HOOD Flow Report

Analysis based on market close March 30, 2026

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.

Read the Flow analysis for HOOD for 2026-03-30. 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.