. The net premium distribution is decisively negative, dominated by puts at strikes $850-$1000. This is classic institutional portfolio hedging, paying significant premium for long-dated downside protection.

Max pain context: Spot ($386.37) is below the nearest max pain ($390 for 4/2 and $397.50 for 4/10). The overall MP trend is falling ($425 → $410), aligning with the bearish flow bias and suggesting gravity is to the downside.

Signal vs Noise

~The massive net put premium at strikes $660-$1000 is long-dated portfolio hedging (e.g., put spreads, protective puts). It confirms a bearish/defensive institutional stance but is not a signal for an immediate crash.

~High volume in 0DTE options (4/2) is noisy and includes gamma hedging, position closing, and rapid directional bets. The concentration of flow around the spot ($380-$400) is more telling than any single print.

~Far OTM call OI at $550, $700, $900 is low-delta lottery tickets or spread legs, not bullish conviction.

~The 4/2 $400 Call volume (4,226) is likely a significant portion of dealer short gamma positioning around that strike, influencing pinning behavior, not a bullish bet.

Key Conclusions

⚠️Bearish institutional positioning remains dominant, with net put premium deepening to -$160.9M. This is a structural headwind.

📌Positive GEX and concentrated 0DTE flow create a pinning zone between ~$382.50 and $390 for today's close, favoring mean reversion within that range.

🎯Near-term bearish trigger is a break below $382.50, validated by high-volume put flow at $380 and $375. Defense is at $400.

🛡️The 4/10 $400/$420 call flow is likely a tactical hedge or bounce bet against the downtrend, not a reversal signal.

How to Use These Reports

This flow reflects the market close on April 2, 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.