IREN Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7.5 / 10

base 5; +1.5 massive bearish premium skew; +1 GEX pinning supports downside; -0 negative premium flow

Watch next session: $30 PUT OI (33.7K) for support test; Flow around $35-$36 calls for resistance

Flow Summary

Net premium: -$9.2M bearish

P/C volume ratio: 0.68 — put-dominant volume

P/C OI ratio: 0.83 — moderate put lean in positioning

Flow shows a clear bearish tilt with significant negative net premium driven by large put purchases. The put/call volume ratio confirms selling pressure, while open interest is skewed toward puts, suggesting institutional positioning for further downside.

Notable Prints

IREN 4/10 $21 Put

Vol: 5,830

OI: 1,012

Vol/OI: 5.8x

IV: 161.3%

Notional: ~$1.2M

Intent: Fresh directional put buying or protective hedge

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

Read-through: Extremely high IV suggests buying for downside protection or speculation. The $21 strike is 38% below spot, indicating a deep out-of-the-money bet on significant downside.

IREN 4/17 $35 Call

Vol: 5,569

OI: 1,108

Vol/OI: 5.0x

IV: 89.4%

Notional: ~$1.9M

Intent: Call selling (covered or naked) or spread leg

Dual read: Sold (neutral/bearish) or bought (bullish breakout)

Read-through: High volume near the money with IV below average (89.4% vs 92.8% ATM). Likely call writing against long stock or as part of a bear call spread, given the overall bearish flow context.

IREN 7/17 $43 Call

Vol: 2,000

OI: 110

Vol/OI: 18.2x

IV: 94.6%

Notional: ~$680K

Intent: Fresh directional call buying (LEAP)

Dual read: Bought (bullish recovery) or sold (income generation)

Read-through: New position in a longer-dated call, 25% above spot. Could be a bullish recovery bet or part of a complex spread (e.g., diagonal). Stands out against bearish near-term flow.

IREN 4/10 $28 Put

Vol: 2,143

OI: 431

Vol/OI: 5.0x

IV: 111.3%

Notional: ~$600K

Intent: Downside protection or directional bet

Dual read: Bought (bearish) or sold (bullish)

Read-through: Strike is 18% below spot, in the money. High IV suggests buying pressure. This is a nearer-term, more aggressive bearish bet than the $21 Put.

IREN 4/17 $36 Call

Vol: 2,157

OI: 397

Vol/OI: 5.4x

IV: 88.2%

Notional: ~$776K

Intent: Likely call selling (resistance play)

Dual read: Sold (neutral/bearish) or bought (bullish)

Read-through: Similar to the $35C flow. Volume exceeds OI, IV below ATM. Consistent with writing calls at resistance just above spot.

Institutional Positioning

Call additions: Minimal. Some longer-dated $43C (Jul). Near-term $35-$36C activity looks like selling.

Put additions: Significant. Concentrated in April $21, $27, $28 puts. Deep OTM and ITM puts both seeing flow.

GEX/DEX consistency: Yes — Positive GEX ($2.4M) indicates pinning pressure, which aligns with spot trading below max pain ($40) and heavy put OI at $30 creating a gravitational pull lower.

OI clusters: Major put wall at $30 (33.7K OI). Call walls at $50 (25.8K) and $110 (26.8K) are far OTM and likely legacy. Near-term OI suggests resistance at $35-$40.

Hedging evidence: Strong evidence. High-volume, high-IV put buying at strikes 18-38% below spot ($21, $28) is classic protective or speculative downside hedging.

Max pain context: Spot ($34.28) is 15.4% below nearest expiration max pain ($40.50). The descending max pain trend from $40 to $30 long-term reinforces a bearish drift expectation.

Signal vs Noise

~The $75 Put flow (May expiry) is a major premium contributor but is extremely far OTM (119% below spot). This is likely a cheap, speculative lottery ticket or part of a complex multi-leg strategy, not a direct near-term directional signal.

~High OI at deep OTM strikes ($5 Put, $20 Put, $110 Call) are likely legacy positions from past price ranges or structured products, not reflective of current flow intent.

~The $43 Put and $45 Put flow for 4/2 expiry have extreme IV (>200%). This is likely panic buying of near-dated protection or dealers hedging, amplified by the short time to expiry.

Key Conclusions

🐻Net premium flow decisively bearish (-$9.2M), dominated by put buying.

📍Gamma pinning (GEX +$2.4M) with spot below max pain suggests gravitational pull toward the large $30 put wall.

🛡️Institutions are actively hedging downside via high-IV April puts ($21, $28), signaling concern over near-term price action.

📞Near-term call flow at $35-$36 appears to be selling (resistance), not buying for a breakout.

📅Watch the $30 strike (33.7K put OI) as critical support. A break targets the $21-$28 put strike zone where new hedging is concentrated.

Read the Flow analysis for IREN 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.