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GEV

GE Vernova Inc.Close $1024.52EOD only

Max Pain

$1030.00

Next expiry May 22, 2026

Expected Move

±$38.50

3.8% from close

Price Gap

+5.48

Distance to max pain

IV Rank

Low premium

P/C OI

1.28

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

GEV Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7.5 / 10

base 5; +1.5 P/C ratio >1.2; +1 net premium bearish; +0.5 spot at max pain; -0.5 high IV suggests hedging

Watch next session: $860-$870 put block activity; Any call flow to challenge the $880 max pain level; Volume in the $620 put (OI 1,967) for hedging context

Flow Summary

Net premium: +$58.8M bearish

P/C volume ratio: 1.24 — put-dominant

P/C OI ratio: 1.09 — slight put lean

Flow shows a clear defensive tilt with put volume exceeding calls and net premium flowing into puts. The market is positioned for a test lower from the current max pain level at $880, with significant hedging activity in the near-term.

Notable Prints

GEV 4/2 $950 Call

Vol: 880

OI: 207

Vol/OI: 4.2x

IV: 46.4%

Notional: ~$2.15M (from premium flow data)

Intent: Lottery ticket / OTM call purchase

Dual read: Directional upside bet or part of a complex spread (e.g., call spread seller buying wing)

Read-through: High volume relative to OI suggests new positioning. The low 46.4% IV (vs. ATM ~52%) indicates these were likely bought, not sold. This is a bullish outlier in otherwise bearish flow.

GEV 4/2 $840 Put

Vol: 667

OI: 139

Vol/OI: 4.8x

IV: 53.0%

Notional: ~$1.4M (estimated from flow context)

Intent: Fresh downside protection or directional bet

Dual read: Bought put (bearish) or sold put (bullish/cash-secured)

Read-through: High vol/oi and strike ~$33 below spot suggests new bearish positioning or hedging for a move toward the lower expected move boundary ($837.05).

GEV 4/2 $850 Put

Vol: 705

OI: 237

Vol/OI: 3.0x

IV: 50.2%

Notional: ~$1.4M (estimated from flow context)

Intent: Hedging near expected move low

Dual read: Protective put buying or spread leg

Read-through: Part of a cluster of put activity between $840-$870. The $850 strike aligns with the 4/10 max pain and the lower expected move boundary, indicating a key defensive level.

GEV 4/10 $670 Put

Vol: 254

OI: 129

Vol/OI: 2.0x

IV: 100.4%

Notional: Significant (high IV implies high premium)

Intent: Tail-risk hedge or volatility purchase

Dual read: Deep OTM protective put (bearish) or sold put (very bullish)

Read-through: Extremely high IV (100.4%) is a red flag. This is likely a bought put for catastrophic hedge, not a directional bet. The $670 strike is also a major OI call wall, creating a complex pin risk.

Institutional Positioning

Call additions: Minimal near-term. Notable OI in OTM calls ($1000, $670) which are likely older, speculative positions or part of spreads.

Put additions: Concentrated in April monthly expirations ($840, $850, $860, $870). Also significant volume in the $620 put (1,827 vol vs 1,967 OI), indicating heavy hedging or rolling.

GEX/DEX consistency: Yes — Positive GEX (+$5.7M) suggests net gamma long, which aligns with a 'pinning' regime. Flow is adding puts (bearish delta) against a gamma-long book, consistent with dealers suppressing volatility and pinning price.

OI clusters: Major Call Walls: $670 (3,267 OI), $860 (2,680), $800 (2,546), $1000 (2,354). Major Put Walls: $200 (2,668 OI - likely legacy), $600 (2,158), $620 (1,967), $650 (1,925). Creates a complex pin zone between $800-$860 with a massive $670 call wall acting as a potential magnet if breached.

Hedging evidence: Strong evidence: 1) Cluster of put buying in the $840-$870 zone for April expiry. 2) High-volume activity in the $620 put. 3) The deep OTM $670 put with 100% IV is a classic tail-risk hedge. This suggests institutions are actively hedging downside, especially with earnings approaching (4/22).

Max pain context: Spot ($872.90) is currently at the 3/27 max pain ($880) but below it. The forward max pain trend is decisively lower ($880 → $800), providing a gravitational pull for price to drift down toward $800-$850 cluster over the next month.

Signal vs Noise

~The massive premium flow at deep OTM calls ($520, $130, $540, $700) is almost certainly noise — likely the result of a few large, legacy positions or structured products. It does not reflect current directional sentiment.

~High volume in the $620 Put (1,827) is notable but against very high existing OI (1,967). This is more likely rolling or adjusting a massive existing hedge, not a new directional signal.

~The $200 Put with 2,668 OI is a legacy position (strike is 77% below spot) and should be ignored for near-term flow analysis.

Key Conclusions

⚠️Flow is defensively positioned with put volume dominance and positive net premium (bearish), targeting a break below the $880 max pain level.

📌Market is in a 'pinning' regime (positive GEX) with spot at max pain. Dealers are long gamma, suppressing volatility and increasing the odds of a grind toward the next cluster of pain points near $850-$860.

🛡️Significant institutional hedging is evident in April puts ($840-$870) and in the deep OTM $670 put, indicating preparation for potential downside volatility, possibly ahead of April earnings.

🎯Watch the $860-$870 zone. Sustained put flow here, against the $860 call wall, will confirm the bearish flow thesis for a move toward $850 (4/10 max pain) and potentially $800 (4/17 max pain).

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.