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DELL

Dell Technologies Inc.Close $242.93EOD only

Max Pain

$227.50

Next expiry May 22, 2026

Expected Move

±$11.68

4.8% from close

Price Gap

-15.43

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.22

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

DELL Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

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.

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.