ASML Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

Read the Flow analysis for ASML for 2026-04-06. 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.