CRM Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

6.5 / 10

base 5; +1.5 large bearish premium flow; +0.5 GEX/flow aligned; -0.5 mixed P/C ratio

Watch next session: $180P 5/15 OI buildup; Call flow at $190 to defend max pain

Flow Summary

Net premium: -$35.3M bearish

P/C volume ratio: 1.07 — slight put lean

P/C OI ratio: 0.86 — moderate call lean in positioning

Net premium flow is decisively bearish, driven by massive put buying at the $180 strike. However, the P/C volume ratio is only mildly elevated, and open interest still shows a call lean, creating a conflicting picture between today's flow and existing positioning.

Notable Prints

CRM 5/15 $180 Put

Vol: 34,261

OI: 3,570

Vol/OI: 9.6x

IV: 39.7%

Notional: ~$6.4M

Intent: Large directional put purchase or protective hedge

Dual read: Bought to open (bearish) vs. sold to close (bullish)

Read-through: The 9.6x volume/OI ratio and massive associated premium flow (-$26M net at $180) strongly suggest new bearish positioning. This is the anchor of today's bearish flow.

CRM 5/15 $190 Call

Vol: 25,946

OI: 776

Vol/OI: 33.4x

IV: 40.4%

Notional: ~$4.8M

Intent: Fresh call buying or a roll

Dual read: Bought to open (bullish) vs. sold as part of a spread (neutral/bearish)

Read-through: Extremely high vol/OI suggests new activity. Given the bearish net premium context, this could be a long call hedge against a larger short position or a bullish bet expecting a rebound toward max pain ($190).

CRM 5/15 $175 Put

Vol: 2,017

OI: 1,266

Vol/OI: 1.6x

IV: 40.9%

Notional: ~$376k

Intent: Follow-on put buying or adjustment

Dual read: Adds to the $180 put bearish flow

Read-through: Supports the bearish thesis established by the $180P print, building a put wall in the $175-$180 zone for the May expiration.

CRM 4/10 $187.50 Call

Vol: 1,008

OI: 265

Vol/OI: 3.8x

IV: 37.6%

Notional: ~$188k

Intent: Near-term directional bet or hedge

Dual read: Bet on a quick bounce to just above spot

Read-through: This near-dated, slightly OTM call flow provides a counter-narrative, possibly betting on a short-term squeeze back toward $190. Its smaller size makes it a tactical play vs. the structural bearish bets in May.

Institutional Positioning

Call additions: May $190 calls (large volume), April $187.5/$190 calls (smaller)

Put additions: May $180 puts (massive), May $175 puts (supportive)

GEX/DEX consistency: Yes — Negative GEX (-$13.5M) aligns with bearish premium flow, suggesting a pro-cyclical (trending) regime where weakness could be accelerated.

OI clusters: Major call OI at $210, $220, $230 (distant). Major put OI at $230, $190. The $190 put wall (7.5K OI) is a key near-term support level, just below max pain.

Hedging evidence: Strong evidence of hedging/protection via the massive $180 put flow. The simultaneous large call flow at $190 could indicate a collar (long put, short call) or separate bullish/bearish views across timeframes.

Max pain context: Spot ($186.67) is below nearest expiration max pain ($190). The rising MP trend ($190 → $195) suggests OI is building at higher strikes, but today's flow is betting against that drift.

Signal vs Noise

~The large $180 put and $190 call prints in the same expiration (5/15) could be legs of a large risk-reversal (selling calls, buying puts) or collar, which is net bearish but defined-risk.

~Small volume in the top OI strikes (e.g., $210C, $220C) indicates today's flow is not interacting with the major existing positioning walls; it's establishing new exposure.

~The elevated IV (~40%) for the May expiration is consistent with new directional positioning, not just rolling or closing activity.

Key Conclusions

⚠️Bearish flow anchored by a massive ~$6.4M notional put buy at $180 for May.

⚖️Conflicting signals: bearish premium flow vs. only slightly elevated P/C ratio and call-heavy OI.

📉Negative GEX (-$13.5M) supports the bearish flow, indicating a trending regime where moves may accelerate.

🎯Watch $190 (max pain) as a magnet and $180 (new put OI) as a target. A break below $185 confirms the bearish flow.

Read the Flow analysis for CRM. 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.