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HIMS

Hims & Hers Health, Inc.Close $22.44EOD only

Max Pain

$23.00

Next expiry May 22, 2026

Expected Move

±$1.40

6.3% from close

Price Gap

+0.56

Distance to max pain

IV Rank

Low premium

P/C OI

0.62

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

HIMS 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.

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.

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.