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.
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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.
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These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.