base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 24.5% from MP; +1 VIX 16
Watch next session: Put OI at 1750 and 1730; Gamma flip 1400; Net premium direction
Net premium: +$162.2M bullish
P/C volume ratio: 1.26
P/C OI ratio: 1.31
ASML has net put premium $162M and high put/call ratios, but dealers are long gamma (pinning) and market rallied. Unusual put prints suggest near-term bearish bets. High confidence base aligns GEX/flow, but spot 26% above gamma flip. Mixed bias: pinning vs bearish flow.
#1ASML 2026-06-18 $1750.00 Put
Intent: Bearish hedge or speculation
Dual read: Possible put selling if high IV
Read-through: Institutional hedging despite high vol
#2ASML 2026-06-18 $1730.00 Put
Intent: Downside protection
Dual read: Could be part of spread
Read-through: Adds to bearish tilt
Call additions: Net premium positive ($162M) suggests call buying, but put/call volume ratio >1 indicates mixed.
Put additions: Unusual put prints at $1750 and $1730 (vol/oi >1.5) signal new hedging.
GEX/DEX consistency: GEX +5.3M, DEX +5.5M shares; positive gamma aligns with pinning but flow mixed.
OI clusters: Large put OI concentration ~26% below spot (likely $1730-$1750); gamma flip at $1400.
Hedging evidence: Put additions and high put OI ratio (1.31) indicate downside protection.
Max pain context: Spot above MP; positive GEX supports pinning, but put skew suggests resistance.
~Unusual put prints ($1750/$1730) are real hedging flow, not noise.
~Net premium positive despite put dominance reflects large call notional—watch for unwinding.