GS Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

Read the Flow analysis for GS for 2026-04-06. 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.