C Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

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.

Read the Flow analysis for C. 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.