DELL Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

6.5 / 10

base 5; +1.5 massive bearish premium at key strikes; +1 spot at max pain with pinning GEX; -1 conflicting near-term call flow

Watch next session: $170 strike for continued put selling/hedging; Spot's reaction to the $165 max pain level

Flow Summary

Net premium: +$1.4M bullish

P/C volume ratio: 0.68 — call-dominant

P/C OI ratio: 1.24 — put-dominant positioning

A conflicting picture: near-term volume favors calls, but positioning and large, concentrated premium flows are decisively bearish. The market is pinned at max pain ($165) with significant negative premium at key resistance strikes, suggesting a dominant hedging or bearish positioning theme beneath the surface.

Notable Prints

DELL 6/18/26 $170 Put

Vol: 4,064

OI: 772

Vol/OI: 5.3x

IV: 52.5%

Notional: ~$27.6M (4064 * 100 * $68.00 avg price est.)

Intent: Large-scale hedge or speculative put purchase for downside protection into summer

Dual read: Bought (bearish) or sold for income (bullish/neutral)

Read-through: Given the massive negative premium at the $170 strike and the size, this is likely a directional hedge or bearish bet, not a short put for yield. It establishes a major risk point for Q2/Q3.

DELL 4/2/26 $170 Call

Vol: 4,471

OI: 1,291

Vol/OI: 3.5x

IV: 50.5%

Notional: ~$1.8M (4471 * 100 * $4.00 avg price est.)

Intent: Short-dated directional bet or gamma scalp above spot

Dual read: Bought (bullish breakout) or sold (capping rally)

Read-through: Given the spot is below strike and the $170 strike shows massive net *negative* premium, this is more likely call selling (capping) than buying. Fits a 'sell the rip' narrative against the $170 wall.

DELL 4/2/26 $172.50 Call

Vol: 3,702

OI: 433

Vol/OI: 8.6x

IV: 49.5%

Notional: ~$1.1M (3702 * 100 * $3.00 avg price est.)

Intent: Fresh, aggressive OTM call buying or selling

Dual read: Bought (aggressive bullish) or sold (premium capture)

Read-through: The high vol/oi suggests new positioning. Given the context of negative premium at $170 and pinning at $165, this could be a low-probability lottery ticket buy or, more likely, sold premium against a perceived ceiling.

DELL 5/8/26 $130 Put

Vol: 448

OI: 249

Vol/OI: 1.8x

IV: 53.1%

Notional: ~$1.6M (448 * 100 * $35.00 avg price est.)

Intent: Long-dated protective put or speculative downside bet

Dual read: Bought (bearish) or sold (bullish)

Read-through: Significant notional for a far OTM strike. Likely a cheap hedge or tail-risk purchase, aligning with the longer-dated bearish flow seen in the June $170P. Shows concern for a deeper pullback by May.

Institutional Positioning

Call additions: Short-dated OTM calls at $170 & $172.50 (likely sold, not bought).

Put additions: Major positioning at $170P (Jun) and $130P (May). Significant OI clusters at $145P and $160P.

GEX/DEX consistency: Yes — Positive GEX (+$5.3M) confirms pinning pressure at current max pain ($165), which aligns with the heavy put OI below spot acting as a gravity well.

OI clusters: Major Put Walls: $145 (7,913 OI), $160 (5,927 OI). Major Call Wall: $185 (5,649 OI). Creates a likely range of $145-$185, with current spot in the lower half.

Hedging evidence: Strong evidence. The massive negative premium at $170 (-$5.96M net) and $160 (-$962K net) indicates institutional-scale put buying or call writing at those levels, a classic hedging pattern.

Max pain context: Spot ($164.13) is precisely at the near-term max pain ($165 for 3/27). This, combined with pinning GEX, suggests forces are actively containing price here. The max pain trend rises to $190 by March 2027, indicating longer-term bullish expectations but near-term containment.

Signal vs Noise

~The +$1.4M net premium is misleading; it's driven by small, far OTM calls (e.g., $75C). The meaningful, near-the-money flow is bearish.

~High volume in 4/2 $170C and $172.50C is likely part of spread structures (e.g., call credit spreads) or short calls, given the overwhelming negative premium at that strike.

~The $75 Call with +$837K net premium is noise—likely a far OTM trade with minimal delta impact, not a directional signal.

Key Conclusions

⚠️Spot pinned at max pain ($165) with positive GEX, suggesting contained, range-bound action in the very near term.

🧱A major institutional hedge/short is in place at $170, evidenced by -$5.96M net premium, creating a formidable ceiling.

📉Positioning is bearish (P/C OI 1.24) with large put OI walls at $160 and $145 defining key support levels.

🎯Watch $162.50 (next weekly max pain). A break below confirms the bearish flow thesis and targets the $160 put OI cluster.

Read the Flow analysis for DELL. 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.