HOOD Flow Report

Analysis based on market close March 31, 2026

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.

Read the Flow analysis for HOOD for 2026-03-31. 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.