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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 30, 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 30, 2026. A newer flow report is available for May 15, 2026.

View latest report

Flow Verdict

Confidence:

8 / 10

base 5; +2 massive negative net premium (-$57M) intensifies; +1 GEX/flow aligned (trending, -$14M GEX); +0.5 spot remains well below max pain; -0.5 P/C ratio (0.53) shows less extreme call volume vs prior report

Watch next session: $66 PUT 4/2 flow for immediate support test; Any shift in flow around the $70 call strike (4/10); Covering or roll activity in the massive $140/$130 put positions

Flow Summary

Net premium: -$57.1M bearish

P/C volume ratio: 0.53 — call-dominant volume

P/C OI ratio: 0.67 — moderate put lean in positioning

The bearish institutional signal has intensified dramatically. Net premium flipped more negative (-$57M vs -$36M), driven by enormous put block purchases at strikes like $140 and $130. While call volume still outnumbers puts (P/C 0.53), the premium dominance of puts is overwhelming, indicating large, paid positioning for downside protection or directional bearish bets. The market remains in a negative gamma, trending regime.

Notable Prints

HOOD $140 PUT 6/18/26

Vol: 420

OI: 204

Vol/OI: 2.1x

IV: 71.6%

Notional: ~$5.9M

Intent: Long-dated protective put or bearish speculation

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

Read-through: This is a carryover from the prior report and a cornerstone of the bearish flow. The ~$5.9M notional and its contribution to the -$27M net premium at this strike confirm this is a buy. A far OTM put (~112% below spot) held across reports suggests a persistent, institutional-scale hedge or bearish view.

HOOD $130 PUT 5/15/26

Vol: 1,802

OI: 423

Vol/OI: 4.3x

IV: 101.5%

Notional: ~$23.4M

Intent: Fresh, aggressive directional put buying or hedging

Dual read: Almost certainly bought given extreme IV and massive associated net premium (-$11.8M at strike)

Read-through: This is a NEW and highly significant print. The volume is huge, the IV is extreme (>100%), and the notional value (~$23M) is substantial. Buying puts with 101% IV is a high-conviction, expensive bearish bet, not just cheap insurance. This print alone accounts for a major portion of the increased negative net premium.

HOOD $69 CALL 4/2/26

Vol: 8,475

OI: 1,440

Vol/OI: 5.9x

IV: 75.9%

Notional: ~$5.8M

Intent: Short-dated, near-the-money speculative call buying

Dual read: Bought for a quick bounce above $69 or sold (call writing) against shares

Read-through: The highest volume print of the day. Its short duration (4 days) and strike just 4% above spot suggest speculative, high-velocity flow. This is likely retail/fast money chasing a near-term rebound, explaining the call-dominant volume ratio. However, its premium impact is dwarfed by the institutional put flow.

HOOD $66 PUT 4/2/26

Vol: 4,992

OI: 1,257

Vol/OI: 4.0x

IV: 59.6%

Notional: ~$3.3M

Intent: Near-dated protective put or bearish bet on breaking support

Dual read: Bought for immediate downside protection or sold (put writing) for income

Read-through: High volume in an ATM put expiring in 4 days. The lower IV (59.6%) vs calls and the strike at current price suggest this could be either defensive positioning by holders or a direct bet on an imminent drop below $66. Its size makes it a key level to watch for immediate support.

HOOD $62 CALL 4/24/26

Vol: 889

OI: 5

Vol/OI: 177.8x

IV: 82.3%

Notional: ~$550k

Intent: Fresh OTM call buying for a recovery play

Dual read: Bought (bullish recovery bet) or sold (bearish call writing)

Read-through: The most unusual by volume/OI ratio. Opening a new position in a ~6% OTM call a month out, with elevated IV, suggests a trader is positioning for a rebound over the next few weeks. While notional is smaller, its uniqueness and strike below current price (a 'call' below spot) make it notable as a potential contrarian bullish bet amidst the bearish flow.

Institutional Positioning

Call additions: Short-dated $67-$70 calls (4/2, 4/10) — speculative/retail dominated

Put additions: Massive, persistent blocks in $130 (5/15) and $140 (6/18) puts, plus new ATM $66 (4/2) put flow

GEX/DEX consistency: Yes — Strongly aligned. Negative GEX (-$14.0M, larger than prior) in a 'trending' regime confirms dealers are short gamma and will amplify downward moves, consistent with the bearish premium flow.

OI clusters: Major CALL wall at $80 (27,905 OI), key PUT support at $70 (12,483 OI) and $50 (12,510 OI). The $80 wall remains a formidable ceiling.

Hedging evidence: Overwhelming evidence intensified. The net premium at strikes $140, $130, $125, $115 is massively negative (millions each), depicting large, paid put positioning. This is institutional-scale tail-risk hedging or outright bearish speculation.

Max pain context: Spot ($66.16) is 9.4% below near-term max pain ($73). The gravitational pull upward is stronger than in the prior report, but the dominant put flow and negative gamma are powerful counterforces.

Signal vs Noise

~High volume in 4/2 $69C & $67C calls is likely noise — short-term speculative flow and dealer gamma hedging around these near-expiration strikes.

~The $115 PUT 4/17 with 133.6% IV, while part of the bearish premium flow, is extremely illiquid; its high IV suggests a wide bid/ask, making precise intent harder to gauge.

~Part of the call volume (P/C 0.53) is still likely retail momentum chasing, which remains a contra-indicator when juxtaposed against intensified institutional put buying.

Key Conclusions

⚠️Bearish institutional signal INTENSIFIED: Net premium plunged to -$57.1M, driven by massive new put blocks (e.g., $130P).

⚔️Divergence persists: Retail chases short-dated calls, while institutions accumulate expensive, long-dated puts.

🧨Negative GEX nearly tripled to -$14.0M. In a 'trending' regime, this is a powder keg for accelerated downside.

🎯Critical immediate level: $66 (spot). High-volume $66P 4/2 flow makes this the line in the sand for the next move.

How to Use These Reports

This flow reflects the market close on March 30, 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.