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DIA

SPDR Dow Jones Industrial Average ETFClose $503.11EOD only

Max Pain

$496.00

Next expiry May 22, 2026

Expected Move

±$3.48

0.7% from close

Price Gap

-7.11

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.92

Slightly put-heavy

Consensus

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No reports available

Published snapshot: May 21, 2026 close

End-of-day snapshot

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

Published Snapshot

May 21, 2026 close

DIA Flow Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.8% from MP; +1 VIX 17; override: base 9, strong net premium, low VIX, bullish unusual call volume

Watch next session: $508; $510; $515 calls activity

Flow Summary

Net premium: +$28.4M bullish

P/C volume ratio: 0.88

P/C OI ratio: 1.81

Bullish net premium $28.4M, low VIX 16.7, calls dominate. Gamma pinning near spot, DEX positive. Unusual prints: Jan'27 $690C and $460P long spreads, weekly calls at $507.5-$508. Regime: low vol, mixed flow but leaning bullish.

Notable Prints

DIA 2027-01-15 $690.00 Call

Vol: 3,116

OI: 250

Vol/OI: 12.5x

IV: 23.2%

Notional: ~$50K

Intent: Bullish long-term speculation

Dual read: Possible short volatility or outright purchase

Read-through: New long-term positioning

DIA 2027-01-15 $460.00 Put

Vol: 1,500

OI: 148

Vol/OI: 10.1x

IV: 18.2%

Notional: ~$1.5M

Intent: Bearish hedge or long put

Dual read: Could be protective put

Read-through: Downside concern, far-term

DIA 2026-05-22 $507.50 Call

Vol: 1,380

OI: 153

Vol/OI: 9.0x

IV: 2.8%

Notional: ~$3K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

DIA 2026-05-22 $508.00 Call

Vol: 770

OI: 122

Vol/OI: 6.3x

IV: 3.7%

Notional: ~$770

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

DIA 2026-05-29 $508.00 Call

Vol: 359

OI: 129

Vol/OI: 2.8x

IV: 12.7%

Notional: ~$101K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: DIA 2027 690C (3116 vol) and May 29 515C (1865 vol) active.

Put additions: DIA 2027 460P (1500 vol) and May 29 505P (292 vol) added.

GEX/DEX consistency: GEX +64.5M, DEX +11.4M pos but OI ratio 1.81 bearish; flow mixed.

OI clusters: Gamma flip 480 (put OI 8.6K). Call OI dense 508-515; puts at 460,480.

Hedging evidence: 460P suggests tail hedge; no clear collars.

Max pain context: Spot above MP, low VIX, gamma pinning near 508.

Signal vs Noise

~Today's 508C noise; structural signal from 2027 leaps.

~May 29 515C real demand.

Key Conclusions

🚀Bullish tail via 2027 690C.

⚠️Tail hedge via 460P warns downside.

How to Use These Reports

This flow reflects the market close on May 22, 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.