CRWV Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

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).

Read the Flow analysis for CRWV for 2026-04-09. 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.