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KO

Coca-Cola Company (The)Close $81.55EOD only

Max Pain

$80.00

Next expiry May 22, 2026

Expected Move

±$1.05

1.3% from close

Price Gap

-1.55

Distance to max pain

IV Rank

Low premium

P/C OI

0.96

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

KO 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; +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.

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.