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CRWV

CoreWeave, Inc.Close $105.49EOD only

Max Pain

$106.00

Next expiry May 29, 2026

Expected Move

±$9.05

8.6% from close

Price Gap

+0.51

Distance to max pain

IV Rank

Low premium

P/C OI

0.93

Balanced positioning

Consensus

6.0/10

Range bias

Published snapshot: May 22, 2026 close

End-of-day snapshot

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

Published Snapshot

May 22, 2026 close

CRWV Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 12.2% from MP

Watch next session: $90/$95 call flow and whether $90 GEX concentration grows; Price reaction to heavy Apr-10 expirations (sustained print absorption vs rapid unwind)

Flow Summary

Net premium: +$63.0M bullish

P/C volume ratio: 0.37 — strong call-dominant day

P/C OI ratio: 1.02 — balanced OI but recent flow favors calls

Institutional flow is clearly call-biased: large net premium (+$63.0M) and low P/C volume ratio (0.37) indicate fresh bullish directional buying and/or call-heavy spread activity concentrated around $90–$110 strikes. Dealers are long gamma (GEX +$53.1M) which supports pinning behavior near near-term concentration levels (notably $90 and $95), increasing the chance of spot being held or pushed up into the near upper expected-move band.

Notable Prints

CRWV 2026-05-08 $110 Call

Vol: 22,940

OI: 698

Vol/OI: 32.9x

IV: 85.3%

Notional: ~$7.34M

Intent: Fresh directional long-call interest (speculative or directional institutional bullish exposure into May)

Dual read: Bought calls (bullish directional) or large structured buy (call-calendar/diagonal leg) where short-dated calls are sold against these longer calls (neutral-to-bullish)

Read-through: Significant bullish positioning 20% OTM; size and vol/OI suggest new risk-on exposure rather than simple roll. Consistent with multi-week upside bias toward $100+ strikes.

CRWV 2026-04-10 $92 Call

Vol: 20,654

OI: 2,137

Vol/OI: 9.7x

IV: 106.3%

Notional: ~$4.22M

Intent: Short-dated bullish call buying and/or pin-seeking activity into same-day expiry

Dual read: Aggressive buy-to-open calls (bullish) or market makers/agents selling large call blocks to convert into covered positions (neutral hedged)

Read-through: Heavy same-expiry call flow is pressuring dealers to buy stock/hedge delta, supporting upside into today’s expected move band ($96.13 ceiling).

CRWV 2026-04-10 $99 Call

Vol: 8,964

OI: 331

Vol/OI: 27.1x

IV: 117.0%

Notional: ~$314k

Intent: Very short-dated speculative call buying (near-expiry leap toward $100)

Dual read: Directional bets expecting short squeeze or big gap up, or opening leg of intra-expiry spread activity

Read-through: Smaller absolute notional but high vol/OI indicates concentrated speculative bets that amplify gamma-driven dealer hedging if price moves toward $99-$100.

CRWV 2026-04-10 $90 Put

Vol: 8,040

OI: 573

Vol/OI: 14.0x

IV: 106.1%

Notional: ~$908k

Intent: Short-dated protective put buying or roll/adjust of short-dated positions

Dual read: Protective hedges (buyers of $90 puts) vs sellers being forced into put sales during volatile moves (liquidity provision)

Read-through: Significant short-dated put flow coexisting with heavy call flow—likely protective hedging around current spot rather than a directional shift to bearishness, but if put buying sustains it could cap upside.

Institutional Positioning

Call additions: $90-$110 strikes (notably heavy premium at $90, $92, $95, and $110 May), concentrated buying in $90-$100 near-dated and $110 May longer-dated calls

Put additions: Put OI concentrated deep in the tail at $70 (OI 42,320) indicating persistent tail hedging; near-term protective put buying at $90-$95 exists but is smaller vs call premium

GEX/DEX consistency: Yes — positive Total GEX $53.1M and DEX +41,386K shares align with the bullish net premium and pinning regime (dealers long gamma, incentivized to pin/mop near concentrations)

OI clusters: $100 call large cluster (OI 45,618), $70 put floor (OI 42,320), $110/$130 call clusters (27–38k OI) — $100 is the largest near-term call wall within ±10% and can act as a magnet/resistance if delta hedging compresses moves below it

Hedging evidence: Clear tail put hedging at $70 (large OI); some protective short-dated put buying around $90-$95 consistent with portfolio protection into expiries, but limited evidence of widespread collars vs large-scale call accumulation

Max pain context: Max pain for immediate expirations sits at $82 (outside ±10% but trending lower). Given current positive GEX and heavy call flow, dealers are more likely to pin around near-term GEX concentrations ($90, $95) than to push toward MP quickly.

Signal vs Noise

~Heavy activity concentrated in Apr-10 expirations (many prints) — likely includes expiration rolls and gamma-driven intraday hedging rather than all pure directional exposure.

~Very high vol/OI in some contracts (e.g., May-08 $110 and Apr-10 $99) can be single-block speculative trades or part of multi-leg structures; treat isolated high vol/OI with dual interpretation.

~Large long-dated put OI at $70 is structural tail hedging (insurance), not a near-term bearish directional bet.

~Elevated ATM IV (1d 107.5%) inflates notional; some flow may be dividend/earnings hedging into upcoming earnings (earnings on 2026-05-13) rather than pure directional.

Key Conclusions

🐂Net premium +$63.0M and P/C volume 0.37 — clear short-term bullish skew with dealers long gamma (GEX +$53.1M).

📌Near-term pinning likely around $90 and $95 — GEX concentrations +$4.9M ($90) and +$3.5M ($95) create dealer hedging that supports those levels.

📈Significant long-call flow into May $110 (large vol/OI) indicates institutions adding asymmetric upside exposure beyond the next-week expected move.

🛡️Large put OI at $70 shows institutional tail hedging (structural insurance), not immediate push to the downside.

⚠️A lot of flow is concentrated in same-day Apr-10 expiries — watch for expiration-related volatility and gamma burn/relief which can make intraday moves misleading.

🔎If call buying persists and pushes spot toward $95-$100, dealer delta hedging could accelerate upside into the $100 call wall (largest near-term OI).

How to Use These Reports

This flow reflects the market close on April 9, 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.