META

Watch next session: New large call prints or sell-to-open activity at 670–687; Put volume/prints around 667.5–680 and rising IV; Spot divergence from MP with VIX move >20 and gamma_flip shift

Net premium: +$158.7M bullish

P/C volume ratio: 0.78

P/C OI ratio: 0.48

Call additions: Concentrated short-dated call buys around 670–687.5 (exp 4/22) and 697.5 (exp 4/27); suggests near-term bullish flow but magnitude vs market liquidity matters.

Put additions: Protective puts clustered 652.5–680 (notably 4/22–4/24); smaller overall notional than calls but present as downside hedges.

GEX/DEX consistency: GEX +$134M and DEX +71.9M align with buy-side flow, which can increase pinning pressure but other factors (liquidity, block trades) may also drive moves; estimate ~60% chance of short-term anchoring near heavy strikes conditional on sustained flow.

OI clusters: Largest OI around 670–690 (short-dated); put OI concentrated in early 650s–670s—places where dealer hedging could be active if price approaches those levels.

Hedging evidence: Pattern resembles collars/hedges: short-dated calls paired with protective puts consistent with dealer delta-hedging; degree of hedging depends on trade size and bid/ask liquidity.

Max pain context: Spot is close to calculated MP; short expiries increase susceptibility to pinning but outcome is probabilistic and sensitive to intraday flow.