INTU Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

4.5 / 10

base 3; +1.5 strong net premium bearish; -0 low volume/sample size

Watch next session: $430 strike for call/put flow battle; Any follow-on activity in the $280-$310 put zone

Flow Summary

Net premium: -$61.3M bearish

P/C volume ratio: 1.89 — strongly put-dominant

P/C OI ratio: 0.74 — moderate call lean in positioning

Aggressive put premium dominance contrasts with a call-leaning OI structure, suggesting new bearish bets are being placed against a backdrop of longer-term bullish positioning. The market is paying up for downside protection in a high-vol regime.

Notable Prints

INTU 5/8/26 $280 Put

Vol: 290

OI: 145

Vol/OI: 2.0x

IV: 83.3%

Notional: ~$8.1M (290 * $280 * 100)

Intent: Fresh directional put buying or protective hedge

Dual read: Bought to open (bearish) or sold/covered (bullish)

Read-through: Deep OTM strike (35% below spot) with elevated IV suggests this is either a cheap, long-dated hedge or a speculative bet on a significant downturn. The 2.0x Vol/OI ratio indicates new positioning.

INTU 4/24/26 $310 Put

Vol: 215

OI: 139

Vol/OI: 1.6x

IV: 81.8%

Notional: ~$6.7M (215 * $310 * 100)

Intent: Fresh directional put buying

Dual read: Bought to open (bearish) or sold/covered (bullish)

Read-through: Another deep OTM put (28% below spot) with high IV. The shorter expiry (24d) vs. the $280 Put suggests a more defined timeframe for a potential move lower. This is likely new bearish flow or aggressive hedging.

Institutional Positioning

Call additions: Minimal near-term call flow. Top OI calls are at $490+, far OTM, likely legacy positions.

Put additions: Significant premium in deep OTM puts ($280, $310, $430). The $430 strike shows heavy put premium (-$2.6M net), indicating institutional hedging/selling at-the-money.

GEX/DEX consistency: Partially — Positive GEX (+$4.6M) suggests pinning pressure near $435, but bearish flow (net prem -$61M) contradicts, indicating a battle between gamma dynamics and directional sentiment.

OI clusters: Far OTM call walls at $490, $530, $480. Near-spot, the $430 strike has significant open interest for both calls and puts, creating a magnet. No major put OI clusters near spot.

Hedging evidence: Strong evidence via deep OTM put buying ($280, $310) and heavy premium at the $430 put strike. This is characteristic of portfolio protection in a high-IV environment.

Max pain context: Spot ($432.38) is just below max pain ($435) for the front week, aligning with the pinning GEX. However, the trend in max pain across expirations is falling ($435 → $430), which is a bearish drift in expected pin points.

Signal vs Noise

~The massive net premium at strikes like $860, $880, $800 is almost certainly from deep OTM put *sales* (likely short puts as part of yield-enhancing strategies or defined-risk spreads), not directional long put buying. This inflates the bearish net premium figure.

~Low volume across most top OI strikes (e.g., $490C vol=5) indicates these are stale, legacy positions, not indicative of current flow.

~The two notable put prints, while meaningful, are a small sample size. The overall low total volume (13,363) means flow signals should be weighted cautiously.

Key Conclusions

⚠️High-vol, pinning regime with conflicting signals: bearish flow vs. positive GEX

🧱Institutions are paying up for deep OTM protection ($280-$310 puts), a bearish/defensive signal

🎯$430 is the key near-term battleground with high OI and premium flow

Read the Flow analysis for INTU 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.