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IREN

IREN LIMITEDClose $47.74EOD only

Max Pain

$54.00

Next expiry May 22, 2026

Expected Move

±$4.32

9.1% from close

Price Gap

+6.26

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.78

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects IREN options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

IREN 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.

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.

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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.