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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 March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from March 31, 2026. A newer flow report is available for April 6, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 5; +1 for large bearish premium prints; -1 for mixed flow regime; -0.5 for spot above max pain with pinning gamma

Watch next session: $830 Put (4/2) OI and flow; Spot reaction near $855-$860 level (major put premium zone); Any large call buying to offset the bearish put flow

Flow Summary

Net premium: +$42.9M (Bullish on surface, but misleading)

P/C volume ratio: 1.02 — Perfectly balanced volume

P/C OI ratio: 0.93 — Slight call lean in positioning

The headline net premium is bullish, but this is driven by massive, deep OTM call purchases (likely speculative or hedging). The actionable, near-spot flow shows significant bearish put premium dominance at key resistance levels ($855, $970, $1100), indicating institutional hedging against a pullback. Volume is balanced, but money is moving in opposite directions: speculation far OTM vs. protection near-term.

Notable Prints

GS 260402P00830000 ($830 Put, 4/2)

Vol: 1,883

OI: 152

Vol/OI: 12.4x

IV: 40.0%

Notional: ~$1.56M (1883 * $830 * 100)

Intent: Fresh directional put buying or protective hedge

Dual read: Bought to open (bearish) as a short-term hedge against a drop below $830.

Read-through: Most significant near-term bearish signal. Establishes $830 as a key support level to watch, just below the expected move low of $824.79.

GS 260417C00925000 ($925 Call, 4/17)

Vol: 1,331

OI: 217

Vol/OI: 6.1x

IV: 40.1%

Notional: ~$1.23M (1331 * $925 * 100)

Intent: OTM call buying for leveraged upside speculation

Dual read: Bought to open (bullish bet) or part of a complex spread (e.g., call diagonal).

Read-through: Represents bullish speculation, but target is 9.3% above spot. This is a low-delta, high-risk bet, contrasting with the more defensive near-term put flow.

GS 270115P00290000 ($290 Put, 1/15/27)

Vol: 709

OI: 130

Vol/OI: 5.5x

IV: 62.9%

Notional: ~$205,610 (709 * $290 * 100)

Intent: Tail-risk hedge or part of a leveraged capital structure trade

Dual read: Extreme OTM put purchase for catastrophic hedge, likely paired with short stock or calls.

Read-through: Not a near-term directional signal. The elevated IV suggests this is an expensive, long-dated disaster hedge, not a tactical bearish bet.

GS 260402P00860000 ($860 Put, 4/2)

Vol: 248

OI: 106

Vol/OI: 2.3x

IV: 40.6%

Notional: ~$213,280 (248 * $860 * 100)

Intent: Near-dated protective put purchase

Dual read: Bought to hedge a long position against a move below $860.

Read-through: Supports the bearish near-term flow theme, adding protection just above spot. Combined with the $830 and $840 puts, it builds a defensive wall for the 4/2 expiry.

Institutional Positioning

Call additions: Deep OTM calls ($320, $350, $480 strikes) show massive premium inflow, but these are likely speculative or part of leveraged strategies, not near-term directional bets.

Put additions: Significant protective put buying at near-spot strikes: $855, $970, $1020, $1100. This is where the 'smart money' hedging is concentrated, creating strong resistance zones.

GEX/DEX consistency: Partially consistent. Positive GEX (+$6.1M) suggests pinning/mean-reverting forces, which aligns with spot being above max pain. However, the heavy put premium flow suggests some players are hedging against a break of that pin.

OI clusters: Major OI clusters are far OTM: $1360/$1280/$1390 Calls and $800/$740 Puts. These create distant magnets/walls but don't impact near-term price action. The $800 Put OI (2,038) is notable as a potential gamma flip level.

Hedging evidence: Strong evidence of hedging in the top premium flow: $2.66M put premium at $855, $2.15M at $970, $1.90M at $1100. These are large, single-strike protective positions.

Max pain context: Spot ($845.99) is 3.8% above nearest max pain ($815). The pinning gamma regime and positive GEX support a drift lower toward max pain, which aligns with the bearish near-term put flow.

Signal vs Noise

~Deep OTM call premium ($320, $350, $480) is massive noise for directional analysis. These are likely low-delta lottery tickets or part of complex, multi-leg positions (e.g., call spreads, ratio trades).

~Extreme OTM long-dated puts ($290 Jan'27, $370 Sep'26) are tail-risk hedges, not tactical bearish bets. Their high IV and far OTM nature make them poor directional indicators.

~The $1300 Call (5/15) activity, while unusual, is also a low-delta, far OTM speculative play and should be discounted for near-term direction.

~The headline Net Premium of +$42.9M is misleading signal; it's overwhelmingly driven by the deep OTM call speculation. The actionable signal is in the near-spot put premium dominance.

Key Conclusions

⚠️Mixed signals: Bullish speculation far OTM vs. bearish hedging near-spot.

🛡️Institutions are heavily hedging near-term downside at $855, $970, and $1100.

📌Gamma pinning regime + spot above max pain supports a drift lower toward $815-$830.

🎯Watch $830 (4/2 Put OI) as key near-term support. A break targets max pain at $815.

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.