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CRWD

CrowdStrike Holdings, Inc.Close $650.11EOD only

Max Pain

$557.50

Next expiry May 22, 2026

Expected Move

±$16.93

2.6% from close

Price Gap

-92.61

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.96

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

CRWD Flow Report

Analysis based on market close March 31, 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; +2 for massive, concentrated put premium; +1 for spot below max pain; -1 for mixed P/C volume ratio

Watch next session: Flow at the $395 Put (4/2 expiry) for near-term direction; Any covering/buying in the massive $610-$630 put positions

Flow Summary

Net premium: -$17.2M bearish

P/C volume ratio: 0.98 — perfectly balanced volume, masking directional flow

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

The headline P/C ratio is neutral, but the premium flow tells a starkly different story. Massive, concentrated put buying at far OTM strikes ($610-$750) has driven net premium deeply negative, indicating significant bearish hedging or positioning. Spot trading below max pain supports a near-term bearish bias.

Notable Prints

CRWD 5/15/26 $630 Put

Vol: 249

OI: 140

Vol/OI: 1.8x

IV: 0.0%

Notional: ~$4.6M (Premium: $4,594,712)

Intent: Large-scale, far OTM protective put purchase or bearish bet.

Dual read: Bought for catastrophic hedge (bearish tail risk) or sold for premium income (bullish). The 0% IV and massive premium paid strongly suggest a buyer.

Read-through: This is a huge, concentrated bearish flow. The 0% IV is anomalous and suggests a negotiated block trade, not open market. This is a meaningful institutional position, not noise.

CRWD 4/2/26 $395 Put

Vol: 182

OI: 102

Vol/OI: 1.8x

IV: 35.8%

Notional: ~$84k (Premium implied from flow data)

Intent: Near-term directional bet or hedge against a drop below $395.

Dual read: Bought (bearish for a quick move) or sold (neutral/bullish, betting on pin above $395). Volume > OI suggests new positioning.

Read-through: Significant for the weekly expiry. With spot at $390.41, this is a slightly ITM put. Flow here is key for the 2-day expected move of ±$9.33.

CRWD 5/15/26 $610 Put

Vol: 0

OI: 0

Vol/OI: 0.0x

Notional: ~$7.5M (Premium: $7,534,355)

Intent: Massive far OTM put purchase, similar to the $630P.

Dual read: Almost certainly a bought put for protection or a bearish volatility bet.

Read-through: The largest single premium outflow in the data. This and the $630P represent over $12M in bearish premium, dominating the entire flow picture. This is the core institutional signal.

Institutional Positioning

Call additions: Minimal relative to puts. Some call premium at $120 (likely a far OTM leg of a complex trade) and $420.

Put additions: Overwhelmingly at far OTM strikes $560, $610, $630, $660, $680, $750. This is layered, large-scale put buying.

GEX/DEX consistency: Partially. Positive GEX (+$2.9M) suggests pinning/mean-reverting forces near-term, which conflicts with the bearish flow. The flow may be longer-dated hedging against the pinning range breaking down.

OI clusters: Major Put OI at $350 (2,989) and $300 (~3,837 combined). Major Call OI at $470 (~7,707 combined) and $500 (2,346). This creates a wide channel with a put skew in positioning.

Hedging evidence: Extremely strong evidence. The massive, premium-heavy put buys at $610-$750 are classic institutional portfolio hedging or tail-risk protection.

Max pain context: Spot ($390.41) is below the primary max pain of $402.50 for the nearest expiry (3/27). This aligns with bearish flow, suggesting pressure to resist a rally back to max pain.

Signal vs Noise

~The $120 Call with $1.33M in premium is almost certainly a leg of a bullish risk reversal (buy call, sell put) or a far OTM bet, not a standalone directional call buy. It offsets some of the put premium but is structurally different.

~High OI at $470 and $500 Calls is likely a combination of old covered call writing and longer-dated bullish bets, not indicative of recent flow.

~The 0% IV on the $630 Put print indicates a negotiated block trade. It's a clear signal of intent, not market maker inventory adjustment.

Key Conclusions

⚠️Massive, concentrated put hedging at far OTM strikes ($610-$750) drives a strongly bearish premium flow signal.

📌Near-term pinning dynamics (positive GEX) conflict with long-term bearish hedges, suggesting a coiled range.

🎯Price below max pain ($402.50) supports the bearish flow bias; watch for rejection at this level.

How to Use These Reports

This flow reflects the market close on March 31, 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.