JPM Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

5.5 / 10

base 5; +1 for significant put flow near spot; -0.5 for mixed net premium; +0 for GEX/flow alignment

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

Flow shows defensive hedging and profit-taking near current highs, with a structural put lean in open interest. The bullish net premium is misleading, driven by massive, likely speculative, premium in deep OTM calls far from spot.

Notable Prints

JPM 4/2 $295 Put

Vol: 1,222

OI: 504

Vol/OI: 2.4x

IV: 34.3%

Notional: ~$3.6M

Intent: Short-term hedge/protection or bearish bet

Dual read: Bought (bearish hedge) or sold (covered call/wheel)

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.

JPM 4/10 $250 Put

Vol: 844

OI: 303

Vol/OI: 2.8x

IV: 50.5%

Notional: ~$2.1M

Intent: Tail-risk hedge or defined-risk put spread leg

Dual read: Bought (far OTM protection) or sold (cash-secured put)

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.

JPM 4/2 $297.5 Put

Vol: 647

OI: 116

Vol/OI: 5.6x

IV: 35.3%

Notional: ~$1.9M

Intent: Fresh bearish positioning or hedge against a failed breakout

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

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.

JPM 5/8 $230 Put

Vol: 500

OI: 250

Vol/OI: 2.0x

IV: 49.3%

Notional: ~$1.2M

Intent: Longer-dated tail-risk hedge

Dual read: Bought (protection) or sold (cash-secured put)

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.

JPM 4/10 $295 Call

Vol: 1,126

OI: 647

Vol/OI: 1.7x

IV: 23.1%

Notional: ~$3.3M

Intent: Covered call writing or call selling against existing long stock

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

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

~Massive net premium from $200, $105, $220 Calls: These are deep OTM (25-60% below spot) and account for the entire bullish net premium reading. This is likely speculative, low-probability lottery ticket buying or structured product flow, NOT a near-term directional signal for JPM stock.

~4/10 $287.5 Call Print: Low IV (23.4%) and at-the-money. This could be part of a calendar spread, diagonal, or covered call roll. Isolated volume is not a clear directional buy signal.

~The 7/17 $305 Call Print: Moderate volume, could be a LEAP initiation or a diagonal spread leg. Without paired activity, it's weak as a standalone bullish signal.

Key Conclusions

🛡️Defensive posture dominates near-term flow with significant put buying at $295-$297.5.

⚖️Positive Gamma (GEX +$26.9M) creates a pinning effect, conflicting with bearish flow and favoring range-bound action near $290-$295.

📈Ignore the bullish net premium; it's driven by noise (deep OTM calls). Focus on the put/call OI ratio (1.21) and near-spot put flow for the real signal.

🎯Key near-term battle: Put flow at $295 vs. Max Pain pull to $290. A break below $290 confirms the flow's bearish intent.

Read the Flow analysis for JPM. 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.