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MSFT

Microsoft CorporationClose $370.87EOD only

Max Pain

$370.00

Next expiry Apr 13, 2026

Expected Move

±$5.16

1.4% from close

Price Gap

-0.87

Distance to max pain

IV Rank

High premium

P/C OI

0.45

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 10, 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

Apr 10, 2026 close

MSFT Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for April 10, 2026.

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Flow Verdict

Confidence:

5.5 / 10

base 5.5; net premium large negative (-$141.8M) bearish; +GEX $84.3M pinning but mixed volume profile (P/C vol 0.53) creates ambiguity

Watch next session: Follow short-dated put flow at $375/$377.50/$372.50 (fresh buying or closing); Watch price reaction to $380 (GEX pin magnet) — strong rejection would reinforce pin

Flow Summary

Net premium: -$141.8M bearish (net premium skew toward puts)

P/C volume ratio: 0.53 — call-dominant by volume, but premium skew contradicts

P/C OI ratio: 0.45 — OI tilts toward calls (longer-dated call walls), but today's flow is put-heavy in premium

Today’s tape shows sizable net premium paid into puts (-$141.8M) concentrated in short-dated strikes around 372.50–380.00, suggesting institutions are buying protection or taking bearish directional exposure into the near expiries. Volume-based metrics still show call activity (P/C vol 0.53) driven by many smaller call trades and large multi-expiry call OI walls ($400–$525) — the result is a mixed regime with a near-term bearish tilt but dealer gamma (GEX +$84.3M) reinforcing pinning around 375–380.

Notable Prints

MSFT 2026-04-10 $375.00 Put

Vol: 7,094

OI: 1,240

Vol/OI: 5.7x

IV: 31.2%

Notional: ~$2.55M

Intent: Protective put buying or fresh short-dated bearish exposure

Dual read: Bought puts (bearish/protection) OR large block sellers being opened (less likely given vol/OI and net premium)

Read-through: Concentrated short-dated put premium at-the-money; consistent with institutions hedging downside near the $370 MP or positioning for a near-term pullback.

MSFT 2026-04-10 $372.50 Put

Vol: 6,335

OI: 715

Vol/OI: 8.9x

IV: 31.3%

Notional: ~$1.66M

Intent: Directional bearish bet/insurance centered at just below spot

Dual read: Aggressive bought puts (bearish) OR block compression/roll of existing positions

Read-through: Very high vol/OI ratio at a strike that sits near max pain; strong short-dated buying signal that amplifies near-term downside skew.

MSFT 2026-04-10 $377.50 Put

Vol: 4,832

OI: 260

Vol/OI: 18.6x

IV: 31.4%

Notional: ~$2.48M

Intent: Fresh directional protection / quick hedge (ITM by ~1%)

Dual read: Bought as immediate insurance (bearish) OR market-maker delta management (short-dated adjustment)

Read-through: Extremely unusual vol/OI suggests an active trade (likely a buyer of downside protection) placed right around immediate spot — reinforces short-term bearish/hedge narrative.

MSFT 2026-04-10 $380.00 Put

Vol: 3,847

OI: 912

Vol/OI: 4.2x

IV: 31.0%

Notional: ~$2.63M

Intent: Protective puts or directional put buying up to the dealer pin at $380

Dual read: Bought puts (defensive) OR part of option structure (e.g., put-heavy spread)

Read-through: Large notional centered on the $380 GEX magnet — could be buying of protection with an eye toward pinning around that level or taking a tactical short bias.

MSFT 2026-04-10 $382.50 Call

Vol: 6,872

OI: 2,476

Vol/OI: 2.8x

IV: 30.5%

Notional: ~$0.50M

Intent: Call buying/rolls or spread leg (small notional per contract)

Dual read: Fresh call purchases (bullish hedge) OR dealers selling/narrow spread activity

Read-through: Meaningful call activity at the upper near-term range that could represent hedges or take-profit positioning — but not large enough in premium to offset put-heavy net premium.

Institutional Positioning

Call additions: $400–$525 long-dated call OI wall (structural); near-term call OI clusters at $380/$390/$400 indicate dealers are long gamma in that band

Put additions: Short-dated put buying concentrated at $372.50/$375.00/$377.50/$380.00 (significant premium today); long-dated tail puts also printed (e.g., $490.00 06-18) suggesting selective long-dated hedges

GEX/DEX consistency: Partially consistent — positive Total GEX $84.3M supports dealer pinning behavior around 375–380 while net premium (-$141.8M) shows customers buying puts; GEX helps keep price near magnets despite bearish premium flow

OI clusters: Near-term OI clusters: calls at $380 (9,697), $390 (7,191), $400 (6,259); puts cluster at $370 (3,980), $365 (3,854), $360 (3,511) — creates a shallow pin around $370–$380 with longer-term call walls well above spot

Hedging evidence: Clear evidence of near-term protective puts (short-dated, ATM/ITM) — consistent with institutions hedging or adding bearish exposure; little sign of extensive collar structures in the near chain, though long-dated put prints hint at selective tail protection

Max pain context: Max Pain concentrated at $370 across multiple expirations. Spot ($374.33) sits above MP; combined with GEX pin magnets at $375/$372.50/$380, dealers have incentive to keep price around the 370–380 range into expiries.

Signal vs Noise

~Short-dated put prints around 372.50–377.50 are likely directional hedges/protection (signal), not dividend-related noise.

~Large long-dated put prints (e.g., $490 06-18 and $220 05-15) are likely structured hedges or tail protection and should not be read as immediate directional flow.

~High call OI at $400–$525 is structural (long-dated call wall) and represents passive positioning rather than fresh intraday bullish flow.

~Some call volume (P/C vol 0.53) is comprised of many small trades and OTM call activity — noise relative to concentrated put premium by dollar value.

Key Conclusions

⚖️Regime is mixed but leans bearish: large net premium into puts (-$141.8M) concentrated in short-dated strikes while GEX (+$84.3M) supports pinning near 375–380.

📌Max Pain and dealer GEX cluster at $370–$380 — expect pinning pressure in that band into near expirations.

🛡️Heavy short-dated put buying at $372.50/$375/$377.50 likely reflects institutional protection or tactical bearish bets — watch for continuation.

🚪Long-dated call OI wall from $400–$525 is structural; it cushions upside but is unlikely to flip near-term bias without fresh call premium inflows.

👀Watch whether net premium stays negative and if price reverts toward $370–$375; a break above $383 with call premium would invalidate current bearish tilt.

Read the Flow analysis for MSFT for 2026-04-08. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.