HOOD Flow Report

Analysis based on market close March 26, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 large net negative premium; +1 GEX/flow alignment; +0.5 spot below max pain; -1 extreme P/C ratio suggests potential hedging/covering

Watch next session: $70 PUT OI (12,993) as support test; Flow into $80 CALL OI wall (26,121); Any covering of the massive put flow at $140

Flow Summary

Net premium: -$36.2M bearish

P/C volume ratio: 0.32 — extreme call volume dominance

P/C OI ratio: 0.70 — moderate put lean in positioning

A stark dichotomy: massive negative net premium (-$36.2M) driven by huge put buying at elevated strikes ($140, $125), yet call volume dominates the count (P/C 0.32). This suggests institutional put accumulation for downside protection or directional bets, while retail/speculative flow chases short-dated calls. The positioning (OI) shows a put lean, aligning with the bearish premium flow.

Notable Prints

HOOD $140 PUT 6/18/26

Vol: 420

OI: 204

Vol/OI: 2.1x

IV: 71.6%

Notional: ~$5.9M (420 * 100 * $140)

Intent: Long-dated protective put or bearish speculation

Dual read: Bought for downside protection (hedge) or sold for premium income (bullish)

Read-through: Given the massive net premium at this strike (-$2.5M+), this is almost certainly a buy. It's a far OTM put (~100% below spot), suggesting either cheap portfolio insurance or a low-probability/high-conviction bearish bet on a major decline.

HOOD $125 PUT 5/15/26

Vol: 990

OI: 293

Vol/OI: 3.4x

IV: 80.1%

Notional: ~$12.4M (990 * 100 * $125)

Intent: Directional put buying or hedging

Dual read: Bought (bearish) or sold (bullish/income)

Read-through: The highest volume print among unusual activity and a cornerstone of the huge negative net premium at this strike (-$9.4M). The elevated IV (80.1%) and 3.4x OI build indicate fresh, aggressive positioning. This is a meaningful bearish signal.

HOOD $75 CALL 4/2/26

Vol: 5,921

OI: 1,449

Vol/OI: 4.1x

IV: 60.3%

Notional: ~$4.4M (5921 * 100 * $75)

Intent: Short-dated speculative call buying

Dual read: Bought for a quick bounce to $75 (bullish) or sold against existing shares (covered call, neutral)

Read-through: This is the largest unusual call print. Its short duration (1 week) and strike just above spot suggest speculative, high-velocity flow, likely retail or fast money betting on a near-term pop. This activity explains the low P/C volume ratio but is overwhelmed in premium terms by the large put buys.

HOOD $72 CALL 3/27/26

Vol: 5,585

OI: 3,007

Vol/OI: 1.9x

IV: 50.4%

Notional: ~$4.0M (5585 * 100 * $72)

Intent: Near-expiration, ATM call flow

Dual read: Bought for a move above $72 before Friday or sold (call writing)

Read-through: High volume in a front-week, near-the-money call. Likely a mix of last-minute directional bets and dealer hedging activity around the gamma flip zone (~$70). Adds to the short-term speculative call noise.

HOOD $71 CALL 3/27/26

Vol: 3,981

OI: 1,640

Vol/OI: 2.4x

IV: 50.7%

Notional: ~$2.8M (3981 * 100 * $71)

Intent: Similar to $72C — short-term directional or hedging

Dual read: Bought or sold

Read-through: Part of the cluster of high-volume, front-week call activity. Collectively, the $71C, $72C, and $75C prints show intense focus on the immediate term, but their premium impact is dwarfed by the longer-dated put flow.

Institutional Positioning

Call additions: Short-dated $71-$75 calls (3/27, 4/2) — speculative/retail dominated

Put additions: Significant blocks in $125 (5/15) and $140 (6/18) puts — institutional in character

GEX/DEX consistency: Yes — Negative GEX (-$4.1M) aligns with bearish net premium flow. Market is in a 'trending' gamma regime, which can exacerbate moves.

OI clusters: Major CALL wall at $80 (26,121 OI), major PUT support at $70 (12,993 OI) and $50 (12,343 OI). The $80 wall is a clear near-term ceiling.

Hedging evidence: Strong evidence: Large, high-strike put purchases ($125, $140, $145, $250) with huge negative net premium. This is classic tail-risk hedging or bearish positioning by larger players.

Max pain context: Spot ($70.46) is 3.5% below near-term max pain ($73). This creates a mild gravitational pull upward, but the dominant put flow is working against it.

Signal vs Noise

~High volume in 3/27 $71C & $72C calls is likely noise — a mix of day-trade speculation, gamma hedging by MMs, and lottery tickets ahead of expiration.

~The $87 PUT 3/27 with 199% IV is an illiquid, far OTM contract; its high vol/oi ratio is not meaningful.

~Part of the call volume (P/C 0.32) is likely retail momentum chasing, which is often a contra-indicator when juxtaposed against institutional put buying.

Key Conclusions

⚠️Institutional flow is bearish: -$36.2M net premium driven by large, high-strike put purchases.

🎭Retail/speculative flow is bullish (low P/C ratio), creating a stark divergence from smart money.

🧱Key technical levels: $80 CALL wall (26K OI) caps rallies, $70 PUT cluster (13K OI) is critical support.

⬇️Negative GEX (-$4.1M) in a 'trending' regime suggests dealers are short gamma and may amplify downward moves.

Read the Flow analysis for HOOD for 2026-03-26. 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.