Home Options BABAReports

BABA

Alibaba Group Holding LimitedClose $135.64EOD only

Max Pain

$134.00

Next expiry May 22, 2026

Expected Move

±$5.33

3.9% from close

Price Gap

-1.64

Distance to max pain

IV Rank

Low premium

P/C OI

0.69

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

BABA Flow Report

Analysis based on market close April 2, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 2, 2026. A newer flow report is available for April 6, 2026.

View latest report

Flow Verdict

Confidence:

7 / 10

base 5; +1.5 significant bearish premium flow (-$43M); +1 GEX negative (-$25M) pro-cyclical; +0.5 spot below max pain; -1.0 P/C volume ratio (0.73) less bearish

Watch next session: $120 put OI wall (24K) for support test; Any call buying in the $124-$125 zone to challenge bearish flow

Flow Summary

Net premium: -$43.1M bearish

P/C volume ratio: 0.73 — call-leaning volume

P/C OI ratio: 0.75 — moderate put lean in positioning

A massive, concentrated bearish premium flow of -$43.1M overwhelms a call-leaning volume ratio, indicating large institutional put purchases. Negative GEX (-$25.2M) suggests a pro-cyclical, trending regime that could amplify moves below the gamma flip (~$120).

Notable Prints

BABA 4/2 $121 Call

Vol: 5,112

OI: 282

Vol/OI: 18.1x

IV: 22.4%

Notional: ~$6.2M (est. premium ~$0.12M)

Intent: Expiration-day speculative call buying or closing of short calls

Dual read: Bought (bullish breakout into close) or sold (closing short position)

Read-through: Extremely high volume vs. OI on a same-day expiry call just below spot. The low IV (22.4%) suggests this is likely a closing trade or a low-cost, last-minute directional bet. Given the overall bearish regime, this is more likely noise than a reversal signal.

BABA 3/19/27 $20 Put

Vol: 6,666

OI: 749

Vol/OI: 8.9x

IV: 83.0%

Notional: ~$13.3M (est. premium ~$0.13M)

Intent: Ultra-long-dated, deep OTM tail-risk hedge

Dual read: Bought (structural portfolio hedge) or sold (very bullish income)

Read-through: A massive volume print on a put 84% below spot. The extremely high IV and low premium relative to notional confirm this as a cheap, catastrophic-risk hedge. This is a structural positioning signal from a large holder, not a near-term directional bet.

BABA 4/10 $125 Call

Vol: 2,805

OI: 885

Vol/OI: 3.2x

IV: 33.8%

Notional: ~$3.5M (est. premium ~$1.25M)

Intent: Upside speculation or call spread leg

Dual read: Bought (bullish breakout above max pain) or sold (covered call/neutral)

Read-through: Significant premium likely exchanged at a key resistance level ($125 is near-term max pain). Given the bearish net premium, this could be a speculative long-delta play against the grain or part of a defined-risk structure like a call credit spread.

BABA 4/10 $124 Put

Vol: 1,244

OI: 432

Vol/OI: 2.9x

IV: 34.5%

Notional: ~$1.55M (est. premium ~$0.43M)

Intent: Near-term bearish bet or protective hedge

Dual read: Bought (bearish targeting $124) or sold (bullish income)

Read-through: This put activity, paired with the $124 call flow, suggests defined positioning around the $124 strike for the 4/10 expiry. The bearish premium flow context favors a bearish interpretation (put buying).

Institutional Positioning

Call additions: Notable OI at $130 (23K), $140 (22K), $150 (26K). The $130 call saw high volume (5,795).

Put additions: Major put OI wall at $120 (24,165). Top premium flow is overwhelmingly into OTM puts ($180P: -$8.4M, $170P: -$5.5M, $155P: -$4.8M).

GEX/DEX consistency: Yes — Negative GEX (-$25.2M) and bearish premium flow are aligned, suggesting institutions are positioned for and may exacerbate downside moves.

OI clusters: Call walls: $150 (26K), $130 (23K), $140 (22K). Put wall: $120 (24K). This creates a likely range between $120 (critical support) and $130-$140 (resistance).

Hedging evidence: Clear evidence of large-scale hedging: 1) Concentrated $120 put OI wall. 2) Massive premium flow into OTM puts ($180, $170, $155). 3) Ultra-long-dated tail-risk puts ($20P 2027).

Max pain context: Spot ($122.05) is below near-term max pain ($126 for 3/27, $125 for 4/2). This, combined with negative GEX, reduces pinning support and increases the odds of a drift toward the large $120 put wall.

Signal vs Noise

~The 4/2 $121 and $122 calls are same-day expiry and represent last-minute speculation or position closing; ignore for directional bias.

~The 3/19/27 $20 put is a multi-year, catastrophic hedge; its volume is a structural signal but not a near-term directional one.

~High volume in the 4/10 $124-$125 calls and puts likely represents defined-risk spread activity (e.g., iron condors, strangles) around a key level, not outright directional conviction.

Key Conclusions

⚠️Bearish premium flow has DOUBLED to -$43.1M, indicating intensified institutional hedging/shorting.

📉Negative GEX (-$25.2M) creates a pro-cyclical regime. A break below the gamma flip (~$120) could accelerate selling.

🛡️The $120 put OI wall (24K) is the critical support level. A break targets the next expected move low (~$116.88 by 4/10).

🎯Spot is below max pain, reducing pinning support. The path of least resistance is toward the large put cluster at $120.

How to Use These Reports

This flow reflects the market close on April 2, 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.