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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 31, 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 31, 2026. A newer flow report is available for May 15, 2026.

View latest report

Flow Verdict

Confidence:

6 / 10

base 5; +1 persistent negative net premium (-$32M); +1 GEX/flow aligned (trending, -$11.2M GEX); +0.5 spot remains 9.4% below max pain; -1.5 P/C ratio (0.55) shows heavy call volume, creating a significant divergence

Watch next session: $66.11 spot vs. $60 PUT OI wall (13,418); Flow in the $69-$71 call strikes (4/10); Any change in the massive negative premium at $140

Flow Summary

Net premium: -$32.0M bearish

P/C volume ratio: 0.55 — call-dominant volume

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

The bearish institutional signal persists but has moderated. While net premium remains negative, its magnitude has nearly halved from -$57M. The market is defined by a continued standoff: large, expensive OTM put positions anchor a bearish outlook, while aggressive, short-dated call buying creates noisy, conflicting volume. The negative gamma regime remains a catalyst for trending moves.

Notable Prints

HOOD $69 CALL 4/10/26

Vol: 4,794

OI: 409

Vol/OI: 11.7x

IV: 63.8%

Notional: ~$330k

Intent: Fresh, aggressive directional call buying for a near-term breakout

Dual read: Bought (bullish) or sold/overwritten (neutral-bearish)

Read-through: This is the highest volume and most unusual print (11.7x OI). The strike is ~4.4% OTM with a 10-day duration. The elevated but not extreme IV (63.8%) and the sheer volume suggest this is likely bought flow, representing a high-conviction bet on a move above $69 by mid-April. It's a direct challenge to the bearish institutional put positioning.

HOOD $50 PUT 5/8/26

Vol: 184

OI: 10

Vol/OI: 18.4x

IV: 82.8%

Notional: ~$920k

Intent: New, long-dated protective put buying targeting major support

Dual read: Almost certainly bought given high IV and opening of new OI

Read-through: Extremely unusual by volume/OI ratio. The $50 strike is a major support level (12,542 OI) and the estimated gamma flip point. Buying puts 24% OTM with elevated IV 40 days out is a direct hedge against a breakdown to that key level. This is a meaningful addition to the bearish protection already in place.

HOOD $130 PUT 5/15/26

Vol: 860

OI: 423

Vol/OI: 2.0x

IV: 78.1%

Notional: ~$11.2M

Intent: Addition to the existing large bearish/hedging position

Dual read: Bought to add to hedge or sold to take profit

Read-through: A follow-on print to the massive $130 put block from the prior report. The notional value remains very high (~$11M). Given the persistently massive negative net premium at the $130 strike (-$7.9M today), this is more likely new buying or rolling, not covering. It confirms the institutional bearish stance is being maintained, not abandoned.

HOOD $71 CALL 4/10/26

Vol: 1,772

OI: 896

Vol/OI: 2.0x

IV: 61.9%

Notional: ~$125k

Intent: Near-term speculative call buying

Dual read: Bought for a move above $71 or sold against shares

Read-through: High volume in a 7.4% OTM call expiring in 10 days. This flow, alongside the $69C, forms a cluster of bullish speculation in the $69-$71 zone for the 4/10 expiry. It represents the 'other side' of the market's bifurcated view, betting on a swift rebound.

HOOD $76 CALL 4/10/26

Vol: 1,147

OI: 561

Vol/OI: 2.0x

IV: 61.5%

Notional: ~$86k

Intent: More aggressive OTM call speculation

Dual read: Bought (bullish breakout) or sold (premium collection)

Read-through: This 15% OTM call adds to the speculative call cluster for 4/10. The lower IV (61.5%) compared to the puts suggests these are likely bought, not sold. The pattern is clear: fast money is piling into short-dated calls at various strikes, creating the call-dominant volume ratio that conflicts with the premium story.

Institutional Positioning

Call additions: Short-dated $69, $71, $76 calls (4/10) — speculative/retail flow, not institutional core positioning.

Put additions: Maintained large blocks in $130 (5/15) and $140 puts, plus new $50 put (5/8) hedging at key support.

GEX/DEX consistency: Yes — Strongly aligned. Negative GEX (-$11.2M) in a 'trending' regime persists. Dealers are short gamma and will amplify directional moves, which is consistent with the dominant bearish premium flow from institutions.

OI clusters: Major CALL wall at $80 (27,962 OI) remains the primary ceiling. Key PUT support clusters at $70 (12,481 OI) and the critical $60 (13,418 OI) and $50 (12,542 OI) levels. The $60 strike, with the highest near-spot put OI, is the estimated gamma flip and major support.

Hedging evidence: Overwhelming evidence continues. The net premium at strikes $140 (-$15.5M), $130 (-$7.9M), $125 (-$6.5M) is massively negative. The new $50 put block adds hedging at a key downside target. This is institutional-scale protection or bearish speculation.

Max pain context: Spot ($66.11) remains 9.4% below the 3/27 max pain ($73) and below most near-term MP levels ($68-$75). This creates a gravitational pull higher, but the dominant put flow and negative gamma are stronger forces for now. The rising MP trend into 2026 suggests the market's longer-term equilibrium is seen as higher.

Signal vs Noise

~The high volume in 4/10 $69C, $71C, $76C calls is likely noise — short-term speculative flow and possibly dealer delta hedging. Their premium impact is minimal compared to the OTM put blocks.

~The $115 PUT 4/17 and $130 PUT 4/17 with extreme IV (>100%) are extremely illiquid; their astronomical IV suggests a wide bid/ask, making them less reliable as pure directional signals, though they contribute to the bearish premium.

~The $30 CALL 9/18 with 93.5% IV is a tiny print (100 contracts); its high IV and deep ITM nature suggest it's likely part of a complex spread or financing trade, not a directional bet.

~Positive net premium at deep ITM strikes like $25 and $30 is almost certainly from selling calls as part of collars or buy-writes by shareholders, not bullish bets.

Key Conclusions

⚠️Bearish institutional signal persists but moderates: Net premium negative at -$32M (was -$57M). The core bearish/hedging positions are being held, not covered.

⚔️Battle lines are drawn: Speculative call buying ($69-$76) vs. institutional put hedging ($50, $130-$140). Trust the premium (puts) over the volume (calls).

🧨Negative GEX (-$11.2M) in a trending regime remains a live wire. A break below $60 (major put OI) could trigger accelerated selling.

🎯$60 is the critical level. It's the gamma flip estimate and the largest put OI cluster. A hold above it keeps the bullish speculative call play alive; a break confirms the institutional bear thesis.

How to Use These Reports

This flow reflects the market close on March 31, 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.

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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.