EOSE Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

6 / 10

base 5; +1 significant bearish put flow; +0.5 spot below max pain; -0.5 mixed net premium; -0.5 high IV suggests speculative noise

Watch next session: $4.50 Put OI and flow for support test; Any aggressive call buying near $5.00 to challenge resistance

Flow Summary

Net premium: -$191K (mixed, slightly bearish)

P/C volume ratio: 0.70 — call-dominant volume

P/C OI ratio: 0.41 — extremely call-heavy positioning

A high-volatility, mixed flow regime with a bearish lean. While volume shows call dominance, the most significant premium flows and unusual prints are bearish. The spot price sits well below max pain, suggesting a gravitational pull lower is being resisted by call-heavy open interest.

Notable Prints

EOSE 4/24 $4.00 Put

Vol: 7,263

OI: 340

Vol/OI: 21.4x

IV: 107.4%

Notional: ~$290K (7,263 * $4.00 * 100)

Intent: Fresh directional put buying for downside protection or bearish speculation

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

Read-through: Given the 21x volume/OI ratio and the high IV environment, this is almost certainly a new bearish position. It targets a move below $4.00 within 24 days, aligning with the spot being below max pain.

EOSE 5/15 $31.00 Call

Vol: 3,000

OI: 180

Vol/OI: 16.7x

IV: 254.7%

Notional: ~$930K (3,000 * $31.00 * 100)

Intent: Extreme OTM speculation or part of a complex multi-leg spread (e.g., financing a closer-to-money put)

Dual read: Bought for lottery ticket (bullish) or sold for premium (neutral/bearish)

Read-through: The extreme IV (255%) and massive notional value suggest this is likely a premium sale (short call) to finance other positions, contributing to the bearish net premium flow. A directional bet at $31 from $4.96 is improbable.

EOSE 4/10 $4.50 Put

Vol: 2,838

OI: 936

Vol/OI: 3.0x

IV: 98.4%

Notional: ~$128K (2,838 * $4.50 * 100)

Intent: Near-term directional put buying or hedging

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

Read-through: Targets a move below $4.50 within 10 days. The 3x volume/OI ratio suggests a mix of new and existing activity, reinforcing the bearish pressure seen in the $4.00 put print.

EOSE 11/20 $4.00 Call

Vol: 2,111

OI: 1,307

Vol/OI: 1.6x

IV: 123.5%

Notional: ~$84K (2,111 * $4.00 * 100)

Intent: Long-dated call buying, potentially a bullish recovery play or a hedge against a short stock position

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

Read-through: Given the lower vol/OI ratio and longer-dated nature, this could be a strategic, lower-conviction bullish position betting on a recovery over 8 months, contrasting with the near-term bearish put flow.

Institutional Positioning

Call additions: Significant OI at $4.00, $5.00, $5.50, and deep OTM ($10.00, $12.50, $15.00, $20.00). Recent premium flow bullish at $4.00 and $5.00.

Put additions: Large OI at $5.50 and $2.00. New bearish flow at $4.00 and $4.50 puts. Major bearish premium flow at OTM strikes ($34, $30, $18, $24).

GEX/DEX consistency: Yes — Positive GEX ($24.2M) indicates a pinning/mean-reverting force, which aligns with spot being below max pain and heavy OI at $5.00/$5.50 creating resistance.

OI clusters: Major Call OI: $5.50 (37.6K), $5.00 (37.1K), $4.00 (59.8K). Major Put OI: $5.50 (88.0K), $2.00 (43.1K). Creates a strong resistance zone at $5.00-$5.50 and a distant put support at $2.00.

Hedging evidence: Yes. The massive OTM put sales (e.g., $34, $30) generating large net negative premium are classic institutional hedging/short put flow, likely financing or hedging other positions.

Max pain context: Spot ($4.96) is 9.8% below aggregate max pain (~$6). This creates a gravitational pull higher, but the heavy $5.50 put OI (88K) acts as a major wall, making upward progress difficult.

Signal vs Noise

~Deep OTM Call/Put Flow (e.g., $31C, $34P, $30P): Extremely high IV (>250%) and massive notional values indicate these are almost certainly premium sales (short options) for income or to finance other legs, not directional bets.

~$12.50 Call OI (74,575): This is a legacy position, not reflective of recent flow (only 91 volume).

~High P/C OI Ratio (0.41): This reflects long-standing, likely legacy call positions (common in low-priced stocks), not current sentiment. Current volume (P/C 0.70) is more informative.

~Net Premium at $4.00 and $5.00 Calls: While bullish, this could be dealers covering short gamma positions in a high-vol pinning regime, not necessarily fresh bullish conviction.

Key Conclusions

⚠️High-volatility pinning regime (GEX +$24.2M) with spot below max pain. Expect mean-reversion attempts against heavy $5.00-$5.50 OI resistance.

🐻Most significant unusual prints and large premium flows are bearish (e.g., $4.00P, OTM put sales), targeting a break below $4.50-$4.00.

🧱$5.50 is a critical level: 88K Put OI (wall) vs. 38K Call OI. A break above is needed for any bullish thesis.

🎯Watch $4.50 (near-term put flow) and $4.00 (major put print) as key downside support levels. A break below $4.70 confirms bearish flow.

Read the Flow analysis for EOSE. 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.