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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 March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for April 2, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +1.5 massive net put premium; +0.5 P/C OI ratio; +0.5 spot below MP; -0.5 low near-term volume

Watch next session: $375-$385 put activity for 4/2 expiry; Any call buying to defend $410-$425 zone

Flow Summary

Net premium: -$150.4M bearish

P/C volume ratio: 0.88 — slight put lean

P/C OI ratio: 0.79 — moderate put lean

Massive, concentrated bearish premium flow dominates the picture, with net put premium exceeding -$150M. While daily volume shows a slight put lean, the open interest and premium data point to significant institutional put positioning, likely as long-dated downside protection or outright bearish bets.

Notable Prints

APP 4/2 $375 Put

Vol: 620

OI: 164

Vol/OI: 3.8x

IV: 62.1%

Notional: ~$1.55M (620 * 100 * $25)

Intent: Near-term directional put buying or protective hedge

Dual read: Bought to open (bearish) or sold to close (covering a hedge, less bearish)

Read-through: Targets a swift move below $375 in 2 days. High volume vs. OI suggests new positioning. Consistent with the broader bearish premium flow.

APP 4/2 $385 Put

Vol: 488

OI: 177

Vol/OI: 2.8x

IV: 56.6%

Notional: ~$1.22M (488 * 100 * $25)

Intent: Near-term directional put buying or protective hedge

Dual read: Bought to open (bearish) or sold to close (covering a hedge, less bearish)

Read-through: Targets a break below $385, acting as a closer resistance level. Paired with the $375P, it establishes a near-term bearish zone.

APP 4/10 $410 Call

Vol: 336

OI: 165

Vol/OI: 2.0x

IV: 68.9%

Notional: ~$1.18M (336 * 100 * $35)

Intent: Short-dated call buying for a bounce or as a hedge against short puts

Dual read: Bought to open (bullish bounce bet) or sold/written (yield generation, bearish/neutral)

Read-through: Given the overwhelming put premium context, this is more likely a hedge or a speculative bounce play against the dominant downtrend, targeting a move back towards the $425 max pain for the 3/27 expiry.

Institutional Positioning

Call additions: Minimal. The $410C 4/10 is the only notable near-term call flow, likely a tactical hedge or bounce bet.

Put additions: Significant long-dated, far OTM put positions evidenced by massive net premium at strikes $850-$1000. Also new near-term puts at $375-$385.

GEX/DEX consistency: Mixed. Positive GEX (+$3.7M) suggests pinning/mean-reverting forces near-term, but massive DEX (7.1M shares equiv) and bearish flow suggest larger positioning is leaning short.

OI clusters: Major put OI at $200 (3,920) and $150 (3,049) – these are likely long-held protective puts or bearish bets. Major call OI is far OTM ($550, $700, $900), which are likely low-delta lottery tickets or part of complex spreads, not bullish conviction.

Hedging evidence: Strong evidence of large-scale, long-dated downside protection. The net premium is overwhelmingly negative, driven by puts at strikes $660-$1000. This is characteristic of institutional portfolio hedging.

Max pain context: Spot ($398) is significantly below the nearest max pain ($425 for 3/27), suggesting gravity is pulling price lower, not pinning it higher. The MP trend is falling over time.

Signal vs Noise

~The massive net put premium at strikes $660-$1000 is likely long-dated portfolio hedging (e.g., put spreads or outright protective puts), not a signal for an immediate crash. It reflects a cost paid for long-term insurance.

~Far OTM call OI at $550, $700, $900 is likely low-cost lottery tickets or spread legs (e.g., call credit spreads), not bullish directional bets.

~The low volume in the unusual activity list suggests a lack of aggressive, high-conviction near-term directional flow today. The bearish signal comes from the aggregate premium data, not frenetic trading.

Key Conclusions

⚠️Massive -$150M net put premium dominates flow, indicating strong institutional demand for downside protection or bearish positioning.

📌Positive GEX suggests near-term pinning/mean reversion, but spot is below max pain, and DEX/flow lean bearish for larger moves.

🎯Watch $375-$385 puts (4/2 expiry) for near-term direction. A break below $385 could accelerate selling towards the $375 target.

🛡️The $410 call flow is likely a tactical hedge or bounce bet against the dominant downtrend, not a reversal signal.

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.