HOOD Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

7 / 10

base 5; +2 massive negative net premium (-$14.7M) from large OTM put blocks; +1 GEX/flow aligned (pinning, +$5M GEX, but flow is bearish); +1 spot remains 5.6% below max pain; -2 P/C volume ratio (0.51) shows extreme call volume, creating a major divergence

Watch next session: $68.90 spot vs. $60 PUT OI wall (13,829); Flow in the $73-$75 call strikes (4/10); Any change in the massive negative premium at $140 PUT

Flow Summary

Net premium: -$14.7M bearish

P/C volume ratio: 0.51 — extreme call-dominant volume

P/C OI ratio: 0.66 — moderate put lean in positioning

A classic battle between premium and volume. Net premium remains decisively negative, driven by massive, expensive OTM put blocks, signaling a persistent institutional bearish/hedging stance. However, this is completely overwhelmed in volume terms by a frenzy of short-dated, near-the-money call buying, creating a noisy, speculative counter-narrative. Trust the premium.

Notable Prints

HOOD $140 PUT 4/17/26

Vol: 9,517

OI: 3,023

Vol/OI: 3.1x

IV: 106.3%

Notional: ~$135.4M

Intent: New, large-scale protective put buying or bearish speculation

Dual read: Bought (bearish hedge/speculation) or sold (yield generation)

Read-through: This is the defining print of the session. The $140 strike is 103% OTM, yet it traded nearly 10k contracts with astronomical IV (106.3%). The resulting net premium of -$16.9M at this single strike dwarfs all other flow. This is institutional-scale positioning—either a catastrophic hedge or a highly leveraged bearish bet. Its size and cost make it a core anchor of the bearish flow thesis.

HOOD $100 CALL 3/19/27

Vol: 7,992

OI: 3,251

Vol/OI: 2.5x

IV: 66.9%

Notional: ~$5.5M

Intent: Long-dated call buying for a structural bullish outlook

Dual read: Bought (LEAPs) or sold (covered call writing)

Read-through: Significant volume in a ~45% OTM call expiring in nearly a year. The IV is in line with the term structure, and the size suggests institutional interest. This is a direct counter to the near-term bearish put flow, representing a belief in a significant recovery over a longer timeframe. It's a meaningful bullish signal but with a much longer duration than the dominant bearish puts.

HOOD $67 PUT 4/10/26

Vol: 2,495

OI: 649

Vol/OI: 3.8x

IV: 61.3%

Notional: ~$1.7M

Intent: Near-term protective put buying

Dual read: Bought (hedge against drop below $67) or sold (put writing for income)

Read-through: High volume in a put just $1.90 ITM with an 8-day duration. This is a direct, short-term hedge against a move lower, likely tied to existing long equity positions. It's a tactical bearish addition that complements the larger, more strategic OTM put blocks.

HOOD $73 CALL 4/10/26

Vol: 5,117

OI: 2,543

Vol/OI: 2.0x

IV: 57.4%

Notional: ~$0.4M

Intent: Aggressive, short-dated speculative call buying

Dual read: Bought (bet on move above $73) or sold (call overwriting)

Read-through: Part of a cluster of high-volume, near-dated calls ($73C & $74C). This strike aligns with the 3/27 max pain ($73) and is 6% OTM. The volume is high but the premium impact is minimal. This is the 'fast money' betting on a swift snap-back rally, creating the extreme call volume skew. It's noise in the context of the larger premium story.

HOOD $55 PUT 5/1/26

Vol: 1,118

OI: 585

Vol/OI: 1.9x

IV: 80.5%

Notional: ~$0.6M

Intent: Hedging at a key support level

Dual read: Bought (protection) or sold (yield)

Read-through: Volume in a put targeting the $55 level, which is a major support zone (12,595 OI) and below the estimated gamma flip. This is a continuation of the institutional theme of layering protection at progressively lower strikes ($140, $130, $60, $55).

Institutional Positioning

Call additions: Long-dated $100C (3/19/27) and short-dated $73-$74C (4/10) — the former is strategic, the latter is speculative noise.

Put additions: Massive $140P (4/17), continued $130P (4/17, 5/15), and tactical $67P (4/10) and $55P (5/1).

GEX/DEX consistency: Partially — Flow is bearish, but GEX is now positive (+$5M) and in a 'pinning' regime. This suggests dealers are long gamma near current prices, which will suppress volatility and pin spot, conflicting with the bearish directional intent of the large put flow. This tension is key.

OI clusters: Major CALL wall at $80 (27,742 OI). Key PUT support clusters at $70 (12,363 OI), the critical $60 (13,829 OI — gamma flip zone), and $50 (12,595 OI).

Hedging evidence: Overwhelming. The net premium at strikes $140 (-$16.9M), $130 (-$9.5M), and $125 (-$6.2M) is massively negative. The new $140P block is a monumental hedge/speculative position. This is the core institutional signal.

Max pain context: Spot ($68.90) is 5.6% below the nearest max pain ($73 for 3/27) and below most near-term MP levels ($68-$75). The rising MP trend into 2026 suggests the market's longer-term equilibrium is seen as higher, creating a gravitational pull that the bearish put flow is actively betting against.

Signal vs Noise

~The high volume in 4/10 $73C and $74C calls is noise — short-term speculative flow. Their premium impact is minimal and they contribute to the misleadingly low P/C volume ratio.

~The $40 PUT 4/17 with 106% IV, while large, is so far OTM (42% below spot) that its astronomical IV suggests it is likely part of a complex multi-leg strategy (e.g., a put spread leg or part of a ratio trade), not a pure directional bet on a crash to $40.

~The $130 PUT 4/17 and $115 PUT 4/17 with extreme IV (>110%) are extremely illiquid and likely have wide bid/ask spreads, making them less reliable as clean directional signals, though they contribute to the bearish premium narrative.

~Positive net premium at deep ITM calls like $55 and $65 is likely from call selling as part of buy-writes or collars by large shareholders, not bullish directional bets.

Key Conclusions

⚠️Institutional bearish signal intensifies: The massive $140P block (-$16.9M net prem) overshadows all other flow. This is a hedge or bet against a catastrophic drop.

⚔️Epic divergence: Bearish premium (puts) vs. bullish volume (calls). The call frenzy is short-dated speculation; the put blocks are expensive, strategic, and meaningful. Trust the money (premium), not the tickets (volume).

📌Market in a pin: Positive GEX (+$5M) suggests dealers are long gamma, which will suppress volatility and resist a trending move. This directly conflicts with the bearish intent of the large put flow, setting up a potential explosive resolution.

🎯$60 remains the line in the sand. It's the gamma flip estimate and the largest put OI cluster. A break below confirms the institutional bear thesis and could trigger accelerated selling despite the pinning regime.

Read the Flow analysis for HOOD for 2026-04-02. 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.