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BLK

BlackRock, Inc.Close $1051.57EOD only

Max Pain

$1070.00

Next expiry May 22, 2026

Expected Move

±$11.25

1.1% from close

Price Gap

+18.43

Distance to max pain

IV Rank

Low premium

P/C OI

1.36

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

BLK 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:

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

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.