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DIS

Walt Disney Company (The)Close $104.08EOD only
Max Pain
$104.00
Next expiry May 22, 2026
Expected Move
±$1.91
1.8% from close
Price Gap
-0.08
Distance to max pain
IV Rank
1
Low premium
P/C OI
0.78
Slightly call-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 20, 2026 close
End-of-day snapshot

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

Published Snapshot
May 20, 2026 close
DIS Flow Report
Analysis based on market close March 31, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBearish
Confirmation: Sustained negative net premium >$5M with P/C ratio >1.2, or a break below the $95 gamma flip level.
Invalidation: Net premium flips positive with call volume dominance (P/C <0.8), or a decisive move above $98.
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

#1
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.
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.