GS Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

5.5 / 10

base 5; +1 for spot rally above prior resistance ($860) and shift in near-term flow; +0.5 for rising max pain trend; -1 for persistent long-dated tail hedges

Watch next session: Spot reaction near $850 (major OI cluster and prior resistance); Flow in the 4/10 $830 Put (306 vol) for hedging follow-through; Any large call selling at $900+ to cap the rally

Flow Summary

Net premium: +$43.6M bullish

P/C volume ratio: 0.82 — call-dominant volume

P/C OI ratio: 0.90 — slight call lean in positioning

The flow regime has shifted from mixed to call-dominant, with spot rallying strongly through prior resistance. While long-dated tail-risk hedging persists, the near-term actionable flow shows a clear reduction in defensive put buying and emerging bullish call activity at higher strikes.

Notable Prints

GS 260410P00830000 ($830 Put, 4/10)

Vol: 306

OI: 120

Vol/OI: 2.5x

IV: 39.6%

Notional: ~$2.54M (306 * $830 * 100)

Intent: Protective hedge or roll from 4/2 expiry

Dual read: Bought to open as new downside protection, or rolled from the 4/2 $830 put (which was top print last session).

Read-through: This is the most significant near-term defensive move. It establishes $830 as key support for the 4/10 expiry, but the size is smaller than the prior 4/2 hedge, suggesting reduced near-term bearish conviction.

GS 260515C01300000 ($1300 Call, 5/15)

Vol: 724

OI: 431

Vol/OI: 1.7x

IV: 48.5%

Notional: ~$9.41M (724 * $1300 * 100)

Intent: Far OTM speculative call buying or spread leg

Dual read: Bought as a low-delta, high-leverage bet on a massive rally, or as a long leg in a call spread (e.g., selling the $1360 call).

Read-through: Massive notional size but extremely low delta. This is speculative 'lottery ticket' flow, not a tactical near-term bullish bet. Its persistence suggests ongoing demand for cheap, leveraged upside exposure.

GS 260410P00750000 ($750 Put, 4/10)

Vol: 303

OI: 141

Vol/OI: 2.1x

IV: 48.8%

Notional: ~$2.27M (303 * $750 * 100)

Intent: Further out protective put purchase

Dual read: Bought to hedge against a deeper pullback, complementing the $830 put.

Read-through: Adds to the defensive layering but is 13% below spot. The elevated IV suggests this is an expensive hedge, indicating some concern about volatility or downside tail risk in the near term.

GS 260918P00370000 ($370 Put, 9/18/26)

Vol: 576

OI: 107

Vol/OI: 5.4x

IV: 62.5%

Notional: ~$2.13M (576 * $370 * 100)

Intent: Long-dated tail-risk hedge

Dual read: Extreme OTM put purchase for catastrophic protection, likely part of a portfolio hedge.

Read-through: Very high IV indicates an expensive, low-probability bet. This is not a tactical bearish signal but a persistent 'disaster insurance' theme in GS flow, similar to the Jan'27 $290 put.

GS 260515C01360000 ($1360 Call, 5/15)

Vol: 247

OI: 143

Vol/OI: 1.7x

IV: 53.1%

Notional: ~$3.36M (247 * $1360 * 100)

Intent: Far OTM call buying, likely part of a spread with the $1300/$1340 calls

Dual read: Bought as part of a call spread or ratio trade, given the cluster of activity at $1300, $1340, $1360 strikes.

Read-through: Supports the view that the far OTM call activity is structured, not isolated directional bets. The high OI at $1360 (6,802 contracts) acts as a distant magnet but is irrelevant for near-term price action.

Institutional Positioning

Call additions: Bullish premium flow is now appearing at near-spot strikes: $790, $800, $850 calls show significant net positive premium ($1.4M-$1.7M). This is a shift from prior deep OTM-only speculation.

Put additions: Near-term protective put focus has shifted from $855 (last session) to $830 and $750 for the 4/10 expiry. The size is meaningful but smaller than prior hedges.

GEX/DEX consistency: Yes — Positive GEX (+$4.0M) in a pinning regime aligns with spot ($863) being well above max pain ($815) and the rising max pain trend, supporting a mean-reverting drift higher or consolidation.

OI clusters: Major OI clusters: $1360/$1280/$1390 Calls (far OTM speculative walls), $800/$740 Puts (key support levels). The $800 Put OI (2,035) remains the estimated gamma flip level and a major support zone.

Hedging evidence: Clear but reduced near-term hedging at $830 and $750. Persistent long-dated tail hedging ($290, $370 puts) indicates ongoing portfolio-level disaster protection, not tactical shorts.

Max pain context: Spot ($863.04) is 5.9% above nearest max pain ($815). The max pain trend is rising across expirations ($815 → $835), which is a bullish structural backdrop for pinning forces.

Signal vs Noise

~Far OTM call premium at $1300, $1340, $1360 strikes is massive noise for near-term direction. This is low-delta speculation or part of complex spreads (call butterflies, ratios).

~Deep OTM long-dated puts ($290 Jan'27, $370 Sep'26) are tail-risk portfolio hedges. Their high IV (>60%) and extreme strike distance make them poor tactical signals.

~The large net premium at deep OTM calls ($320, $350, $480) remains noise—likely speculative or part of leveraged capital structure trades, not directional institutional bets.

~The $850 strike shows high net negative premium (-$3.6M), but this is likely due to put selling/call buying spreads as spot trades above it, not a fresh bearish bet.

Key Conclusions

🔄Flow regime shift: Call-dominant volume (P/C 0.82) and spot breakout above $860 invalidate prior bearish near-term thesis.

📈Rising max pain trend ($815→$835) and positive GEX support a drift or pin higher, aligning with the reduced near-term put hedging.

🛡️Institutions maintain long-dated tail hedges ($290, $370 puts) but have dialed back near-term protection, suggesting reduced immediate downside fear.

🎯Watch $830 (4/10 Put OI) as near-term support and $800 (Gamma flip, major Put OI) as the next major downside magnet.

Read the Flow analysis for GS. 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.