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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 2, 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 April 2, 2026. A newer flow report is available for April 6, 2026.

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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.

How to Use These Reports

This flow reflects the market close on April 2, 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.

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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.