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HOOD

Robinhood Markets, Inc.Close $75.92EOD only

Max Pain

$77.00

Next expiry May 22, 2026

Expected Move

±$2.13

2.8% from close

Price Gap

+1.08

Distance to max pain

IV Rank

Low premium

P/C OI

0.67

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 21, 2026 close

End-of-day snapshot

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

Published Snapshot

May 21, 2026 close

HOOD Directional Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias into expiry supported by positive gamma pinning to $77 max pain, spot 1.4% below. Low VIX and dealer hedging amplify upside drift, but mixed flow and $70 gamma flip cap downside risk. Neutral to bullish into weekly expiration.

Confidence:

6.5 / 10

Base 5; +1 GEX positive pinning; +0.5 spot below MP; +1 low VIX; -1 mixed flow. Net 6.5 reflects constructive setup with flow uncertainty.

Supports: Positive GEX $28.1M, spot below MP $77, low VIX 17, dealer DEX +44.3M shares.
Conflicts: Mixed flow, put OI at $70 gamma flip, resistance $79-80.

🎯Spot 1.4% below $77 MP; pinning into 5/22 expiry.

⚠️Gamma flip at $70; heavy put OI may accelerate selloff if breached.

📊Mixed flow: call buying vs put hedging, low conviction.

Regime Classification

Vol Regime

High

IV elevated relative to typical range, driven by event/earnings uncertainty.

Gamma Regime

Pinning

Positive GEX $28.1M, pinning near $77 max pain (5/22). Gamma flip at $70.

Flow Regime

Mixed

Mixed net premium; call bias but put OI concentrated at $70.

Spot vs Max Pain

Below

Spot below max pain by 1.4%; alignment for upward pinning.

Thesis duration: Event-specific — Multiple weekly expirations (5/22, 5/29, 6/5) with dealer pinning to MP.

Price Range Forecast

Next 2 days

$73.79$78.05

Pinning to $77 MP; spot ~1.4% below.

Next 1 week

$70.92$80.91

Wider range; $76 pin for 5/29, support at $70 gamma flip.

Next 2 weeks

$68.92$82.92

Further expiry; resistance $79-80; $76 pin for 6/5.

Key Levels

Max pain pins: $77 (2026-05-22); $76 (2026-05-29); $76 (2026-06-05)

EM guardrails: 2d $73.79/$78.05; 1w $70.92/$80.91

Support: $70.00 · $68.92

Resistance: $77.00 · $79.00 · $80.00

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 17,367 (7.8% below spot)

Structural: Support: $70 (gamma flip), $68.92; Resistance: $77 (max pain), $79-80; EM guardrails 2d: $73.79/$78.05, 1w: $70.92/$80.91.

Dealer Positioning (GEX/DEX)

GEX: $+28.1M

DEX: +44.3M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 17,367 (7.8% below spot))

NTM gamma: GEX +$28.1M, DEX +44.3M shares; gamma flip at $70. Strong pinning to $77 MP for near-term expiries.

IV Analysis

IV vs VIX: IV elevated vs VIX 17; event risk premium embedded.

Term structure: Contango with kinks at weekly expirations; front-end elevated for 5/22.

Skew: Put skew elevated; sell puts at $70 gamma flip or call spreads at resistance.

Flow Analysis

Net premium: Net -$6.3M, bearish; put vol/call vol 0.59, OI ratio 0.67, suggests put buying or call selling.

Directional prints:

Unusual: 52.5 call 79 OTM 2026-05-29 — Vol/OI 5.8, 4.2k vs 722. Unusual OTM call activity; likely bought, bullish. 55.9 put 68 OTM 2026-05-29 — Vol/OI 5.1, 4.8k vs 951. Unusual ITM put activity; likely bought, bearish. 152.7 put 90 ITM 2026-05-22 — Vol/OI 4.6, 666 vs 144, IV 152.7%. Extreme OTM put; likely hedging/panic, bearish.

Risks & Catalysts

!Break below $70 triggers gamma flip and accelerated selling.

!Resistance at $79-80 caps upside absent catalyst.

!Mixed flow reduces directional conviction.

!Unexpected earnings/event risk.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-05 $77.00/$81.00 call spread Why now: Dealer hedging and low VIX favor upside; defined risk debit spread captures move.	Break below $70 or resistance at $80 caps upside; time decay if flat.
Put credit spread	Moderate-Weak	Sell 2026-06-12 $70.00/$64.00 put spread Why now: Gamma flip below $70 caps downside; selling puts at 70 strike collects premium.	If spot drops below 70, gamma accelerates loss; undefined tails mitigated by bought put. Liquidity constraints: long_put: Wide spread (69%).
Long call	Moderate-Weak	Buy 2026-05-29 $76.00 call Why now: Low vol and positive gamma pinning provide cheap optionality; cheap premium for cheap premium.	Time decay accelerates; requires immediate move; premium loses if flat.

Top Plays

Bull Call Spread

Buy 2026-06-05 $77.00/$81.00 call spread

Buy $77/$81 call spread to capture upside drift while limiting risk.

Why this play: Best aligns with bullish bias and defined risk; strong liquidity and dealer support.

Debit: $1.45-$1.77

Max loss: $1.77

BE: $78.77

Mgmt: Monitor for breach of $70 invalid; exit near $81 or manage before expiry.

Traders seeking defined risk bullish exposure into weekly expiry.

Long Call

Buy 2026-05-29 $76.00 call

Buy $76 call for leveraged upside with unlimited profit potential.

Why this play: Cheap optionality with low vol and positive gamma pinning.

Debit: $2.26-$2.76

Max loss: $2.76

BE: $78.76

Mgmt: Set stop-loss below $70; consider rolling before expiry.

Aggressive traders comfortable with higher premium and short DTE.

Put Credit Spread

Sell 2026-06-12 $70.00/$64.00 put spread

Sell $70/$64 put spread to benefit from downside support.

Why this play: Collects premium from downside cap at $70, but liquidity is poor.

Credit: $1.06-$1.29

Max loss: $4.71

BE: $68.71

Mgmt: Exit if price breaks below $70; keep width small. Liquidity warning: Liquidity constraints: long_put: Wide spread (69%).

Income-focused traders willing to accept lower liquidity.

Watchlist Triggers

Entry Triggers

IFIF HOOD holds above $70 and trades above $73.79 → THEN buy $77/$81 call spread for defined risk bullish exposure.

Adjustment Triggers

ADJIF HOOD reaches $77 resistance → THEN take 50% profits on the bull call spread and roll the remaining to the $80/$85 call spread.

Exit Triggers

EXITIF HOOD breaks below $70 gamma flip → THEN exit all bullish positions.

Tactical Summary

Bullish bias into expiry with positive gamma pinning to $77. Use defined risk bull call spread. Invalidation at $70. Resistance at $77-80. Monitor for breakdown below $70.

How to Use These Reports

This directional reflects the market close on May 21, 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.