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COIN

Coinbase Global, Inc.Close $193.56EOD only

Max Pain

$192.50

Next expiry May 22, 2026

Expected Move

±$5.59

2.9% from close

Price Gap

-1.06

Distance to max pain

IV Rank

Low premium

P/C OI

0.75

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 21, 2026 close

End-of-day snapshot

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

Published Snapshot

May 21, 2026 close

COIN Flow Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +1 VIX 17

Watch next session: $200 strike; weekly call volumes; gamma flip levels

Flow Summary

Net premium: -$52.9M bearish

P/C volume ratio: 0.46

P/C OI ratio: 0.75

Heavy bullish call buying in weekly $195-$215 strikes, but net premium negative due to high-cost put hedging. Dominant call skew despite negative net premium indicates upward bias; put buying is protective, not directional. Positive dealer gamma pinning supports near-term upside.

Notable Prints

COIN 2026-05-29 $207.50 Call

Vol: 4,891

OI: 947

Vol/OI: 5.2x

IV: 59.4%

Notional: ~$1.2M

Intent: Bullish

Read-through: Pinning near

COIN 2026-06-18 $340.00 Put

Vol: 1,480

OI: 288

Vol/OI: 5.1x

IV: 140.2%

Notional: ~$21.6M

Intent: Hedge

Dual read: Short put

Read-through: Volatility play

COIN 2026-05-22 $230.00 Put

Vol: 1,623

OI: 345

Vol/OI: 4.7x

IV: 127.1%

Notional: ~$5.9M

Intent: Bearish

Read-through: Expiry pressure

COIN 2026-05-29 $197.50 Call

Vol: 6,607

OI: 1,911

Vol/OI: 3.5x

IV: 58.2%

Notional: ~$3.5M

Intent: Bullish

Read-through: Support buy

COIN 2026-05-29 $215.00 Call

Vol: 2,237

OI: 698

Vol/OI: 3.2x

IV: 61.1%

Notional: ~$302K

Intent: Bullish

Read-through: Resistance bet

Institutional Positioning

Call additions: Heavy call buying 5/29 exp at 195-215 strikes, LEAPS call at $175

Put additions: Notable puts: 5/22 $230, 6/18 $340, 2027 $80

GEX/DEX consistency: GEX +31.9M long, DEX +26.8M shares; net premium negative but gamma positive

OI clusters: Largest OI at 195-197.5 calls 5/29

Hedging evidence: Long-dated $80 put and weekly $230 put suggest hedging

Max pain context: Spot at max pain (~200), pinning expected

Signal vs Noise

~Signal: heavy OTM call buying on weekly expiry

~Signal: high vol/oi ratios on call prints indicate unusual activity

~Noise: put buying at $340 and $80 likely hedging, not directional

Key Conclusions

📈Institutions adding calls at 195-215 for weekly pin, mixed with negative net premium

🛡️Long-dated $80 put signals tail hedge, not bearish

How to Use These Reports

This flow reflects the market close on May 21, 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.