base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +0.5 VIX 19
Watch next session: 1700 gamma flip; put/call volume ratio
Net premium: +$111.6M bullish
P/C volume ratio: 1.65
P/C OI ratio: 1.30
High put volumes but net long premium. Gamma pinning near 1700. VIX at 19 suggests elevated uncertainty.
#1ASML 2026-08-21 $1700.00 Put
Intent: Hedging or bearish bet on long-dated downside
Dual read: Could be volatility sale given high IV
Read-through: Large put opening suggests downside protection or directional short
#2ASML 2026-07-10 $1700.00 Put
Intent: Short-term hedging near upcoming expiration
Dual read: May be part of a put spread with the Aug put
Read-through: Moderate put volume may pin spot near $1700
Call additions: Call flow muted; no significant additions.
Put additions: Notable at $1700 (6x vol/OI).
GEX/DEX consistency: GEX/DEX positive; flow mixed but consistency holds.
OI clusters: Largest OI at $1700 put (3,417 contracts).
Hedging evidence: Large put volumes suggest institutional hedging.
Max pain context: Spot ~$1846 above MP; gamma flip near $1700.
~Real: $1700 put wall (6x vol/OI) signals bearish hedging.
~Noise: Mixed PCR ratios and net premium offset by put skew.
~Bullish: Persistent positive gamma/delta supports price.