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CHWY

Chewy, Inc.Close $20.17EOD only

Max Pain

$21.50

Next expiry May 22, 2026

Expected Move

±$0.83

4.1% from close

Price Gap

+1.33

Distance to max pain

IV Rank

Low premium

P/C OI

0.75

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

CHWY Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

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

How to Use These Reports

This flow reflects the market close on March 26, 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.