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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 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 17, 2026.

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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.

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.

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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.