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BE

Bloom Energy CorporationClose $282.31EOD only

Max Pain

$260.00

Next expiry May 22, 2026

Expected Move

±$23.75

8.4% from close

Price Gap

-22.31

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.24

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

BE 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.

Flow Verdict

Confidence:

7 / 10

base 5; +1.5 significant bearish premium flow; +0.5 high IV/pinning regime; -0.5 mixed P/C ratio

Watch next session: $140 strike for put/call flow balance; Any covering of the massive $157.50 call position

Flow Summary

Net premium: -$16.9M bearish

P/C volume ratio: 1.10 — slight put lean

P/C OI ratio: 0.92 — slight call lean

The flow tells a story of significant bearish bets concentrated in the near-term, with a massive, isolated bullish outlier. Net premium is decisively negative, driven by heavy put buying at the $140 strike. However, positioning (OI) shows a longer-term call bias, creating a tension between immediate downside pressure and longer-term optimism.

Notable Prints

BE 4/17/26 $157.50 Call

Vol: 10,543

OI: 107

Vol/OI: 98.5x

IV: 98.1%

Notional: ~$4.4M

Intent: Fresh, aggressive directional call buying

Dual read: Bought to open (bullish bet on a >16% move in 17 days) or part of a complex spread (e.g., ratio call spread)

Read-through: This is a massive, high-conviction outlier. It targets a move to levels not seen in recent price action, well above all near-term max pain points. Its size and strike suggest it's either a speculative long-dated bet or a leg of a larger structure. It contradicts the bearish near-term flow.

BE 5/15/26 $140 Put

Vol: 8,652

OI: 3,213

Vol/OI: 2.7x

IV: 105.5%

Notional: ~$2.2M

Intent: Directional put buying or protective hedge

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: This is the driver of the significant negative net premium at the $140 strike. Given the high volume vs. OI and the spot price ($135.49), this is likely new bearish positioning or hedging against a breakdown. It aligns with the stock trading below the near-term max pain of $142.

BE 1/15/27 $85 Put

Vol: 652

OI: 319

Vol/OI: 2.0x

IV: 99.8%

Notional: ~$1.3M

Intent: Long-dated protective put or bearish speculation

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

Read-through: A deep OTM put (~37% below spot) with significant premium flow. This is a cheap, long-dated hedge against a catastrophic drop or a speculative bet on a fundamental breakdown. Its existence, alongside the $75 and $80 put OI walls, establishes a long-term downside floor in sentiment.

BE 4/10/26 $160 Call

Vol: 905

OI: 548

Vol/OI: 1.6x

IV: 96.4%

Notional: ~$384K

Intent: Directional call buying (shorter-dated, high-strike)

Dual read: Bought (bullish breakout) or sold (covered call/write)

Read-through: Another aggressive OTM call bet for a >18% move in 10 days. This, combined with the $157.50 call, suggests a cohort of traders are positioning for a violent upside move, potentially as a hedge against short positions or as outright speculation.

BE 4/10/26 $130 Put

Vol: 729

OI: 472

Vol/OI: 1.5x

IV: 89.9%

Notional: ~$2.9M

Intent: Near-term directional put buying or hedge

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: This is a nearer-the-money put (only ~4% below spot) with high volume. It represents a direct bearish bet on a breakdown below $130 in the next 10 days, working in concert with the $140 put flow to create a bearish near-term posture.

Institutional Positioning

Call additions: Aggressive OTM calls at $157.50 (4/17) and $160 (4/10). Top OI is at $165, $260, $200 calls.

Put additions: Significant flow into $140 (5/15) and $130 (4/10) puts. Major OI walls at $75 and $80 puts.

GEX/DEX consistency: Partially. Positive GEX (+$3.7M) suggests pinning/mean-reverting forces, which conflicts with the bearish premium flow. This indicates market makers are long gamma and may suppress volatility, opposing a clean breakdown.

OI clusters: Call walls: $165 (28.7K OI), $260 (24.8K OI), $200 (16.5K OI). Put walls: $75 (14.4K OI), $80 (14.0K OI), $15 (11.7K OI). Creates a very wide expected range with extreme long-dated anchors.

Hedging evidence: Yes. The $140 and $130 put flow in the May/June expiries, along with the deep 2027 $85 puts, point to institutional hedging against further downside. The aggressive OTM calls could also be hedges for large short equity positions.

Max pain context: Spot ($135.49) is below the nearest max pain ($142). The long-term max pain trend is sharply lower (to $65 by Jan 2027), aligning with the bearish put OI concentration and long-dated hedging.

Signal vs Noise

~The $75 and $80 Put OI (14K+ each) are likely legacy positions or strategic long-dated holds, not indicative of new flow. Their low volume confirms they are static.

~The $260 Call OI (24.8K) is an extreme outlier strike and is almost certainly part of long-dated, multi-leg strategies (e.g., call spreads, ratios) or financing deals, not a pure directional bet.

~Some of the call flow (e.g., $150, $70 strikes in premium flow) may be closing activity or roll adjustments, given the mixed P/C OI ratio versus the bearish volume flow.

Key Conclusions

⚠️High-Vol Pinning Regime: Positive GEX suggests suppressed volatility and mean-reversion pressure, conflicting with bearish flow.

📉Bearish Near-Term Flow: Net premium strongly negative (-$16.9M), driven by heavy put buying at $140 and $130.

🎯Aggressive OTM Call Outlier: The $157.50 call print is a massive, high-conviction bet that contradicts the near-term bearishness and must be respected.

🧱Wide OI Anchors: Extreme put OI at $75/$80 and call OI at $165/$260 create a massive long-term trading range, with spot currently in the lower half.

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.

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.