KO Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 for extreme call-dominant flow (P/C 0.32); +1 for GEX/flow alignment; -0.5 for spot above max pain in pinning regime

Watch next session: $77.00 & $78.00 4/10 Calls for follow-through buying; Any put flow near $75.00 to test support

Flow Summary

Net premium: +$2.3M bullish

P/C volume ratio: 0.32 — extreme call-dominant

P/C OI ratio: 0.94 — near-neutral positioning

Extremely bullish flow regime with call volume overwhelming puts 3-to-1, driving significant positive net premium. This aggressive call buying is layered onto a market structure that is pinned near max pain with positive gamma, suggesting a controlled, bullish drift is the path of least resistance.

Notable Prints

KO 4/10 $78.00 Call

Vol: 4,885

OI: 434

Vol/OI: 11.3x

IV: 19.1%

Notional: ~$380K

Intent: Fresh directional call buying for a near-term breakout.

Dual read: Bought to open (bullish) or sold/written (neutral-bearish). High Vol/OI and low IV suggest buyer opening new position.

Read-through: This is a high-conviction, near-term bet on a move above $78 within 10 days, targeting a key OI resistance level.

KO 4/10 $77.00 Call

Vol: 4,808

OI: 967

Vol/OI: 5.0x

IV: 19.8%

Notional: ~$372K

Intent: Fresh directional call buying, likely part of a bullish structure with the $78C.

Dual read: Bought to open (bullish) or sold/written (neutral-bearish). High volume relative to OI points to new positioning.

Read-through: Builds a bullish ladder targeting $77-$78. The 4/10 expiration aligns with the expected move of ±$1.89, framing this as a defined, short-term directional play.

KO 5/1 $80.00 Call

Vol: 512

OI: 336

Vol/OI: 1.5x

IV: 22.9%

Notional: ~$41K

Intent: Directional call buying for a post-earnings move.

Dual read: Bought to open (bullish) or sold/written (neutral-bearish).

Read-through: Extends the bullish timeline past the 4/28 earnings. This strike is the single largest OI cluster ($80C OI=21,396), making it a major target/magnet. Buying here shows conviction in a breakout through a significant resistance wall.

KO 5/1 $72.00 Put

Vol: 431

OI: 278

Vol/OI: 1.6x

IV: 25.3%

Notional: ~$31K

Intent: Protective put or defined-risk put spread leg.

Dual read: Bought to open (bearish hedge) or sold to open (bullish income). Elevated IV suggests possible buyer.

Read-through: Small notional relative to call flows. Likely a hedge against a pullback to the $72 area (near the 31-day expected move low of $72.01) or a leg of a bullish put spread. Does not contradict the dominant bullish flow.

KO 4/17 $76.00 Put

Vol: 403

OI: 209

Vol/OI: 1.9x

IV: 19.0%

Notional: ~$31K

Intent: Near-the-money hedge or speculative put.

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

Read-through: Very close to spot. Low notional and low IV suggest this is noise or minor hedging, not a major directional bet against the strong call flow.

Institutional Positioning

Call additions: Aggressive buying in 4/10 $77C & $78C, and 5/1 $80C. Premium flow heavily concentrated in $75C, $76C, $77C.

Put additions: Minimal. Small activity in 5/1 $72P and 4/17 $76P, likely hedging. Largest put OI is far OTM ($65P, $67.50P).

GEX/DEX consistency: Yes — strongly aligned. Positive GEX (+$61.4M) in a 'Pinning' regime supports the bullish, call-buying flow by providing mean-reverting support on dips.

OI clusters: Major Call Wall: $80.00 (21,396 OI). Major Put Walls: $65.00 (19,002 OI), $67.50 (16,536 OI). Near-term Magnet: $75.00 (large put OI, max pain).

Hedging evidence: Limited. The small put flows are dwarfed by call buying. The large legacy put OI at $65 and below is likely long-dated, strategic portfolio protection, not new bearish bets.

Max pain context: Spot ($76.05) is just above the dominant max pain level of $75.00. In a positive gamma pinning regime, this creates a slight upward bias toward the next pain level ($76 for 4/10), aligning with the call-buying flow.

Signal vs Noise

~The $40.00 and $32.50 call premium flows are extreme outliers. These are likely far OTM, long-dated calls being sold (covered calls or outright writes) for premium income, not bullish directional bets.

~The $85.00 put and $72.50 put net negative premium are small and likely parts of multi-leg spreads (e.g., call credit spreads, iron condors) given their distance from spot.

~Low-volume, high-strike calls (e.g., $90C) with minimal premium are noise.

Key Conclusions

🚀Extreme call dominance (P/C 0.32) with +$2.3M net premium signals high-conviction bullish positioning.

🧲Flow targets $77-$78 near-term, with $80 as the major OI magnet. Positive GEX supports a grind higher.

🛡️Minimal new put hedging suggests institutions are not worried about a sharp downturn; legacy OI provides distant downside protection.

📍Spot above max pain in a pinning regime suggests controlled, bullish drift is the path of least resistance toward call walls.

Read the Flow analysis for KO. 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.