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ASML

ASML Holding N.V. - New York ReClose $1550.13EOD only

Max Pain

$1482.50

Next expiry May 22, 2026

Expected Move

±$59.25

3.8% from close

Price Gap

-67.63

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.33

Slightly put-heavy

Consensus

4.0/10

Bearish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

ASML Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4 / 10

base 5; -1 GEX/flow contradict

Watch next session: $1400C OI buildup; Put flow at $1150; Spot vs $1340 max pain

Flow Summary

Net premium: +$36.2M bullish

P/C volume ratio: 1.17 — put-dominant

P/C OI ratio: 1.36 — put-dominant

Contradictory signals: net premium is bullish but volume and OI ratios show put dominance. The flow is mixed with large bearish bets offset by significant call buying at deep OTM strikes.

Notable Prints

ASML 4/24 $790 Put

Vol: 527

OI: 250

Vol/OI: 2.1x

IV: 114.1%

Notional: ~$1.03M (527 * $1.96 * 100)

Intent: Directional bearish bet or hedge

Dual read: Bought (bearish) or sold/covered (neutral/bullish)

Read-through: Extreme OTM put with high IV suggests speculative downside protection or volatility play, not immediate directional pressure.

ASML 8/21 $910 Put

Vol: 338

OI: 200

Vol/OI: 1.7x

IV: 56.3%

Notional: ~$1.02M (338 * $30.29 * 100)

Intent: Long-dated protective put or hedge

Dual read: Bought (bearish) or sold/covered (neutral/bullish)

Read-through: OTM put with moderate IV, likely hedging against medium-term downside risk given expiration in August 2026.

ASML 4/10 $1400 Call

Vol: 444

OI: 288

Vol/OI: 1.5x

IV: 53.8%

Notional: ~$166.5K (444 * $3.75 * 100)

Intent: Directional call buying or gamma scalping

Dual read: Bought (bullish) or sold/covered (neutral/bearish)

Read-through: Near-term OTM call with high volume, aligns with positive GEX at $1400 (+$69,730) suggesting dealer hedging could provide upward pressure.

ASML 4/10 $1200 Put

Vol: 231

OI: 145

Vol/OI: 1.6x

IV: 65.1%

Notional: ~$111.5K (231 * $4.83 * 100)

Intent: Near-term protective put or speculative bearish bet

Dual read: Bought (bearish) or sold/covered (neutral/bullish)

Read-through: OTM put with moderate IV, likely hedging against short-term downside given expiration in 4 days.

ASML 4/10 $1350 Call

Vol: 176

OI: 110

Vol/OI: 1.6x

IV: 54.5%

Notional: ~$220K (176 * $12.50 * 100)

Intent: Directional call buying or gamma scalping

Dual read: Bought (bullish) or sold/covered (neutral/bearish)

Read-through: Near-term OTM call with positive GEX at $1355 (+$119,136), suggesting dealer hedging could support upward movement toward max pain.

Institutional Positioning

Call additions: Deep OTM calls at $340, $770, $750 (large net premium), near-term calls at $1400, $1350

Put additions: Deep OTM puts at $2000, $2180 (large net premium negative), near-term puts at $1150, $1200

GEX/DEX consistency: No — GEX is negative (-$1.8M) while net premium is bullish (+$36.2M), indicating flow contradiction

OI clusters: $1150 put wall (2,068 OI), $1400 call wall (1,047 OI), $800 put (1,031 OI), $1500 call (690 OI)

Hedging evidence: Yes — large OTM put buying ($790, $910) and near-term put flow ($1200) suggest downside protection

Max pain context: Max pain at $1340 (4/10), $1350 (4/17), $1370 (4/24); spot below max pain indicates pin risk upward

Signal vs Noise

~Deep OTM calls at $340, $770, $750 with large net premium are likely speculative or part of complex spreads, not immediate directional bets

~Deep OTM puts at $2000, $2180 with large negative net premium are likely hedging or volatility plays, not near-term directional

~Low-volume prints in top premium flow (e.g., $520 call) are noise due to small notional impact

Key Conclusions

⚠️Flow is mixed: bullish net premium vs put-dominant volume/OI

📉Negative GEX (-$1.8M) suggests dealer hedging could amplify moves

🎯Max pain pins at $1340-$1370 create upward pin risk

How to Use These Reports

This flow reflects the market close on April 6, 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.