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BAC

Bank of America CorporationClose $50.70EOD only

Max Pain

$50.50

Next expiry May 22, 2026

Expected Move

±$1.03

2.0% from close

Price Gap

-0.20

Distance to max pain

IV Rank

Low premium

P/C OI

1.26

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

BAC Flow Report

Analysis based on market close March 31, 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 March 31, 2026. A newer flow report is available for April 17, 2026.

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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.

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.

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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.