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MSFT

Microsoft CorporationClose $419.09EOD only

Max Pain

$417.50

Next expiry May 22, 2026

Expected Move

±$5.98

1.4% from close

Price Gap

-1.59

Distance to max pain

IV Rank

Low premium

P/C OI

0.46

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: May 21, 2026 close

End-of-day snapshot

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

Published Snapshot

May 21, 2026 close

MSFT Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 6, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

5 / 10

base 5.5; -0.5 net premium bearish

Watch next session: $370 put OI buildup; Spot vs $372.50 GEX magnet

Flow Summary

Net premium: -$159.5M bearish

P/C volume ratio: 0.60 — call-dominant

P/C OI ratio: 0.45 — strong call lean

Massive net premium outflow contradicts call-dominant volume and OI, suggesting large institutional put selling or hedging. Flow is mixed with pinning regime keeping spot near $372.50.

Notable Prints

MSFT 2026-04-08 $490 Put

Vol: 1,500

OI: 249

Vol/OI: 6.0x

IV: 40.0%

Notional: ~$180.7M (1500 * $120.45 * 100)

Intent: Deep ITM put sale (income generation or covered put writing)

Dual read: Sold (bearish/neutral) or bought (extremely bearish hedge)

Read-through: Given size and deep ITM nature, likely institutional put writing for premium capture, not directional bearish bet.

MSFT 2026-04-08 $370 Put

Vol: 5,913

OI: 228

Vol/OI: 25.9x

IV: 29.4%

Notional: ~$11.8M (5913 * $2.00 * 100)

Intent: Near-term protective put buying or spread leg

Dual read: Bought (bearish hedge) or sold (bullish/neutral)

Read-through: High volume relative to OI at key $370 level suggests hedging activity as spot tests support.

MSFT 2026-04-08 $375 Call

Vol: 8,215

OI: 1,257

Vol/OI: 6.5x

IV: 28.4%

Notional: ~$17.5M (8215 * $2.13 * 100)

Intent: Near-term call buying for upside exposure or delta hedge

Dual read: Bought (bullish) or sold (neutral/bearish call writing)

Read-through: Significant volume at $375 aligns with GEX pin magnet, likely MM hedging flow.

MSFT 2026-04-08 $372.50 Put

Vol: 2,908

OI: 151

Vol/OI: 19.3x

IV: 28.5%

Notional: ~$8.9M (2908 * $3.05 * 100)

Intent: At-the-money put activity, likely hedging or speculative

Dual read: Bought (bearish) or sold (neutral/bullish)

Read-through: High vol/OI at exact spot price suggests active positioning around current level.

MSFT 2026-04-08 $382.50 Call

Vol: 2,232

OI: 253

Vol/OI: 8.8x

IV: 27.7%

Notional: ~$0.85M (2232 * $0.38 * 100)

Intent: OTM call buying for cheap upside exposure

Dual read: Bought (bullish lottery) or sold (premium collection)

Read-through: Moderate speculative interest above expected move top ($379.15).

Institutional Positioning

Call additions: Minimal near-term; large OI in $400-$525 calls (structural wall)

Put additions: Heavy put premium flow at $490, $460, $480 strikes (net negative $29M, $14M, $13M)

GEX/DEX consistency: Yes — positive GEX $+54.3M supports pinning, DEX +71.7M shares indicates dealer long gamma

OI clusters: Near-term: $375 call (1,257 OI), $352.50 put (1,541 OI); Structural: $525 call (53,402 OI) massive wall

Hedging evidence: Yes — large put premium outflow suggests institutional put writing or hedging, especially deep ITM $490 puts

Max pain context: Near-term MP at $368-$370, spot above but drifting toward pin; MP trend rising long-term

Signal vs Noise

~$490 put volume likely institutional put writing for income, not directional bearish bet

~$270 put (93.8% IV) is noise — extreme OTM, low premium, likely retail lottery

~High volume in near-term $375 calls and $370 puts likely MM hedging around GEX magnets, not pure directional flow

~IV term structure shows significant dislocation: May 1st (25d) at 37.7% vs. April 24th (27.5%) and May 8th (35.9%). This volatility 'hump' suggests potential reverse calendar spread opportunities (e.g., sell May 1st, buy May 8th) to capture vol differential and theta decay, but this is a relative value trade not directly indicated by flow data.

Key Conclusions

⚠️Net premium -$159.5M bearish contradicts call-dominant volume/OI, signaling large institutional put activity

📌GEX pinning at $372.50/$375 creating strong magnet, keeping spot range-bound near-term

🧱Structural call wall at $400-$525 (OI 20K-53K) caps major upside beyond 1-2 months

📊IV term structure dislocation: May 1st (37.7% IV) vs. nearby expirations (27.5%-35.9%) presents reverse calendar spread opportunity for volatility arbitrage

How to Use These Reports

This flow reflects the market close on April 6, 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.