BLK Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

2.5 / 10

base 3; -0.5 low volume/noise; -0.5 P/C ratio >1.5; +0.5 spot at max pain

Watch next session: Net premium direction for $440C/$1140P flows; Any follow-through on the $660P 4/10 print

Flow Summary

Net premium: +$731K (slightly bullish)

P/C volume ratio: 1.66 — put-dominant volume

P/C OI ratio: 1.11 — slight put lean in positioning

Contradictory signals: positive net premium suggests bullish bias, but elevated put/call volume ratio and negative GEX indicate underlying hedging or bearish positioning. The market is pinned at max pain with low overall activity.

Notable Prints

BLK 4/10 $660 Put

Vol: 500

OI: 250

Vol/OI: 2.0x

IV: 127.6%

Notional: ~$330,000

Intent: Deep OTM protective put or speculative downside bet

Dual read: Bought (bearish hedge) or sold (premium collection)

Read-through: Given the 127% IV and deep OTM strike (~30% below spot), this is likely a cheap, long-dated hedge against a tail-risk event, not a near-term directional bet. The size is meaningful relative to daily volume.

Institutional Positioning

Call additions: Minimal near-term call OI. Largest OI clusters are in deep OTM calls ($1150-$1300) and the $970 strike.

Put additions: Deep OTM put OI at $390 (734) and $470 (409). The $940 put (350 OI) is the nearest meaningful strike to spot.

GEX/DEX consistency: Mixed. Negative GEX (-$87K) suggests dealers are short gamma and could amplify moves, which aligns with put-dominant volume. However, positive net premium contradicts this.

OI clusters: Call walls: $1150 (1035 OI), $1190 (926 OI). Put walls: $390 (734 OI), $470 (409 OI). The $970 call (414 OI) and $940 put (350 OI) are nearer-term magnets.

Hedging evidence: The deep OTM put OI ($390, $470) and the unusual $660 put print suggest institutional hedging against significant downside, likely part of portfolio protection strategies.

Max pain context: Spot ($961.71) is pinned exactly at the max pain for the nearest two expirations ($960). This creates a strong gravitational pull and suppresses volatility, explaining the low volume.

Signal vs Noise

~The massive net premium at the $440 call (+$1.4M) is almost certainly noise. With a strike ~54% below spot, this is likely a long-dated, deep ITM call used in a financing or synthetic position (e.g., part of a collar or swap), not a directional bet.

~Large net negative premiums at strikes like $1140P, $1080P, and $1100P are also likely spread legs or closing trades on old, deep OTM positions, not new bearish bets.

~Most premium flow is concentrated in strikes far from spot ($440, $1140, etc.), indicating structured/positioning activity, not spot-driven directional flow.

Key Conclusions

🎯Market pinned at max pain ($960), suppressing volatility and volume

⚠️Low volume & contradictory signals (bullish prem/bearish P/C) limit conviction

🛡️Deep OTM put OI and the $660P print point to institutional tail-risk hedging

📉Negative GEX (-$87K) suggests dealers may amplify any breakout from the $960 pin

Read the Flow analysis for BLK. 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.