MSFT
Microsoft CorporationClose $422.79EOD onlyThis page reflects MSFT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 10, 2026. A newer flow report is available for April 17, 2026.
View latest reportFlow Verdict
Watch next session: Activity and OI change at $375-$380 calls (near-term expirations); Follow-up print flow into $370 puts (4/13–4/15 expirations) and any rapid net premium moves
Flow Summary
Net premium: -$253.1M bearish (net premium skewed toward puts overall)
P/C volume ratio: 0.50 — call-dominant intraday volume
P/C OI ratio: 0.45 — open-interest shows call-lean positioning
Notable Prints
Read-through: Significant short-dated call demand just above spot (1% from spot) — consistent with callers trying to keep/force pin up toward $375-$380 into next expiries. Dealer hedging of these buys would add underlying buying pressure into the day.
Read-through: Very large volume into an existing OI cluster at $380 (3,269 OI). Reinforces the near-term call-side pressure and gives dealers gamma to buy on dips — supports pinning around $375–$380.
Read-through: Large surge in 4/13 $370 puts (spot is $370.87) — high vol/OI ratio indicates fresh buying of downside insurance into the nearest expiry which competes with the call activity and contributes to mixed flow. Dealers selling those puts would sell underlying (offsetting some call-driven delta buying).
Read-through: Adds to upside bets extending beyond the very near-dated expiries; small absolute notional relative to larger clusters but high vol/OI ratio suggests fresh interest in moving toward $390 if momentum continues.
Read-through: Very large notional (Last $120.45) for a put deep ITM by strike terms — indicates institutional-scale hedging or roll activity. This is a structural tail hedge and should be treated as risk-management rather than a near-term signal for price action inside the 2–14 day expected move.
Institutional Positioning
Call additions: Concentrated short-dated call activity at $375-$380 (4/13 expiries) and modest one-week additions at $390 (4/20); long OI walls at $400-$525 remain structural call concentrations.
Put additions: Significant short-dated put buying at $370 (4/13) and continued put OI cluster at $365 and $360; large long-dated protective put presence at $490 (6/18) suggests institutional tail hedging.
GEX/DEX consistency: Yes — positive GEX (+$52.7M) with call-dominant intraday volume implies dealers are long gamma and will buy dips / sell into rallies, which reinforces the pinning regime around $370.
OI clusters: $370 mp cluster (near-term pin), $375-$380 call OI (1,028 and 3,269), notable call wall band $400-$525 (structural resistance band). Put clusters concentrated at $365 (2,314 OI) and $360 (590 OI) creating support below spot.
Hedging evidence: Clear: short-dated $370 puts (4/13) and $365/$360 put clusters look like protective hedges; the $490 6/18 puts are large notional tail hedges. Little evidence of widescale collar selling in the immediate chain; protective put demand dominates on the downside.
Max pain context: Max pain at $370 across multiple near expirations and spot is effectively 'At' MP — combined with positive GEX this supports continued pinning around $370 unless big one-sided flow breaks the balance.
Signal vs Noise
Key Conclusions
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