AVGO Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP

Watch next session: $315C OI buildup at 1,436 volume; Net premium direction at $380 strike; IV term structure shift post-04-10 expiry

Flow Summary

Net premium: +$19.1M bullish

P/C volume ratio: 1.16 — put-dominant

P/C OI ratio: 1.16 — moderate put lean

Net premium bullish but volume put-heavy suggests hedging. Mixed flow with institutional put buying at deep OTM strikes offset by call positioning near spot. IV term structure shows a volatility hump in near-term expiries (04-08: 47.5%, 04-10: 49.2%) dropping sharply to 42.3% by 04-13, indicating priced event risk.

Notable Prints

AVGO 2026-04-08 $315 Call

Vol: 1,436

OI: 149

Vol/OI: 9.6x

IV: 46.6%

Notional: ~$564,000

Intent: Directional call buying near spot, possibly part of volatility trade given high near-term IV

Dual read: Bought (bullish breakout bet) or sold/covered (neutral/volatility sale)

Read-through: Largest near-term unusual call, aligns with GEX pin magnet at $320; high IV (46.6%) suggests participation in elevated near-term volatility

AVGO 2026-12-18 $220 Put

Vol: 3,058

OI: 436

Vol/OI: 7.0x

IV: 50.8%

Notional: ~$37.9M

Intent: Long-term protective put or portfolio hedge

Dual read: Bought (bearish hedge) or sold (income generation)

Read-through: Deep OTM, high notional suggests institutional hedging, not near-term directional; IV 50.8% aligns with longer-term elevated volatility

AVGO 2026-05-01 $275 Put

Vol: 1,294

OI: 231

Vol/OI: 5.6x

IV: 51.2%

Notional: ~$4.3M

Intent: Intermediate-term put buying for downside protection, possibly exploiting IV term structure

Dual read: Bought (bearish) or sold (neutral/income)

Read-through: Strike 13% below spot, aligns with put floor $220-$280 structural level; IV 51.2% reflects higher volatility in this expiry vs near-term dips

AVGO 2026-04-08 $325 Call

Vol: 769

OI: 164

Vol/OI: 4.7x

IV: 45.0%

Notional: ~$615,000

Intent: OTM call buying for upside exposure, potentially part of volatility spread given IV context

Dual read: Bought (bullish) or sold (neutral/volatility sale)

Read-through: Part of cluster near $320-$330, supports GEX pin magnet thesis; IV 45.0% below near-term peaks suggests relative value

AVGO 2026-04-10 $287.50 Put

Vol: 793

OI: 131

Vol/OI: 6.0x

IV: 58.4%

Notional: ~$468,000

Intent: Near-term put buying for hedge or directional bet, capitalizing on high IV (58.4%)

Dual read: Bought (bearish) or sold (income/volatility sale)

Read-through: Strike 9% below spot, adds to put OI cluster near $285-$300; elevated IV indicates event risk pricing

Institutional Positioning

Call additions: $315-$330 calls in April expirations, with OI clusters at $320 (1,891) and $330 (1,827); some may be legs of volatility spreads given IV term structure

Put additions: Deep OTM $220-$280 puts across multiple expirations, plus near-term $285-$305 puts; elevated IV in some expiries suggests volatility positioning

GEX/DEX consistency: Yes — positive GEX $277K supports pinning, flow mixed but aligns with GEX concentration at $320; volatility trades may overlay directional flow

OI clusters: Calls: $300 (27,899), $390 (15,304), $360 (11,655); Puts: $250 (14,068), $220 (13,918), $300 (13,447); clusters provide liquidity for volatility strategies

Hedging evidence: Significant long-dated put buying at $220 (30% OTM) with $37.9M notional, plus intermediate $275 puts; high IV in these expiries indicates volatility premium paid

Max pain context: MP at $310-$315 near-term, spot $314.43 slightly above, supporting pinning regime; flat MP trend across expiries reduces directional bias for volatility trades

Signal vs Noise

~Deep OTM $220 put volume (3,058) is likely portfolio hedging, not near-term directional; high IV (50.8%) suggests volatility component

~$380 put net premium -$8.5M is large but may be part of structured trade or volatility spread given extreme strike

~Near-term put flow at $287.50-$300 could be expiration rolls, hedging, or volatility positioning given elevated IV (e.g., 04-10 $287.50 Put IV 58.4%)

~High volume in near-term calls (e.g., 04-08 $315C) may include volatility trades exploiting IV hump, not purely directional bets

Key Conclusions

📊IV term structure shows pronounced hump: 04-10 expiry at 49.2% vs 04-13 at 42.3% (6.9-point drop), indicating priced near-term event risk and volatility trade opportunity

🔄Reverse calendar spread viable: sell high-IV near-dated (e.g., 04-10 $315 strike) and buy lower-IV farther-dated (e.g., 04-17 $315 strike) to capitalize on volatility crush

📌Strong GEX pin magnet at $320 (+$2.4M) with call OI clusters, likely containing upside near-term; aligns with max pain $310-$315 for volatility trade strikes

🛡️Institutional hedging evident via deep OTM $220 puts ($37.9M notional) and intermediate $275 puts, with elevated IV reflecting volatility premium

Read the Flow analysis for AVGO 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.