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AXP

American Express CompanyClose $309.82EOD only

Max Pain

$312.50

Next expiry May 22, 2026

Expected Move

±$5.95

1.9% from close

Price Gap

+2.68

Distance to max pain

IV Rank

Low premium

P/C OI

0.54

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects AXP options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

AXP Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

4.5 / 10

base 3; +1.5 for strong net premium and P/C ratio; -0 for data constraints (applied)

Watch next session: Flow into $310-$330 calls for extension; Any defensive put buying near $295-$300

Flow Summary

Net premium: +$3.2M bullish

P/C volume ratio: 0.77 — call-dominant

P/C OI ratio: 0.52 — strong call lean in positioning

Clear bullish bias in both flow and positioning. Net premium is positive and the P/C volume ratio shows call dominance, while the much lower OI ratio indicates a structurally long-gamma market favoring upside.

Notable Prints

AXP 1/15/27 $150 Put

Vol: 224

OI: 136

Vol/OI: 1.6x

IV: 48.9%

Notional: ~$3.36M (224 * 100 * $150)

Intent: Long-dated protective put or part of a structured hedge

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

Read-through: Given the deep OTM strike and elevated IV, this is likely a cheap, long-dated tail-risk hedge purchased by an institution. It's defensive but not a near-term directional signal.

Institutional Positioning

Call additions: Inferred from net premium. Top premium flow is bullish at $160, $190, $115, $250, $275, $260 strikes.

Put additions: Defensive flow concentrated at $400, $350, $340 strikes (OTM). The $150P 2027 print is a notable long-dated hedge.

GEX/DEX consistency: Yes — Positive GEX (+$6.0M) aligns with bullish flow and pinning regime, suggesting market-maker hedging supports mean reversion.

OI clusters: Massive OI at $480C (48,118) is a legacy/far OTM position. Near-term, $280P (4,634) and $302.50C (1,931) are relevant. The $280 put OI cluster acts as a significant gamma flip/support level.

Hedging evidence: Yes. The $150P 2027 purchase and OTM put flow at $350/$340 indicate institutional hedging, but it's distant and not aggressive.

Max pain context: Spot ($302.48) is just above nearest max pain ($300). The declining MP trend from $300 to $280 over 17 expirations suggests the options market is structurally positioned for lower prices over the very long term, conflicting with near-term bullish flow.

Signal vs Noise

~The enormous $480 Call OI (48,118) is a legacy position, not indicative of current flow or near-term expectations.

~Top premium flow at deep OTM strikes ($160, $115 Calls) is likely part of multi-leg spreads (e.g., bull call spreads, risk reversals) and not outright directional bets.

~The pinning gamma regime (+$6.0M GEX) means much of the near-term flow may be dealer hedging related to existing OI, not new directional conviction.

Key Conclusions

📊Flow is bullish (net prem +$3.2M, P/C 0.77), but confidence is tempered by low total volume.

🧲Gamma pinning (+$6.0M GEX) suggests mean-reverting forces near $300, supported by spot being at max pain.

🛡️Institutions are adding long-dated tail hedges ($150P 2027), showing prudent risk management, not panic.

⚖️Conflict: Near-term flow is bullish, but the long-term max pain trend slopes downward to $280.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.