DIS Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

6 / 10

base 5; +1.5 negative net premium & P/C >1; +1 negative GEX; -1.5 spot at max pain & MP trend rising

Watch next session: $95 PUT OI wall (14,014 contracts); Flow reaction near $96.38 (current spot vs max pain $97)

Flow Summary

Net premium: -$7.4M bearish

P/C volume ratio: 1.18 — put-dominant

P/C OI ratio: 0.89 — slight put lean

Flow shows a defensive tilt with negative net premium and put volume dominance. The negative Gamma Exposure (GEX) suggests market makers will amplify moves, particularly to the downside below $95. However, spot is pinned near max pain, creating a tension between flow signals and pinning mechanics.

Notable Prints

DIS 2026-04-10 $88 PUT

Vol: 347

OI: 140

Vol/OI: 2.5x

IV: 38.5%

Notional: ~$3.05M (347 * 100 * $88)

Intent: Fresh directional put buying or protective hedge

Dual read: Bought to open (bearish) or sold to open (neutral/bullish)

Read-through: Given the overall bearish flow context and high IV (38.5% vs. avg 35.8%), this is likely a bearish directional bet or a hedge for a long stock position. The $88 strike is 8.7% below spot, targeting a move to the lower end of the 10-day expected move ($93.02).

Institutional Positioning

Call additions: Minimal near-term call buying. Premium flow is negative at key strikes like $115 and $95.

Put additions: Significant put OI at $95 (14,014), $90 (8,357), and $80 (8,257). Premium flow negative at $95 and $115.

GEX/DEX consistency: Yes — negative GEX (-$30.2M) aligns with bearish flow and put OI concentration. Market makers are short gamma, which will exacerbate a break below the ~$95 gamma flip.

OI clusters: Major PUT wall at $95 (14,014 OI). Major CALL walls at $110 (13,406 OI) and $130 (10,506 OI). This creates a likely trading range between $95 (support) and $110 (resistance).

Hedging evidence: The large, deep OTM put positions ($80, $90) are likely long-dated portfolio hedges. The unusual $88 PUT print for April could be nearer-term hedging.

Max pain context: Spot ($96.38) is just below the nearest max pain ($97), creating a pinning magnet. However, the max pain trend rises to $100+ in later expiries, suggesting a longer-term bullish anchor that conflicts with today's bearish flow.

Signal vs Noise

~Large premium flows at deep OTM strikes ($45 CALL, $65 CALL) are likely noise—part of complex, multi-leg strategies or rolls, not fresh directional bets.

~The high volume vs. OI on the $88 PUT is a clear signal; other strikes with high OI but low volume (e.g., $130 CALL) represent stale positioning, not new flow.

Key Conclusions

⚠️Flow is bearish (negative premium, put volume > calls), but spot is pinned near max pain $97.

📉Negative GEX (-$30.2M) means any break below ~$95 could accelerate downward.

🧲Watch the $95 PUT OI wall (14,014 contracts)—it's the key gamma flip and support level.

📅Rising max pain trend ($97 → $100+) suggests longer-term bullish anchoring pressure.

Read the Flow analysis for DIS. 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.