CHWY Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

6.5 / 10

base 5; +1.5 large bearish premium flow; +0.5 high IV/vol regime; -0.5 spot above max pain; -0.5 mixed P/C ratio

Watch next session: $26.00 Put OI for 4/2; Spot vs. $27.50 gamma flip level; Net premium direction

Flow Summary

Net premium: -$528K bearish

P/C volume ratio: 0.79 — slight put lean

P/C OI ratio: 0.66 — moderate call lean in positioning

Flow shows a clear bearish premium bias with significant put buying at elevated strikes, despite a call-leaning OI structure. The high volatility regime and pinning gamma suggest a battle between near-term downside pressure and longer-term call positioning.

Notable Prints

CHWY 12/18/26 $27.50 Put

Vol: 300

OI: 15

Vol/OI: 20.0x

IV: 52.6%

Notional: ~$825K

Intent: Long-dated directional put purchase or protective hedge

Dual read: Bought to open (bearish) or sold as part of a spread (bullish)

Read-through: Significant capital allocated to a long-dated, at-the-money put. The 20x OI surge and high notional value point to a fresh, bearish institutional position, not a roll. This is a major flow signal.

CHWY 4/2/26 $26.00 Put

Vol: 2,726

OI: 194

Vol/OI: 14.1x

IV: 55.5%

Notional: ~$709K

Intent: Near-term directional put buying

Dual read: Bought to open (bearish) or sold (bullish)

Read-through: Massive volume spike in a weekly put, 3% below spot. The high vol/OI ratio indicates new bearish bets targeting a move below $26 within a week, aligning with the negative net premium flow.

CHWY 1/15/27 $55.00 Put

Vol: 150

OI: 50

Vol/OI: 3.0x

IV: 0.0%

Notional: ~$825K

Intent: Part of a complex multi-leg spread (e.g., put sale in a collar or diagonal)

Dual read: Sold to open (bullish income) vs. Bought (deep hedge)

Read-through: The 0% IV is a clear data artifact for a deep OTM strike. This is almost certainly a leg of a structured trade (e.g., selling the $55 put to finance a closer call purchase). It is noise for directional analysis.

CHWY 3/27/26 $26.00 Put

Vol: 1,314

OI: 816

Vol/OI: 1.6x

IV: 70.3%

Notional: ~$342K

Intent: Expiration-day hedging or closing

Dual read: Closing long puts (bullish) or opening new ones (bearish)

Read-through: High volume in a 0DTE option. Given the elevated IV and proximity to spot, this is likely a mix of last-minute hedging and position adjustments ahead of the close, not a clean directional signal.

Institutional Positioning

Call additions: Minimal fresh call flow. Top OI at $35C and $30C are legacy positions.

Put additions: New puts at $27.50 (Dec '26) and $26.00 (Apr '26). Protective activity at $25P and $22P.

GEX/DEX consistency: Mixed. Positive GEX (+$21.8M) suggests pinning support, but bearish flow contradicts it, indicating a potential breakdown if flow persists.

OI clusters: Major call wall at $35C (22.4K OI). Major put walls at $22P (14.8K OI) and $20P (7.4K OI). Near-term, $27.50C (7.7K OI) and $25P (5.6K OI) are key.

Hedging evidence: Yes. The long-dated $27.50 Put and weekly $26.00 Put prints are classic institutional hedging or directional bearish bets. The deep OTM $55P sale is likely part of an income/hedge structure.

Max pain context: Spot ($27.01) is well above near-term max pain ($25 for 3/27 & 4/2), creating a gravitational pull lower. The rising MP trend to $30+ in later expiries shows longer-term call skew.

Signal vs Noise

~$55.00 Put 1/15/27 (0% IV) — Clearly a leg of a multi-leg spread, not a directional bet on a crash to $55.

~High volume in 0DTE $26.00 Puts — Largely expiration-related churn and hedging, though some may be new bets.

~Large OI at $35C and $37.50P — These are likely legacy positions from much higher volatility periods, not reflective of current flow intent.

Key Conclusions

⚠️Bearish premium flow dominates despite positive gamma

🎯Key level: $27.50 (Gamma flip ~$22, but major put flow here)

📅Max pain at $25 creates near-term downside magnet

🛡️Institutions adding long-dated protective puts

Read the Flow analysis for CHWY. 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.