AVGO Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned (Total GEX +$73.5M); +1 pinning gamma; -1 spot 10.9% above MP

Watch next session: Short-dated call OI and prints at $360–$370 (esp. 4/10 expiries) — continued buying would confirm dealer long-gamma support; Short-dated put flow at $345–$350 (4/10 and 4/17) — ramp in volume would signal transition to defensive positioning

Flow Summary

Net premium: +$134.1M bullish

P/C volume ratio: 0.75 — call-dominant in todays flow

P/C OI ratio: 1.11 — overall OI still shows modest put structural bias despite call-heavy flow

Today is a clear call-premium day: large notional concentrated in calls (notably $330/$340/$360/$370) producing a net premium of +$134.1M and a positive dealer GEX of +$73.5M. Short-dated activity (4/10, 4/13, 4/17) shows both aggressive call prints and defensive put selling/rolling near $345–$350, consistent with institutions buying upside exposure while dealers carry positive gamma and are pinning into the short-term EM band.

Notable Prints

AVGO 2026-04-10 $365 Call

Vol: 7,199

OI: 1,765

Vol/OI: 4.1x

IV: 43.5%

Notional: ~$309,157

Intent: Directional call exposure (short-dated upside exposure into 4/10 expiry)

Dual read: Large buyer of calls (bullish) OR part of a call-spread/synthetic structure (neutral); could also be conversion/roll from nearer strikes.

Read-through: Significant short-dated call buying that materially increases dealer positive gamma around $365; supports upside within the 1–2d EM band and is consistent with the bullish flow regime and positive GEX.

AVGO 2026-04-10 $380 Call

Vol: 4,686

OI: 546

Vol/OI: 8.6x

IV: 58.6%

Notional: ~$14,058

Intent: Aggressive speculative/lottery call buying or call-sweep for gamma into expiry

Dual read: Net long out-of-the-money calls (bullish) OR a sell/overwrite trade by a dealer executing matched flow (neutral); small notional per contract given low price ($0.03) but high relative trade activity.

Read-through: High relative activity at $380 signals risk-on speculative demand for upside tails; reinforces call-side skew but limited direct buying power given low premium per contract.

AVGO 2026-04-10 $350 Put

Vol: 4,144

OI: 999

Vol/OI: 4.1x

IV: 44.8%

Notional: ~$547,968

Intent: Protective hedging or short-dated downside cover (protective puts) from institutions near-the-money

Dual read: Bought protective puts (bearish/hedge) OR part of complex rolls (closing longer-dated puts and reopening short-dated strikes) — still reads as defensive demand.

Read-through: Notable short-dated put activity at $350 offsets some call aggression; shows institutions are buying near-the-money protection despite net call premium, consistent with selective hedging rather than a full directional change.

AVGO 2026-04-10 $347.50 Put

Vol: 1,603

OI: 296

Vol/OI: 5.4x

IV: 46.1%

Notional: ~$138,058

Intent: Short-dated protective puts / downside hedge around immediate support

Dual read: Bought as put protection (defensive) OR sold as part of put-spread structure (limited downside); concentration and proximity to spot favors protective read.

Read-through: Reinforces that some desks are trimming tail risk into the same short-dated expiries where calls are being purchased — a classic buy-call/buy-protect mix by institutions.

Institutional Positioning

Call additions: Material premium and flow into $330–$370 strikes (top premium list: $330, $340, $360, $370 show large call net premium). Short-dated strikes $360 and $365 saw heavy volume (4/10) indicating institutions adding near-term upside exposure.

Put additions: Significant short-dated protective activity clustered at $345–$350 (4/10 and 4/17) and larger structural put OI at $250/$300/$220 in longer expiries. Today's put buying reads as selective hedging rather than broad directional repositioning.

GEX/DEX consistency: Yes — positive Total GEX +$73.5M and DEX +47.3M shares align with bullish flow; near-term GEX concentration at $360/$355/$350 adds pinning bias within EM bounds.

OI clusters: Large OI clusters: $300 CALL OI=25,693 (long-dated structural), $390 CALL OI=15,282 (call wall/resistance) and put clusters at $250 (14,079) and $220 (13,915). Near-term call OI concentrations at $350 (3,867), $355 (3,172), $360 (3,172) create dealer gamma buying around $350–$360.

Hedging evidence: Clear evidence of protective short-dated puts at $345–$350 (4/10, 4/17) and longer-dated put floors ($220–$300). Presence of both short-dated calls and puts suggests institutions are buying upside while tactically hedging downside (collar-like behavior), but explicit collars are limited.

Max pain context: Max pain pins at $320 across imminent expiries while spot trades at $354.91; MP trend is down (320→310 over expirations) which makes MP a longer-term drag but dealers' short-term GEX concentrations at $350–$360 create nearer-term pinning above MP.

Signal vs Noise

~High volume at very OTM calls like $380 (last=$0.03) can be speculative lottery buying with low notional impact despite high vol/OI ratios — treat as skew signal, not large directional capital.

~Some short-dated put prints (4/10 at $320, $340) likely include expiration roll/close activity and short-dated hedging; activity clustered at expiries can reflect gamma/hedge rebalancing by market-makers.

~Large structural OI at $300 call and $250/$220 puts reflect longer-term positioning and are not necessarily new directional bets — today's flow is concentrated in nearer-dated expiries.

~Dealer inventory/gamma adjustments: positive GEX (+$73.5M) implies dealers are long-gamma; part of the call activity may be market-makers hedging rather than pure institutional directional trades.

Key Conclusions

🐂Net premium +$134.1M with Total GEX +$73.5M — dealers are long-gamma and flow is supportive of near-term upside to $360.

📌Near-term pinning pressure between $350–$360 (GEX concentrations at $350, $355, $360) creates a price magnet inside the 1–2 day EM [$348.72 - $361.10].

🛡️Concurrent short-dated put buying at $345–$350 signals tactical hedging — institutions buy upside but protect immediate downside.

⚖️OI structure shows longer-term put floor ($220–$300) and a call wall at $390; these create asymmetric structural barriers—upside meets resistance at $390, downside has deep put support under $300.

👀Watch continuation of short-dated call prints at $360–$370 and any spike in short-dated put volume at $345–$350; they will decide whether bullish gamma dominance persists or hedging shifts to defensive.

Read the Flow analysis for AVGO for 2026-04-09. 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.