Home Options CReports

C

Citigroup, Inc.Close $124.82EOD only

Max Pain

$124.00

Next expiry May 22, 2026

Expected Move

±$2.47

2.0% from close

Price Gap

-0.82

Distance to max pain

IV Rank

Low premium

P/C OI

1.45

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

C 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:

5.5 / 10

base 5; +1 strong net premium; -0.5 mixed P/C signals; +0.5 GEX pinning support; -0.5 low unusual activity

Watch next session: $115 call OI (18K) for resistance test; Any unusual flow into $110 puts (19.8K OI)

Flow Summary

Net premium: +$28.0M bullish

P/C volume ratio: 0.86 — slightly call-dominant

P/C OI ratio: 1.10 — slight put lean in positioning

Mixed signals with bullish net premium offset by put-heavy OI. The dominant narrative is a pinning regime around $110-$115, supported by positive GEX, with institutions expressing a cautious bullish tilt via premium flow.

Notable Prints

C 4/2 $113 Put

Vol: 519

OI: 318

Vol/OI: 1.6x

IV: 31.9%

Notional: ~$58,700

Intent: Near-term hedge or speculative downside bet

Dual read: Bought for protection (bearish) or sold for premium (neutral/bullish)

Read-through: Given the low IV (31.9% vs. 44.5% avg) and proximity to spot ($113.41), this is likely a short put sale for premium capture, consistent with the neutral-to-bullish GEX pinning regime. Not a large directional bet.

Institutional Positioning

Call additions: Premium flow heavily into deep OTM calls ($75, $37.50, $55). Near-spot, $115 calls saw significant premium ($2.9M).

Put additions: Minimal near-spot put premium flow. Largest OI is at $110 (19.8K) and $100 (18.3K) puts, suggesting established downside hedges.

GEX/DEX consistency: Yes — Positive GEX (+$43.8M) and net premium flow are aligned, both supporting a mean-reverting/pinning environment.

OI clusters: Major call walls at $120 (26.5K OI) and $130 (21.6K OI). Major put walls at $110 (19.8K OI) and $100 (18.3K OI). Creates a likely range of $110-$120.

Hedging evidence: Yes, substantial OI in $100-$110 puts indicates institutional downside protection is in place. The $113 put unusual print could be a near-term addition to this hedge.

Max pain context: Max pain at $110 across most near-term expiries, with spot at $113.41 (3.1% above). This creates a mild gravitational pull lower, but positive GEX provides pinning support.

Signal vs Noise

~Massive premium flow into deep OTM calls ($75, $37.50, $55) is almost certainly speculative lottery tickets or part of complex multi-leg strategies (e.g., call spreads, ratios). Not a direct near-term directional signal.

~The single unusual print (4/2 $113 Put) is low notional and could be a closing trade or delta hedge adjustment, not a new macro bet.

~Low overall volume (49,466) vs. OI (1.16M) indicates a quiet day, not a major positioning shift.

Key Conclusions

📌Market in a GEX pinning regime, favoring range-bound action between $110 (put wall/gamma flip) and $120 (call wall).

💰Net premium flow strongly bullish (+$28M), but concentrated in far OTM calls, suggesting speculative optimism rather than conviction near spot.

🛡️Substantial put OI at $110 and $100 shows institutional downside protection is firmly established, limiting severe sell-offs.

🎯Watch $115 resistance (18K call OI) and $110 support (19.8K put OI / max pain) for next directional break.

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.