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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral-to-bullish as bullish flow and low VIX offset negative gamma. Spot may grind toward $77 MP over next week, but gamma flip at $70 caps downside.

Confidence:

5.5 / 10

Base 5.0, adjusted +0.5 net (spot 4.4% below MP: -0.5, VIX 16.7 support: +1.0). Overall score 5.5, slight bullish tilt.

Supports: Bullish flow, low VIX, spot below MP suggests mean reversion.
Conflicts: Negative gamma (-$25.7M) and gamma flip at $70 could exacerbate downside.

📈Bullish flow regime

⚠️Negative gamma -$25.7M; flip $70

🎯Max Pain $77

Regime Classification

Vol Regime

High

Vol is elevated; IV likely above 1-month average due to event uncertainty.

Gamma Regime

Trending

Net negative gamma of -$25.7M; flip at $70 (4.9% below spot), increasing dealer hedge pressure on down moves.

Flow Regime

Bullish

Net premium flows bullish; put/call ratio suggests demand for upside.

Spot vs Max Pain

Below

Spot ~$73.6 is 4.4% below $77 MP, implying downward pin but potential bounce toward MP.

Thesis duration: Event-specific — High vol and negative gamma suggest event-driven positioning; gamma flip proximity implies near-term resolution.

Price Range Forecast

Next 1 week

$69.44$77.83

Spot below MP, targeting $77; support at $70 (gamma flip).

Next 2 weeks

$67.24$80.03

Wider range due to event uncertainty; gamma flip at $70 key support.

Key Levels

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

EM guardrails: 1w $69.44/$77.83

Support: $70.00 · $67.24

Resistance: $77.00 · $79.00 · $80.03

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 17,370 (4.9% below spot)

Structural: Support: $70 (gamma flip), $67.24 (2w low); Resistance: $77 (MP), $79 (OI), $80.03 (2w high).

Dealer Positioning (GEX/DEX)

GEX: $-25.7M

DEX: +45.2M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 17,370 (4.9% below spot))

NTM gamma: Net gamma -$25.7M; flip at ~$70 (4.9% below spot), implying dealers hedge on dips.

IV Analysis

IV vs VIX: IV elevated relative to VIX, indicating event/sector-specific risk premium.

Term structure: Term structure data unavailable; no event kinks identified.

Skew: Put skew evident given negative gamma; no specific vol structure opportunity flagged.

Flow Analysis

Net premium: Net call premium of $106.6K with P/C volume ratio 0.47 indicates bullish flow.

Directional prints: 49 call 74 OTM 2026-05-29 — Vol 9.3x OI (2216/237), suggests aggressive call buying; likely opened by bullish traders. 71.6 call 180 OTM 2027-04-16 — Vol 8.7x OI (1207/139), long-dated deep OTM call buying; bullish. 68.4 call 75 OTM 2026-12-18 — Vol 3.7x OI (2666/720), call buying in out-of-future expiration; bullish.

Unusual: 8.2 call 74 OTM 2026-05-22 — Expiry day vol 7.9x OI (6998/883) at near-zero prem, possibly closing shorts or opening worthless? Unusual. 19.1 call 75 OTM 2026-05-22 — Expiry day vol 6.3x OI (15464/2435) at $0.01; massive activity on worthless OTM calls. 75 put 35 OTM 2026-09-18 — Put with vol 3.4x OI (444/132) at deep OTM $35; unusual put activity.

Risks & Catalysts

!Dealer hedging below $70 could accelerate selloff.

!Spot fails to revert to $77 MP.

!Broader market weakness invalidates bullish flow.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-05 $76.00/$80.00 call spread Why now: Net call premium and low P/C ratio indicate bullish flow; gamma flip at $70 limits downside.	Spot fails to reach $77; time decay if grind stalls.
Put credit spread	Moderate	Sell 2026-06-05 $70.00/$66.00 put spread Why now: Gamma flip at $70 provides resistance; selling puts at 70 and buying 65 caps tail risk.	Break below $70 due to dealer hedging or market weakness.
Long call	Moderate-Weak	Buy 2026-06-26 $82.00 call Why now: Aggressive call buying at 74 strike suggests bullish sentiment; low VIX favors premium.	Time decay if stock grinds sideways; implied volatility may contract.

Top Plays

Bull Call Spread

Buy 2026-06-05 $76.00/$80.00 call spread

Expresses bullish view while capping risk; targets move toward $77 MP.

Why this play: Best balance of bullish bias and defined risk; low VIX favors premium selling but spread limits cost.

Debit: $1.00-$1.22

Max loss: $1.22

BE: $77.22

Mgmt: Exit at 50% max gain or at invalidation below $70.

Traders seeking controlled upside exposure.

Put Credit Spread

Sell 2026-06-05 $70.00/$66.00 put spread

Neutral-to-bullish income strategy; benefits if spot holds above $70.

Why this play: Takes advantage of gamma flip at $70; earns premium with high probability of success.

Credit: $0.87-$1.06

Max loss: $2.94

BE: $68.94

Mgmt: Close at 50% max profit or if spot breaks $70.

Income-focused traders seeking high win rate.

Long Call

Buy 2026-06-26 $82.00 call

High-conviction bullish bet with unlimited upside but significant theta risk.

Why this play: Leverages aggressive call flow but has higher risk due to gamma flip and time decay.

Debit: $2.01-$2.46

Max loss: $2.46

BE: $84.46

Mgmt: Set stop at $70; consider rolling if spot fails to reach $82.

Aggressive traders with strong bullish conviction.

Watchlist Triggers

Entry Triggers

IFHOOD holds above $70 support → Buy 2026-06-05 $76/$80 call spread

IFHOOD remains above $70 → Sell 2026-06-05 $70/$66 put spread

Exit Triggers

EXITHOOD breaks below $70 → Close all bullish positions

Tactical Summary

Neutral-to-bullish; use bull call spread or put credit spread above $70 gamma flip. Exit if $70 breaks. Target $77 resistance.

How to Use These Reports

This directional reflects the market close on May 22, 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.