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MELI

MercadoLibre, Inc.Close $1651.20EOD only

Max Pain

$1600.00

Next expiry May 22, 2026

Expected Move

±$45.60

2.8% from close

Price Gap

-51.20

Distance to max pain

IV Rank

Low premium

P/C OI

0.87

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

MELI Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

4.5 / 10

base 3 (moderate volume, mixed flow); +1.5 (strong put premium dominance at key strikes, spot above MP); -0 (no major conflicting signals)

Watch next session: $2120 Put flow for continuation; Reaction to spot near $1720 (4/24 max pain); Any call buying to defend $1760 level

Flow Summary

Net premium: -$14.4M bearish

P/C volume ratio: 1.04 — balanced with slight put lean

P/C OI ratio: 0.91 — moderate call lean in positioning

Mixed volume but decisively bearish premium flow. Large, concentrated put buying at elevated strikes ($2120, $2020) drives net negative premium, suggesting institutional hedging or directional downside bets. Spot sits above max pain, creating a gravitational pull lower.

Notable Prints

MELI 2026-04-17 $2120 Put

Vol: 68

OI: 304

Vol/OI: 0.2x

IV: 42.7%

Notional: ~$18.0M

Intent: Large institutional hedge or directional downside bet

Dual read: Bought put (bearish) or sold as part of a collar (neutral/bullish hedge)

Read-through: Dominant flow of the day. The $18M net premium outflow at a strike ~23% above spot is a major bearish signal, either for protection or a bet on a sharp reversal.

MELI 2026-04-17 $2020 Put

Vol: 50

OI: 200

Vol/OI: 0.3x

IV: 42.7%

Notional: ~$10.0M

Intent: Downside protection/hedge

Dual read: Fresh long put or roll from nearer expiry

Read-through: Second-largest premium outflow. Complements the $2120P flow, building a layered put wall in the $2000-$2120 zone for mid-April, indicating concern over a ~15% drop from spot.

MELI 2026-04-17 $1980 Put

Vol: 40

OI: 160

Vol/OI: 0.3x

IV: 42.7%

Notional: ~$7.6M

Intent: Part of the same hedging/downside bet structure as $2020P/$2120P

Dual read: Spread leg or additional standalone protection

Read-through: Further evidence of concentrated bearish flow in the April monthly expiration. This cluster suggests a defined risk view targeting a move below $2000.

MELI 2026-04-02 $1320 Call

Vol: 366

OI: 366

Vol/OI: 1.0x

IV: 44.9%

Notional: ~$15.6M

Intent: Closing of existing deep OTM call position

Dual read: Sale of long calls (bearish/bullish exit) or buy-to-close of short calls (bullish)

Read-through: High volume but low open interest impact suggests this is likely position closure, not new directional betting. The $15.6M net premium inflow is deceptive; it's probably profit-taking or risk reduction on a lottery ticket that is now ~24% OTM with 2 days to expiry.

Institutional Positioning

Call additions: Minimal. Notable call OI at $1500 and $1460, but these are likely older, deeper ITM positions.

Put additions: Concentrated in April monthly ($2120P, $2020P, $1980P) and May ($1500P). This is the dominant new flow.

GEX/DEX consistency: Mixed. Positive but minimal GEX suggests pinning pressure, while DEX (1.3M shares) and bearish premium flow suggest underlying hedging/downside positioning.

OI clusters: Major put OI at $1620 (354), $1560 (347), $1600 (320). Major call OI is deeper ITM ($1320, $1460, $1500) or far OTM ($2480, $2550).

Hedging evidence: Strong evidence. The large, high-strike put buys ($2120P, $2020P) are classic institutional hedging patterns, possibly collars or protective puts for large share holdings.

Max pain context: Spot ($1729) is well above near-term max pain ($1650-$1700), creating a mechanical pull lower. The rising MP trend suggests the market is gradually pricing in higher support levels over time.

Signal vs Noise

~$1320 Call volume (366) is almost certainly noise — closing of expired lottery tickets with 2 DTE, not a new bullish signal.

~Far OTM call OI at $2480 and $2550 is negligible volume and represents long-dated, low-delta speculation, not near-term directional intent.

~The high IV (108%) for the Dec 2026 expiry is an outlier likely due to low liquidity and wide spreads at that tenor, not a meaningful volatility signal.

Key Conclusions

⚠️Bearish premium flow dominates (-$14.4M net), driven by large, high-strike put buys.

🎯Spot above max pain ($1650) suggests gravitational pull lower toward $1700-$1650 zone.

🛡️Institutions are actively hedging with April $2000-$2120 puts, indicating concern over a 10-15% drop.

📊Flow confidence is moderate (4.5/10). Watch for follow-through in put flow or a break of $1700 for confirmation.

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.