Watch next session: Gamma flip at 32; Weekly 34 put activity
Net premium: -$10.0M bearish
P/C volume ratio: 2.77
P/C OI ratio: 0.89
Heavy put volume (PCR 2.77) and dealer short gamma (-$141M) signal bearish bias. Spot below MP, with unusual put prints targeting 34 (weekly) and 32. Support at 32 gamma flip is key; a break could accelerate downside.
#1FXI 2026-07-17 $32.00 Put
Intent: Opening bearish position or hedge against downside.
Dual read: Could be a collar hedge for long stock.
Read-through: Expects further decline below $32 by July.
#2FXI 2026-05-29 $34.00 Put
Intent: Closing or rolling a small position.
Dual read: Speculative lottery ticket.
Read-through: Low conviction, possibly hedging tail risk.
Call additions: None.
Put additions: July $32 put (2238 vol, 4.1x OI) & May $34 put (423 vol, 1.8x OI).
GEX/DEX consistency: GEX bearish, DEX neutral; mixed.
OI clusters: Put OI at $32 (126k) and $34. Calls above.
Hedging evidence: Large OTM put buys hedge downside.
Max pain context: Spot below MP; gamma flip near $32.
~Signal: July $32 put block (4.1x OI) shows institutional bearish hedging.
~Noise: May $34 put low IV, near expiry, likely closing.