BAC Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

6.5 / 10

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

Watch next session: Spot reaction near $49.50-$50.00 OI cluster; Flow in the $51C 5/1 and $53C 4/10 for follow-through

Flow Summary

Net premium: +$3.0M bullish

P/C volume ratio: 0.70 — call-dominant

P/C OI ratio: 1.13 — moderate put lean

Today's flow is decisively bullish with net premium and volume ratio favoring calls, but overall positioning (OI) shows a heavier put base. The action is concentrated in near-term, OTM call buying, suggesting a tactical bet on an upside move.

Notable Prints

BAC 4/10 $53 Call

Vol: 1,803

OI: 1,024

Vol/OI: 1.8x

IV: 27.7%

Notional: ~$285K

Intent: Fresh directional call buying

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

Read-through: High volume in a 10-day, 8.7% OTM call. The 27.7% IV is below the 30.7% ATM IV for that expiry, suggesting these were likely bought (paying a discount) as a cheap, aggressive upside bet. This is a key bullish signal.

BAC 5/1 $51 Call

Vol: 1,012

OI: 321

Vol/OI: 3.1x

IV: 32.8%

Notional: ~$195K

Intent: Fresh directional call buying

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

Read-through: Volume is over 3x OI, indicating new positioning. The $51 strike aligns with the top premium flow list. This is a 31-day, 4.6% OTM call, targeting a move above the $50 OI wall. Consistent with bullish flow narrative.

BAC 5/8 $52 Call

Vol: 548

OI: 213

Vol/OI: 2.6x

IV: 31.8%

Notional: ~$85K

Intent: Fresh directional call buying

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

Read-through: Another OTM call (6.7% OTM) with volume well above OI. This extends the bullish targeting into May, forming a ladder with the $51 and $53 calls. The IV is below the 37.0% ATM for that expiry, again favoring a buy-side interpretation.

BAC 4/17 $49.50 Put

Vol: 202

OI: 103

Vol/OI: 2.0x

IV: 32.6%

Notional: ~$88K

Intent: Hedge or speculative put

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

Read-through: This is the only notable put flow. At $49.50, it's just 1.5% OTM and expiring in 17 days. Likely a near-term hedge for long stock or a call position, given its proximity to spot and the overwhelmingly bullish call flow elsewhere. Not a major directional bearish bet.

Institutional Positioning

Call additions: $51-$53 calls across Apr/May expiries (4/10, 5/1, 5/8).

Put additions: Minimal. Small $49.50P 4/17 flow likely hedging.

GEX/DEX consistency: Yes — Positive GEX of +$59.3M indicates net long gamma, supporting the pinning/mean-reverting regime. This aligns with call buying (adds positive gamma) and spot trading near max pain.

OI clusters: Major Call Wall: $55 (67.7K OI). Major Put Walls: $35 (55.7K), $47 (52.7K), $40 (~90K combined), $45 (44.9K). Near-term magnet is the $48-$50 zone, with spot currently pinned above max pain ($48).

Hedging evidence: Limited. The $49.50P 4/17 is small and near-dated, more indicative of tactical hedging than large-scale protection. No evidence of collars or major put spreads.

Max pain context: Spot ($48.75) is above near-term max pain ($48.00), creating a mild bullish pin. The rising MP trend to $50 in later expiries suggests OI is building for a higher pin over time.

Signal vs Noise

~Large net premium at deep OTM strikes ($37, $40, $41 Calls): These are likely far-dated, low-delta positions (LEAPS or speculative long-dated bets). They inflate net premium but are not tactical signals for near-term price action.

~The $60 Put net premium of -$122K: This is a single, likely sold put position (income generation), not a bearish directional bet.

~High OI at $35 and $40 Puts: These are likely legacy positions (e.g., married puts or long-term hedges) given their distance from spot (~20% OTM). They contribute to the bearish OI ratio but are not active flow.

Key Conclusions

🎯Tactical call buying targets $51-$53, suggesting a breakout above the $50 wall is anticipated.

⚖️Positive GEX (+$59.3M) supports a pinning regime near $48-$50, aligning with spot above max pain.

⚠️Bullish flow contradicts bearish OI structure; a failure above $50 could trigger a swift move toward the $47 put OI cluster.

Read the Flow analysis for BAC for 2026-03-31. 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.