base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.5% from MP; +1 VIX 16
Watch next session: Monitor put open interest change; Watch for call buildup at 521
Net premium: +$43.7M bullish
P/C volume ratio: 1.39
P/C OI ratio: 2.05
Heavy put volume with high vol/oi ratios, but net premium positive and positive GEX. Flow mixed, likely hedging. Call pickup expected for bullish confirmation.
#1DIA 2026-09-18 $515.00 Put
Intent: bearish
Read-through: speculative downside
#2DIA 2026-06-18 $516.00 Put
Intent: closing
#3DIA 2026-08-21 $535.00 Call
Intent: bullish
Read-through: medium-term upside
#4DIA 2026-06-26 $521.00 Call
Intent: bullish
Read-through: short-term upside
#5DIA 2026-06-26 $498.00 Put
Intent: hedging
Read-through: downside protection
Call additions: Minor call additions at 521 and 535.
Put additions: Heavy put additions at 470 (Jan27), 514-517, and 498.
GEX/DEX consistency: Consistent: GEX/DEX positive, flow mixed but put-heavy; pinning likely.
OI clusters: Put OI clusters at 470, 514-517, 498; call OI sparse.
Hedging evidence: Deep OTM 470 put and near-the-money puts indicate downside hedging.
Max pain context: Spot near MP, positive GEX supports pinning.
~Put accumulation in 470 leap and near-term 514-517 is real hedging signal.
~Small call volume at 521 and 535 may be noise.
~Positive GEX/DEX despite put flow indicates market maker positioning not bearish.