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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.9% from MP; +1 VIX 17

Watch next session: $180 support; $195 resistance; VIX above 20

Flow Summary

Net premium: -$79.0M bearish

P/C volume ratio: 0.50

P/C OI ratio: 0.73

Mixed flow with bearish bias: net premium negative $79M and short gamma skew bearish, but high call volume suggests upside speculation. Unusual prints show large put buying for downside protection alongside aggressive call buying. Dealers positioned for volatility expansion. Risk of sharp move lower if spot loses $180.

Notable Prints

COIN 2026-05-29 $135.00 Put

Vol: 3,645

OI: 139

Vol/OI: 26.2x

IV: 92.6%

Notional: ~$29K

Intent: Bearish speculation

Read-through: New put position

COIN 2026-05-29 $190.00 Call

Vol: 3,812

OI: 417

Vol/OI: 9.1x

IV: 55.9%

Notional: ~$1.5M

Intent: Bullish speculation

Read-through: New call position

COIN 2026-05-22 $187.50 Call

Vol: 3,289

OI: 479

Vol/OI: 6.9x

IV: 12.9%

Notional: ~$7K

Intent: Expiry day speculation

Read-through: Lottery ticket or closing

COIN 2026-05-29 $195.00 Call

Vol: 8,127

OI: 1,511

Vol/OI: 5.4x

IV: 55.8%

Notional: ~$2.0M

Intent: Bullish

Read-through: Large call volume

COIN 2026-06-18 $340.00 Put

Vol: 1,480

OI: 288

Vol/OI: 5.1x

IV: 144.8%

Notional: ~$21.6M

Intent: Protective or bearish

Read-through: Deep ITM put hedge

Institutional Positioning

Call additions: Notable call additions on 5/29 $190 (9.1x vol/oi) and $195 (5.4x) strikes; new OI clusters at 190-202.5.

Put additions: Significant put additions on 5/29 $135 (26.2x) and 6/18 $340 (5.1x) strikes; deep OTM puts added.

GEX/DEX consistency: Short gamma (-$13M) with long delta (+26M shares) consistent with hedged bullish flow; dealers buy dips, sell rallies.

OI clusters: Largest OI concentrations at 5/29 $195 (1511), $202.5 (1443), $190 (417); also 6/18 $340 put (288 OI).

Hedging evidence: Large 6/18 $340 put (144% IV) suggests protective hedge; 5/29 $135 puts low premium hedge.

Max pain context: Spot 3.9% below max pain; dealer gamma positioning encourages upward pin to MP.

Signal vs Noise

~5/29 $135 put vol is noise (lottery ticket)

~5/22 call vol is noise (expiration unwinding)

~5/29 $190-$195 call vol is real bullish flow

~6/18 $340 put vol is real hedging signal

Key Conclusions

🔺Bullish flow into 5/29 $190-$195 calls signals upside targeting

⚠️Deep OTM put hedge on 6/18 $340 indicates downside risk

How to Use These Reports

This flow reflects the market close on May 22, 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.