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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 7, 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 7, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

6 / 10

base 6.0; mixed flow regime (pre-computed); +1 dealer GEX positive pinning; -1 net premium negative (-$260.4M) vs P/C vol 0.70

Watch next session: Activity at 2026-04-08 expiries: flows at $365-$375 (large expiry prints); Build or defense of the $380 pin (watch call OI/GEX at $380 and any quiet buying into that level)

Flow Summary

Net premium: -$260.4M bearish skew (net premium into puts)

P/C volume ratio: 0.70 — call-dominant on volume, but not extreme

P/C OI ratio: 0.45 — OI is call-heavy (structural call concentration)

Intraday flow is mixed: on a volume basis calls show dominance (P/C vol 0.70) and large call OI clusters sit above spot, but net premium is strongly negative (-$260.4M) indicating heavy premium into puts (notably at higher strikes in the premium-flow table). Dealers sit with positive GEX (+$60.9M) which supports pinning around near-term strikes ($370-$380). The immediate picture is neutral with a bearish tilt because put premium is large while call OI walls above create resistance.

Notable Prints

MSFT 2026-04-08 $372.50 Call

Vol: 8,818

OI: 1,047

Vol/OI: 8.4x

IV: 38.5%

Notional: ~$2.51M

Intent: Directional call buying / short-dated bullish exposure into expiry (fresh directional or part of a one-day structure)

Dual read: Aggressive bought calls (bullish) OR dealers selling calls into flow (neutral/hedged by share selling)

Read-through: Large ATM call flow at expiry suggests participants either speculating on upside into the close or dealers are being short gamma at that strike — supports pin risk at $372.50 and increased gamma sensitivity into expiry.

MSFT 2026-04-08 $365.00 Put

Vol: 7,810

OI: 577

Vol/OI: 13.5x

IV: 43.3%

Notional: ~$3.33M

Intent: Aggressive directional put buying into the 4/08 expiry—defensive/short-term bearish bet

Dual read: Bought puts (bearish) OR opening protective hedges for large underlying short exposure (institutional protection)

Read-through: Heavy put flow 2% below spot into same-day expiry signals short-term downside hedging or speculation; this contrasts with call-heavy volume — indicates large, targeted hedges at the lower expiry strikes.

MSFT 2026-04-08 $370.00 Call

Vol: 6,132

OI: 512

Vol/OI: 12.0x

IV: 41.0%

Notional: ~$2.61M

Intent: ITM call activity into expiry — could be exercised/rolled or part of hedged structures

Dual read: Buy-to-open calls (bullish) OR closing/rolling existing positions and dealers managing inventory (neutral)

Read-through: Significant ITM call volume at the $370 expiry strengthens pin pressure at $370 (also pre-computed max pain) and suggests heavy activity from participants with expiring exposure.

MSFT 2026-04-08 $367.50 Put

Vol: 6,182

OI: 797

Vol/OI: 7.8x

IV: 41.3%

Notional: ~$1.60M

Intent: Short-dated downside protection or directional put buying around ATM into expiry

Dual read: Bought puts (bearish) OR part of multi-leg spreads (e.g., put spreads) to manage directional exposure

Read-through: Concentrated put flow slightly below spot reinforces short-term downside interest; fits with the cluster of same-day expiry puts and suggests institutional hedging or speculative downside positioning.

MSFT 2026-06-18 $490.00 Put

Vol: 1,500

OI: 242

Vol/OI: 6.2x

IV: 39.8%

Notional: ~$18.07M

Intent: Large-dollar long-dated put — likely part of structured protection or balance-sheet hedging

Dual read: Protective long-dated puts (hedge) OR downside speculative position (bearish)

Read-through: A sizable notional at $490 (deep ITM for a put) suggests corporate-level hedging or structured trade (e.g., purchased puts backstopping previously sold calls or convertible hedges). Because it's long-dated, it's more likely hedging/structure than pure near-term speculation.

Institutional Positioning

Call additions: Structural call OI concentrated above spot in the $380-$400+ area (top OI strikes include $380: 8,542 OI; $400: 6,263 OI; and large long-dated call OI at $400-$525). On volume, there are heavy ATM/near-ATM short-dated call prints but overall OI shows call-heavy positioning above spot.

Put additions: Significant short-dated put flow into the 4/08 expiry clustered at $360-$370 (examples: $365 put OI 3,487; unusual expiry prints at $365, $367.5, $370, $372.5). Net premium is strongly negative (-$260.4M), indicating heavy premium into puts concentrated at various strikes in the premium flow table (notably high-strike puts in longer-dated buckets).

GEX/DEX consistency: Partially consistent: positive GEX (+$60.9M) and near-term GEX concentration at $372.50-$380.00 supports pinning around $370-$380; however net premium into puts conflicts with call-heavy OI and call-dominant volume, producing the 'mixed' flow regime.

OI clusters: Near-term OI clusters: Calls concentrated at $380 (8,542), $390 (6,819), $400 (6,263); Puts concentrated at $370 (3,797), $365 (3,487), $335 (3,128). The $370/$372.50 area is both a max-pain pin and a put OI cluster, creating a near-term magnet/support band while the $380-$400 call clusters act as resistance walls.

Hedging evidence: Clear short-dated hedging: heavy same-day expiry put buying (4/08) indicates protective positioning. The large 6/18 $490 puts imply structured or corporate hedges. There is limited evidence of coordinated collar activity in the near-term chain — more one-sided put buying around expiry.

Max pain context: Max pain sits at $370 for the next several expirations and spot ($372.29) is effectively 'At' MP per pre-computed fields. Combined with GEX pinning at $372.50 and $375.00, dealers are positioned to pin price into the $370-$375 zone into expiry.

Signal vs Noise

~Most of the top unusual prints are 2026-04-08 expiry — expect heavy expiration and roll activity; some prints likely represent expiration hedges/rolls rather than new directional bets.

~Large long-dated $490 put (6/18) is likely structured/corporate hedge activity (not short-term directional flow).

~High call OI at $400-$525 is structural (long-dated accumulation) and less informative for intraday direction; it's a resistance wall but not new short-term buying.

~Dealer gamma hedging into expiry can amplify moves around key pins (GEX concentrations at $372.50, $375, $380) — flow may reflect market maker inventory adjustments rather than pure directional conviction.

Key Conclusions

🔁Expiration-dominated flow: heavy same-day expiry prints at $365-$372.50 indicate large short-term hedges/speculation into 4/08.

📌Pin environment: Max Pain = $370 and GEX concentrations at $372.50, $375, $380 support pinning around $370-$375 into expiry.

🐻Net premium is strongly negative (-$260.4M), signaling significant put-premium demand — short-term downside risk/hedging pressure.

🛡️Evidence of institutional hedging: concentrated short-dated puts and a large long-dated $490 put point to protective activity rather than pure directional selling.

🧱Resistance ahead: call OI wall at $380-$400 (and structural long-dated call wall $400-$525) creates an uphill path; supports neutral-to-bearish thesis unless calls are overwhelmed.

👀Watch next session for whether put flow continues (net premium staying negative) or calls reassert — this will decide if the pin resolves downward or breaks higher toward $380+.

How to Use These Reports

This flow reflects the market close on April 7, 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.

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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.