BX Flow Report

Analysis based on market close March 31, 2026

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

Read the Flow analysis for BX. 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.