HIMS Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7 / 10

base 5; +2 net premium bearish & P/C ratio; +1 GEX pinning below spot; -1 high IV suggests volatility crush risk

Watch next session: $20.50 Put (4/2) OI build; Spot action relative to $20.00 max pain for 4/2

Flow Summary

Net premium: -$14.7M bearish

P/C volume ratio: 0.54 — call-dominant (counter-intuitive to net premium)

P/C OI ratio: 0.60 — moderate put lean in positioning

A bearish net premium signal is at odds with a call-dominant P/C volume ratio, creating a mixed flow regime. The significant negative premium from deep OTM puts and a spot price pinned below max pain suggest underlying distribution or hedging pressure.

Notable Prints

HIMS 6/18/26 $70 Put

Vol: 1,470

OI: 502

Vol/OI: 2.9x

IV: 186.3%

Notional: ~$7.38M (Premium Flow Data)

Intent: Extreme OTM protective put purchase or volatility speculation

Dual read: Bought (expensive hedge/volatility bet) or sold (premium selling into high IV)

Read-through: Given the massive net premium outflow at this strike (-$7.38M), this is almost certainly a purchase. At 186% IV and 237% OTM, this is a catastrophic hedge or a pure volatility play, not a directional bet on spot hitting $70.

HIMS 4/10/26 $24 Call

Vol: 7,061

OI: 2,321

Vol/OI: 3.0x

IV: 83.6%

Notional: ~$231,726 (Premium Flow Data for $23C, nearest proxy)

Intent: Fresh directional call buying or call spread leg

Dual read: Bought (bullish breakout bet) or sold (covered call/writing against resistance)

Read-through: High volume relative to OI in a near-term expiry. The positive net premium at the $23/$25 strikes supports a bullish read. This is the primary counter-flow to the overall bearish premium signal, targeting a move above the $23-$25 OI cluster.

HIMS 7/17/26 $15 Put

Vol: 3,027

OI: 911

Vol/OI: 3.3x

IV: 86.1%

Notional: ~$33,870 (Premium Flow Data for $17P, proxy)

Intent: Long-dated protective put purchase or put spread leg

Dual read: Bought (bearish hedge for downside to ~$15) or sold (cash-secured put writing)

Read-through: Volume >3x OI suggests new positioning. This is a 28% OTM put with 3.5 months to expiry, consistent with longer-term hedging or establishing a defined-risk bearish position. It aligns with the large OI at the $14 Put strike.

HIMS 4/2/26 $20.50 Put

Vol: 1,862

OI: 750

Vol/OI: 2.5x

IV: 50.0%

Notional: ~$84,798 (Premium Flow Data for $23P, proxy)

Intent: Near-term directional put or hedge against a drop below $20.50

Dual read: Bought (bearish for this week) or sold (belief spot holds above $20.50)

Read-through: High volume in a weekly expiry just $0.26 below spot. This is a direct bet on immediate downside, aligning with the $20.00 max pain for the 4/2 expiry. A break below this strike would accelerate gamma-related selling pressure.

Institutional Positioning

Call additions: $24-$28 calls in April-August expiries (see 4/10 $24C, 8/21 $28C flow).

Put additions: Significant OI in deep OTM puts ($14, $15) and premium flow into OTM strikes ($50, $65, $70).

GEX/DEX consistency: Yes — Positive GEX of +$40.7M indicates a pinning/mean-reverting force. With spot at $20.76 below most near-term max pain levels, GEX acts as a resistance, suppressing upward moves.

OI clusters: Major Call Walls: $30 (18K OI), $25 (16.6K), $21 (15.3K). Major Put Walls: $14 (13.2K), $20 (10.3K). Creates a channel between $20 (put support) and $21/$25 (call resistance).

Hedging evidence: Strong evidence: 1) Massive premium spent on deep OTM puts ($50, $65, $70). 2) High OI in $14/$15 puts. 3) Long-dated $15 Put unusual activity. This points to tail-risk hedging, not just directional shorts.

Max pain context: Spot ($20.76) is below the aggregate max pain of ~$22. Near-term weekly max pain is at $20.00 (4/2), pulling spot lower. The rising MP trend to $25 suggests higher strikes are being written, creating overhead supply.

Signal vs Noise

~High P/C Volume Ratio (0.54): This appears call-dominant but is likely distorted by the sheer notional size of a few deep OTM put purchases. The net premium tells the true story of money flow.

~Deep OTM Put Flow ($50, $65, $70): Catastrophic hedges or volatility plays. Their extreme strike distances make them poor directional signals for near-term spot action, but they are meaningful for overall portfolio risk sentiment.

~High IV (102% Avg): Much of the premium paid is for volatility, not delta. A volatility crush would rapidly decay the value of long premium positions, making flow signals less reliable.

Key Conclusions

⚠️Conflicting Signals: Bearish net premium vs. call-dominant volume. Trust the money: net premium is bearish.

📌Gamma Pinning Below Resistance: Positive GEX with spot below max pain creates a mean-reverting ceiling, likely capping rallies toward $21-$22.

🛡️Tail-Risk Hedging Prominent: Institutions are spending heavily on OTM puts, indicating concern over a sharp downside move or general volatility.

🎯Key Battle at $20.50/$20.00: Near-term max pain and put flow target this zone. A break below confirms the bearish flow thesis.

Read the Flow analysis for HIMS. 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.