LLY Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2.5 extremely bullish net premium & P/C ratio; +0.5 spot at max pain; -0.5 negative GEX pro-cyclical risk

Watch next session: $1000C OI buildup and flow; Spot reaction near $920 max pain level; Any defensive put flow near $890-$910

Flow Summary

Net premium: +$71.2M bullish

P/C volume ratio: 0.37 — extremely call-dominant

P/C OI ratio: 1.35 — put-skewed positioning

Aggressive, short-dated call buying is driving a massive bullish premium flow, overwhelming a longer-term put-heavy OI structure. The market is positioned for a near-term breakout, betting against the longer-term put walls.

Notable Prints

LLY 4/10 $1050 Call

Vol: 4,180

OI: 227

Vol/OI: 18.4x

IV: 38.7%

Notional: ~$3.8M

Intent: Fresh, aggressive directional call buying

Dual read: Bought to open (bullish breakout bet) or sold/written (neutral to bearish). High vol/oi and low IV relative to front week favor buyer.

Read-through: A bet on a >14% move higher in 10 days, targeting a breakout above the $1000-$1050 resistance zone. Size and strike suggest conviction.

LLY 4/2 $1100 Call

Vol: 1,305

OI: 113

Vol/OI: 11.6x

IV: 75.0%

Notional: ~$1.2M

Intent: High-risk, high-reward directional lottery ticket

Dual read: Almost certainly bought (bullish). The 75% IV is expensive, making selling unattractive for such a low delta, far OTM strike.

Read-through: Pure speculation on a massive, >19% move higher in just 2 days. Highlights extreme bullish sentiment and risk appetite in the near term.

LLY 4/10 $1000 Call

Vol: 1,975

OI: 183

Vol/OI: 10.8x

IV: 39.4%

Notional: ~$1.8M

Intent: Directional call buying targeting key resistance

Dual read: Bought to open (bullish). The $1000 strike is a major OI magnet (2,262 OI), and this flow adds to it.

Read-through: Strategic bet on breaking through the $1000 level within 10 days. Complements the $1050C flow, building a bullish ladder.

LLY 4/2 $970 Call

Vol: 2,324

OI: 261

Vol/OI: 8.9x

IV: 46.9%

Notional: ~$2.1M

Intent: Near-term directional bet or gamma scalp

Dual read: Likely bought (bullish). With spot at $920, this is a 5.5% OTM bet in 2 days. High volume suggests active positioning for a quick move.

Read-through: Targets a move to the upper bound of the 2-day expected move ($961.87). Part of the concentrated front-week bullish activity.

Institutional Positioning

Call additions: Overwhelmingly in Apr'26 expirations ($945-$1100), focused on 4/2 and 4/10. Largest premium at $950C and $1000C.

Put additions: Minimal in flow. Long-term OI is heavily put-skewed (P/C OI 1.35), with large walls at $400P, $790P, and $600P.

GEX/DEX consistency: Mixed. Flow is wildly bullish, but GEX is negative (-$2.7M). This creates a pro-cyclical, trending regime: moves higher could accelerate (dealers short gamma), but a break lower could also snowball.

OI clusters: Major Call: $1000 (2,262 OI). Major Puts: $400 (3,177 OI), $790 (2,908 OI), $600 (2,106 OI). Spot is pinned between near-term call OI ($1000) and long-term put OI ($790-$400).

Hedging evidence: The massive, deep OTM put walls ($400, $600) are likely long-term portfolio hedges or tail-risk protection, not recent directional bets. Minimal near-term protective put flow observed.

Max pain context: Spot ($919.77) is precisely at the near-term max pain ($920 for 3/27, 4/10, 4/24). This pin is being challenged by aggressive call buying. The longer-term MP trend is falling ($920 → $890), aligning with the put-skewed OI.

Signal vs Noise

~The $1340 Put with net premium -$2.39M is a notable outlier but is likely a leg of a complex, far-dated structure (e.g., collar, ratio spread) given its extreme distance from spot (~45% OTM). Not a direct directional signal.

~High volume in front-week (4/2) calls includes gamma/scalping activity from dealers and fast money due to negative GEX, amplifying the bullish flow signal but adding volatility.

~The deep OTM put OI ($400, $600) is stale, long-term hedging and should not be conflated with recent directional sentiment.

Key Conclusions

🚀Explosive call buying dominates flow, with +$71M net premium betting on a near-term breakout.

⚖️Market is at a tension point: bullish flow & spot at max pain vs. negative GEX and long-term put walls.

🎯Key levels to watch: Upside break above $1000 confirms flow thesis; breakdown below $900 invalidates it.

Read the Flow analysis for LLY for 2026-03-31. 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.