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GS

Goldman Sachs Group, Inc. (The)Close $982.12EOD only

Max Pain

$930.00

Next expiry May 22, 2026

Expected Move

±$21.40

2.2% from close

Price Gap

-52.12

Distance to max pain

IV Rank

Low premium

P/C OI

1.10

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

GS Flow Report

Analysis based on market close April 6, 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; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.1% from MP

Watch next session: $900C OI buildup (2,388 OI); Put flow at $800-$840

Flow Summary

Net premium: +$45.3M bullish

P/C volume ratio: 1.15 — put-dominant volume

P/C OI ratio: 0.88 — moderate put lean

Mixed signals: bullish net premium conflicts with put-dominant volume and OI. Institutions are buying far OTM calls ($320-$480) while hedging with near-term puts ($800-$840). The regime is 'Mixed' with pinning gamma.

Notable Prints

GS 2027-01-15 $290 Put

Vol: 709

OI: 130

Vol/OI: 5.5x

IV: 55.5%

Notional: ~$141,800

Intent: Far OTM protective hedge or portfolio insurance

Dual read: Bought (bearish hedge) or sold (income generation)

Read-through: Deep OTM put suggests long-term downside protection, not near-term directional bet

GS 2026-09-18 $370 Put

Vol: 576

OI: 107

Vol/OI: 5.4x

IV: 57.3%

Notional: ~$91,008

Intent: Far OTM protective hedge

Dual read: Bought (bearish hedge) or sold (income generation)

Read-through: Another deep OTM put, consistent with long-term portfolio hedging

GS 2026-04-10 $800 Put

Vol: 523

OI: 320

Vol/OI: 1.6x

IV: 51.4%

Notional: ~$601,450

Intent: Near-term protective put buying or put spread leg

Dual read: Bought (bearish) or sold (neutral/bullish)

Read-through: High volume at $800 (8% OTM) aligns with put OI cluster, likely hedging downside to max pain $840

GS 2026-04-10 $830 Put

Vol: 383

OI: 207

Vol/OI: 1.9x

IV: 48.1%

Notional: ~$1,493,700

Intent: Near-term protective put buying

Dual read: Bought (bearish) or sold (neutral/bullish)

Read-through: Volume spike at $830 (4% OTM) with high notional, suggests institutional hedging near spot

GS 2026-04-10 $840 Put

Vol: 288

OI: 168

Vol/OI: 1.7x

IV: 45.5%

Notional: ~$1,658,880

Intent: Max pain hedging at $840

Dual read: Bought (bearish) or sold (neutral/bullish)

Read-through: Directly targets max pain for 2026-04-10 expiration, likely dealer or institutional positioning

Institutional Positioning

Call additions: Far OTM calls at $320-$480 (net premium >$1.6M each), likely speculative or tail-risk plays

Put additions: Near-term puts at $800-$840 (net premium negative), protective hedging near max pain

GEX/DEX consistency: Yes — positive GEX (+$5.7M) and DEX (+8.6M shares) align with pinning regime, supporting bullish flow

OI clusters: $900 call wall (2,388 OI), $925 call wall (2,195 OI), $740 put floor (2,105 OI), $800 put floor (1,684 OI)

Hedging evidence: Strong near-term put flow at $800-$840, plus far OTM puts ($290, $370) for long-term protection

Max pain context: Max pain at $840 (2026-04-10), spot at $866.05 (3.1% above), creating gravitational pull lower

Signal vs Noise

~Far OTM puts ($290, $370) are likely portfolio insurance, not near-term directional bets

~High volume in $800-$840 puts may be expiration hedging near max pain, not fresh bearish positioning

~Far OTM call buying ($320-$480) is speculative tail-risk positioning, not immediate bullish conviction

~IV term structure inversion (41.8% → 47.3% → 44.2%) suggests volatility arbitrage opportunities (e.g., reverse calendar spreads), not directional flow

Key Conclusions

📌Gamma pinning regime with positive GEX (+$5.7M) creates gravitational pull toward $840-$865

⚖️Mixed flow: bullish net premium (+$45.3M) conflicts with put-dominant volume (P/C 1.15)

🛡️Institutions hedging near-term downside ($800-$840 puts) while buying far OTM calls ($320-$480)

📊IV term structure shows near-term inversion (47.3% at 11d vs 44.2% at 18d), presenting volatility decay opportunities via reverse calendar spreads

How to Use These Reports

This flow reflects the market close on April 6, 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.