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HOOD

Robinhood Markets, Inc.Close $74.16EOD only

Max Pain

$78.00

Next expiry May 22, 2026

Expected Move

±$3.57

4.8% from close

Price Gap

+3.84

Distance to max pain

IV Rank

Low premium

P/C OI

0.68

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 19, 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 19, 2026 close

HOOD Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 26, 2026. A newer flow report is available for May 15, 2026.

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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.

How to Use These Reports

This flow reflects the market close on March 26, 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.