JPM
JP Morgan Chase & Co.Close $301.98EOD onlyThis page reflects JPM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Consensus-supported lens with chain history and key metrics in the rail.
Flow Verdict
Watch next session: $295 and $297.5 Put activity for 4/2 expiry; Any call buying above $300 to challenge the put walls
Flow Summary
Net premium: +$27.2M (mixed, skewed by deep OTM calls)
P/C volume ratio: 0.81 — slight put lean
P/C OI ratio: 1.21 — structural put lean in positioning
Notable Prints
Read-through: Most significant near-term flow. Establishes a defensive position just above spot ($294.16), targeting a move below $295 before Friday. High IV suggests bought puts.
Read-through: High IV (50.5%) strongly suggests these were bought, not sold. This is a cheap, far OTM hedge (~15% below spot) for a portfolio, not a direct directional bet on JPM crashing.
Read-through: Paired with the $295P flow, this creates a defensive cluster just above the current price. The high vol/oi ratio indicates new, not rolling, positions. Likely a hedge against a rejection at the $295-$298 zone.
Read-through: Similar to the 4/10 $250P but further out in time. High IV again points to being bought. This is portfolio insurance, not a near-term directional signal.
Read-through: Lower IV (23.1%) vs. the put prints suggests these were likely sold, not bought. This is consistent with a neutral-to-bearish income strategy at a key resistance level ($295), capping upside for the next 10 days.
Institutional Positioning
Call additions: Minimal. The 4/10 $287.5C and 7/17 $305C prints are small and not convincingly bullish. Major call OI is at $320 and $340, far from spot.
Put additions: Near-term: $295P & $297.5P (4/2). Mid-term: $250P (4/10), $230P (5/8). Positioning is defensive.
GEX/DEX consistency: Yes — Positive GEX (+$26.9M) suggests a pinning/pull effect, which aligns with the heavy put OI below and call OI above creating mean reversion pressure. Flow adds near-term put pressure, but GEX may dampen moves.
OI clusters: Major Put Walls: $200 (14.5K OI), $250 (13.9K OI), $230 (9.2K OI). Major Call Walls: $320 (11.2K OI), $340 (6.3K OI), $310 (5.8K OI). Creates a wide channel with strong support far below and resistance far above.
Hedging evidence: Strong evidence. The $250P and $230P buys (high IV, far OTM) are classic institutional tail-risk hedges. The $295/$297.5P buys are nearer-term protection.
Max pain context: Nearest expiry (4/2) MP is $290, ~1.4% below spot. Spot is being pulled between the put flow just above ($295-$297.5) and the max pain magnet at $290. The rising MP trend to $310 long-term is a bullish structural backdrop.
Signal vs Noise
Key Conclusions
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.
Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.
These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.