CRWD Flow Report

Analysis based on market close March 31, 2026

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.

Read the Flow analysis for CRWD for 2026-03-31. 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.