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BX

Blackstone Inc.Close $116.83EOD only

Max Pain

$121.00

Next expiry May 22, 2026

Expected Move

±$3.27

2.8% from close

Price Gap

+4.17

Distance to max pain

IV Rank

Low premium

P/C OI

1.46

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

BX Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

4.5 / 10

base 3; +1.5 for net premium bearish & P/C >1.0; -0 for mixed flow regime; +0 for moderate volume

Watch next session: $110 Call OI changes; Flow around the $100 Put wall; Any unusual activity in the $120-$130 Put zone

Flow Summary

Net premium: -$7.2M bearish

P/C volume ratio: 1.14 — put-dominant

P/C OI ratio: 1.60 — significant put lean in positioning

Flow shows a bearish tilt with negative net premium and put-dominant volume. The much higher Put/Call OI ratio indicates a structurally defensive or short-biased positioning that has been building over time, overshadowing today's mixed volume.

Notable Prints

BX 2026-07-17 $135 Call

Vol: 282

OI: 146

Vol/OI: 1.9x

IV: 41.6%

Notional: ~$32,000

Intent: Long-dated, OTM call purchase (directional optimism) or spread leg

Dual read: Bought for a long-term bullish breakout bet, or sold as part of a covered call/ratio spread.

Read-through: Isolated bullish signal in a sea of bearish positioning. Notional is small, suggesting it's a tactical bet or part of a multi-leg structure rather than a major directional conviction.

Institutional Positioning

Call additions: Minimal. Notable premium flow is positive only at $110 (+$1.36M) and $105 (+$0.76M) calls, suggesting any bullish activity is defensive or defined-risk (e.g., selling puts at/below spot).

Put additions: Significant bearish premium flow at OTM strikes: $185P (-$2.99M), $120P (-$1.45M), $140P (-$1.23M). This is likely protective/hedging activity far from spot.

GEX/DEX consistency: Mixed. Positive GEX (+$0.9M) suggests pinning/mean-reverting forces near spot, but bearish DEX and flow indicate underlying hedging pressure.

OI clusters: Major Put wall at $100 (OI 12,553), with secondary walls at $85 (OI 8,253) and $95 (OI 5,498). These create significant support levels and potential gamma flip zones.

Hedging evidence: Strong evidence of large-scale, long-dated protective put buying at strikes $120-$185, as shown by massive negative net premium at those levels.

Max pain context: Spot ($114.99) is above near-term max pain ($111 for 3/27, $114 for 4/2), creating a mild gravitational pull lower towards those levels.

Signal vs Noise

~The single unusual activity print (July $135 Call) is notable but low notional. It could be a lottery ticket, a leg of a calendar/diagonal spread, or a hedge against a short put position.

~Massive negative premium at extreme OTM strikes like $185 and $250 is almost certainly tail-risk hedging (e.g., put spreads or far OTM puts bought as portfolio insurance), not a direct directional bet on BX.

~The high Put/Call OI ratio (1.60) reflects legacy positioning and may overstate today's bearish intent; today's volume P/C of 1.14 is less extreme.

Key Conclusions

⚠️Structural positioning is defensive with a massive Put wall at $100

📉Net premium flow is bearish (-$7.2M), driven by OTM put buying

📊Positive GEX suggests pinning near current levels, conflicting with bearish flow

🎯Watch $110-$115 zone: Call flow is positive here, indicating defined-risk bullish plays or support

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.