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MSFT

Microsoft CorporationClose $418.57EOD only

Max Pain

$412.50

Next expiry May 26, 2026

Expected Move

±$5.90

1.4% from close

Price Gap

-6.07

Distance to max pain

IV Rank

Low premium

P/C OI

0.45

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

MSFT Flow Report

Analysis based on market close April 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

6 / 10

base 6.0; +0.0 (use pre-computed base); -0.5 heavy net premium into puts (-$599.4M); +0.5 positive GEX pinning

Watch next session: Expiry flow at $370/$375 (4/10–4/13): continued high volume in 367.5–375 strikes; Net premium change (currently -$599.4M) — any flip or large call-heavy block

Flow Summary

Net premium: -$599.4M bearish (heavy put premium)

P/C volume ratio: 0.72 — modest call tilt by volume, not extreme

P/C OI ratio: 0.45 — call-heavy OI footprint (longer-dated call concentration)

Today’s flow is mixed: intraday volume shows big activity on both near-term calls (367.5–375) and large put prints into expiries, producing conflicting signals. Net premium strongly negative implies institutional put buying (bearish protection), but dealer GEX is +$74.8M and near-term call OI clusters (380/390/400) create pinning pressure around $370–$380, so the path is neutral-to-bearish with pinning risk into expiries.

Notable Prints

MSFT 2026-04-10 $375.00 Call

Vol: 33,992

OI: 4,677

Vol/OI: 7.3x

IV: 30.6%

Notional: ~$5.17M

Intent: Short-dated directional call buying or expiry hedged dealer flow (bullish/rebalancing)

Dual read: Aggressive buy of calls (bullish) OR dealer/backspread hedging and overwriting (neutral)

Read-through: Large call demand into 4/10 increases short-dated pin pressure toward $375; supports pinning thesis despite net put premium.

MSFT 2026-04-10 $367.50 Put

Vol: 14,366

OI: 1,242

Vol/OI: 11.6x

IV: 30.9%

Notional: ~$746k

Intent: Near-term downside hedging / directional put buying into expiry

Dual read: Bought puts (protective/bearish) OR closing/rolling of short positions (less likely given net premium)

Read-through: Very large volume vs OI at an ITM/near-ATM put suggests institutional protection for exposures into 4/10; this is a clear bearish hedge signal that helps explain the large negative net premium.

MSFT 2026-04-15 $365.00 Put

Vol: 4,155

OI: 167

Vol/OI: 24.9x

IV: 26.6%

Notional: ~$814k

Intent: Opening protective puts (directional protection) or structured roll into 4/15

Dual read: Fresh protective put buying (bearish hedge) OR spread leg of a larger structure (collar) — but size vs OI points to fresh buys

Read-through: Significant relative trade size at $365 into 4/15 reinforces protective put accumulation beyond the immediate expiry, extending downside concern into the next weekly.

MSFT 2026-04-13 $375.00 Call

Vol: 4,556

OI: 355

Vol/OI: 12.8x

IV: 23.6%

Notional: ~$1.24M

Intent: Short-dated bullish call buys or delta-hedged structures ahead of 4/13 expiry

Dual read: Bullish directional buys OR market-makers selling calls and hedging into expiration (pinning)

Read-through: Adds to the short-dated call demand picture; supports dealer hedging flows that can stabilize price around $375.

Institutional Positioning

Call additions: Notable call concentration in near-term strikes $375–$380 (large 4/10 and 4/13 call prints) and heavy long-dated OI concentrated in $400–$525 calls per Top OI strikes (structural call exposure).

Put additions: Significant fresh put demand at near-term strikes $367.50 and $365 across 4/10–4/15, plus sizeable premium flows showing large put notional at far strikes in the top premium flow table (450–490 puts) — indicative of portfolio protection or tail hedges.

GEX/DEX consistency: Yes — GEX is +$74.8M (dealers long gamma) which aligns with the pinning signatures at $375–$380 despite heavy put premium; dealer positioning supports price stabilization within the EM guardrails.

OI clusters: Near-term call OI clusters: $380.00 (9,431), $390.00 (8,701), $400.00 (8,404) — these form a call-side resistance/pin zone; Put OI clusters: $370.00 (4,956), $365.00 (4,522), $360.00 (3,844) create a support band near-term.

Hedging evidence: Clear evidence of protective put buying into the 4/10–4/15 expiries (367.5/365 prints) and potential longer-dated tail hedges (large premium put totals at 450–490 strikes); limited evidence of systematic collars in the near-term chain but spread activity could be underlying some prints.

Max pain context: Max pain pins at $370 (4/10) and $375 (4/13) match the concentration of near-term flow and GEX pin magnets; dealers are positioned to pin price between $370–$380 over the coming expiries.

Signal vs Noise

~Many large prints are clustered around expiries (4/10, 4/13, 4/15) — expiry-driven hedging and gamma-related flows likely dominate short-term prints.

~Top premium flow shows massive put premium at high strikes (e.g., $490/$480/$460) — likely portfolio tail protection or institutional insurance (not typical directional bet on spot moving to those strikes).

~High call OI at $400–$525 is structural (long-dated) and represents dealer inventory and long-call selling/overwriting dynamics more than intraday directional intent.

Key Conclusions

⚖️Mixed signals: large near-term put buying (net premium -$599.4M) vs strong positive dealer GEX (+$74.8M) producing pinning around $370–$380

📌Pin zone to watch: $370–$380 (Max Pain & GEX concentration at $375/$380). Short-dated expiring flow will likely keep price contained here near-term.

🐻Put-heavy activity at 4/10–4/15 (367.5, 365 strikes) reads as institutional downside protection — skew towards bearish hedging despite call volume.

🛡️Large long-dated call OI ($400–$525) suggests structural call exposure; these strikes create a long-term resistance band and can keep upside capped absent strong buyflow.

👀Watch net premium trajectory and 4/10 prints: continuation of heavy put premium vs accelerating call buys will determine whether pinning holds or a short squeeze emerges.

How to Use These Reports

This flow reflects the market close on April 9, 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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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.