BAC Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

7 / 10

base 5; +1.5 strong bullish net premium & flow regime; +1.5 GEX pinning supportive & increased magnitude; -1 P/C OI ratio bearish; -0.5 low absolute volume

Watch next session: Spot reaction at the $49.50-$50.00 confluence; Follow-through flow in the $50.50C and $51.50C 4/10

Flow Summary

Net premium: +$4.0M bullish

P/C volume ratio: 0.73 — call-dominant

P/C OI ratio: 1.12 — moderate put lean

Bullish flow intensity has increased, with net premium rising to +$4.0M and concentrated call buying in near-term, OTM strikes ($50.50-$54). However, the overall OI structure remains heavily weighted to puts, creating a tug-of-war between new bullish bets and legacy bearish positioning.

Notable Prints

BAC 4/10 $50.50 Call

Vol: 8,245

OI: 756

Vol/OI: 10.9x

IV: 25.1%

Notional: ~$415K

Intent: Fresh directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: This is the most significant flow of the day. Volume is 11x OI, clearly new positioning. The $50.50 strike is just above the major $50.00 OI cluster, targeting an immediate breakout. The IV of 25.1% is well below the 26.1% ATM IV for 4/10, strongly suggesting these calls were bought at a discount, a classic bullish signal.

BAC 4/10 $51.50 Call

Vol: 7,908

OI: 1,181

Vol/OI: 6.7x

IV: 24.2%

Notional: ~$395K

Intent: Fresh directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Another large, new position in the same weekly expiry. This forms a bullish ladder with the $50.50C, targeting a move to $51.50 (4.3% OTM). The even lower IV (24.2%) again points to buy-side activity. This is not a spread leg in isolation; it's a concentrated bet on upside momentum in the next 8 days.

BAC 4/2 $49.00 Put

Vol: 8,496

OI: 2,491

Vol/OI: 3.4x

IV: 10.5%

Notional: ~$425K

Intent: Expiration-related hedge or closure

Dual read: Sold (bullish/income) or bought (hedge)

Read-through: Massive volume in a put expiring in 0 days, just $0.38 OTM. The extremely low IV (10.5%) indicates these are nearly worthless. This is almost certainly position closure (selling to close long puts or buying to close short puts) ahead of expiration, not a new directional bet. It's noise in the directional signal.

BAC 4/2 $47.50 Put

Vol: 6,335

OI: 1,363

Vol/OI: 4.7x

IV: 39.1%

Notional: ~$300K

Intent: Expiration roll or hedge adjustment

Dual read: Bought (hedge) or sold (closure)

Read-through: High volume in another 0-day put, but this one is $1.88 OTM with elevated IV. This could be a last-minute protective buy for shares, or more likely, traders rolling out of this expiring strike into a further-dated put. The context of 0-day expiry makes this flow non-directional.

BAC 4/10 $46.50 Put

Vol: 3,321

OI: 464

Vol/OI: 7.2x

IV: 32.9%

Notional: ~$155K

Intent: Protective put purchase or put spread leg

Dual read: Bought (hedge/bearish) or sold (bullish)

Read-through: Significant new put flow, 7x OI, at a strike 5.8% OTM. Given the overwhelmingly bullish call flow, this is likely a hedge for a long stock position or a call-buyer adding downside protection. It could also be a leg of a put spread (e.g., buying $46.50P, selling $45P). Its size is meaningful but secondary to the dominant call narrative.

Institutional Positioning

Call additions: $50.50C and $51.50C for 4/10 expiry, with smaller adds to $54C 4/10. This is a focused, near-term bullish bet.

Put additions: Minimal new directional puts. The $46.50P 4/10 is the only notable addition, likely hedging.

GEX/DEX consistency: Yes — Strongly consistent. Total GEX has surged to +$266.2M (from +$59.3M), indicating a massively net long gamma position among dealers. This powerfully reinforces the pinning/mean-reverting regime and aligns with the aggressive near-term call buying (which adds positive gamma).

OI clusters: Major Call Wall: $55 (67.7K OI). Major Put Walls: $35 (55.7K), $47 (52.7K), $40 (~88K combined), $45 (44.9K). The critical near-term zone is $49-$50, with spot currently testing the upper bound.

Hedging evidence: Limited to the $46.50P 4/10. No evidence of large-scale collars or protective put spreads. Hedging appears tactical and light.

Max pain context: Spot ($49.38) remains above near-term max pain ($48.00), supporting the bullish pin. The MP trend is rising ($48 → $50), suggesting OI is building for a higher equilibrium over the next month.

Signal vs Noise

~All high-volume flow in the 4/2 (0-day) expiry ($49P, $47.50P): This is purely expiration-related closure/roll activity and should be filtered out. It inflates put volume but carries no directional signal.

~Large net premium at deep OTM calls ($37, $41): These are likely long-dated, low-delta positions (e.g., LEAPS). They contribute to the bullish net premium figure but are not tactical signals for the upcoming week.

~The $45.00 strike showing large negative net premium (-$883K): This is driven by put flow. Given the $45 strike is a major put OI wall, this could be opening of new protective puts or, more likely, adjustment/rolling of existing positions at that key level.

Key Conclusions

🚀Bullish flow has intensified, with concentrated, high-volume call buying at $50.50 and $51.50 for 4/10, targeting an immediate breakout above $50.

🧲Dealer gamma exposure (GEX) has exploded to +$266M, creating a powerful magnetic effect that will suppress volatility and pin price action, likely within the $48-$50 range in the near term.

⚔️A structural battle is evident: new, tactical bullish flow vs. a heavy legacy put OI base. A clean break above $50 could trigger a gamma squeeze toward the $52.50-$55 call walls.

⚠️Failure to hold above $49.50 and break $50 would leave the bullish call buyers exposed, with a swift move down toward the dense put OI at $47 and $45 becoming likely.

Read the Flow analysis for BAC. 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.