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MSFT

Microsoft CorporationClose $450.24EOD only

Max Pain

$415.00

Next expiry Jun 1, 2026

Expected Move

±$7.85

1.7% from close

Price Gap

-35.24

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.46

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 29, 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 29, 2026 close

MSFT Flow Report

Analysis based on market close April 14, 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 14, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +0.5 VIX 18.4

Watch next session: Follow additional call flow and OI builds at $395-$405 (especially 4/17 expiries); Any large put flow around $390-$400 that would flip near-term GEX from +$296.8M to materially lower

Flow Summary

Net premium: +$179.8M bullish

P/C volume ratio: 0.34 — strong call-dominant volume

P/C OI ratio: 0.43 — call-skewed positioning but not extreme

Today's flow is clearly call-dominant: large short-dated call buys concentrated around the $392.50–$400 strikes are driving a $179.8M net premium into calls while P/C volume ratio is a low 0.34. Dealers are long gamma (Total GEX +$296.8M) and will need to buy delta into upside moves, creating a pinning/bullish regime concentrated near $390–$400.

Notable Prints

MSFT 2026-04-15 $400.00 Call

Vol: 44,031

OI: 2,504

Vol/OI: 17.6x

IV: 22.1%

Notional: ~$2.07M

Intent: Fresh short-dated directional call buying (bullish) that forces dealer delta buys into strength.

Dual read: Aggressive bought calls (bull) OR large dealer/offshore block being sold to overwrite (neutral) — read as bullish given broad call dominance.

Read-through: Reinforces near-term upside pinning at $400 and increases dealer long-gamma exposure; supports continuation toward upper EM bound $398.06 and 1-week upper $403.71 if follow-through occurs.

MSFT 2026-04-15 $395.00 Call

Vol: 36,155

OI: 1,810

Vol/OI: 20.0x

IV: 21.2%

Notional: ~$5.89M

Intent: Large directional call accumulation by institutions or flow desks targeting immediate upside.

Dual read: Bought (bullish) or sold as part of a covered-call/roll (neutral); size and simultaneous heavy $392.50 prints point to outright bullish exposure.

Read-through: Significant because the notional (~$5.9M) and proximity to spot (ITM/near-ATM) amplify dealer delta hedging and make $395 a focal near-term level.

MSFT 2026-04-15 $392.50 Call

Vol: 28,146

OI: 1,058

Vol/OI: 26.6x

IV: 21.4%

Notional: ~$7.74M

Intent: Aggressive ITM call buying or closing of puts (directional bullish). High IV and ITM status suggest institutional delta exposure.

Dual read: Fresh long-call accumulation (bullish) OR dealers/holders rolling/closing puts into calls around expiry (neutral-to-bullish).

Read-through: Largest single-print notional among unusual activity — immediate dealer delta impact is high; contributes most to the pinning dynamic at ~$390–$395.

MSFT 2026-04-15 $397.50 Call

Vol: 14,402

OI: 291

Vol/OI: 49.5x

IV: 21.5%

Notional: ~$1.27M

Intent: Short-dated directional call procurement — likely part of the same buy-side push up the chain.

Dual read: Aggressive buys (bull) OR short-term overlay/expirational leg (neutral); high vol/oi indicates new position rather than roll.

Read-through: Concentrated near-ATM activity that will increase dealer short-delta through the close; supports intraday upward pressure toward the 2d EM upper bound $398.06.

MSFT 2026-04-15 $385.00 Put

Vol: 9,191

OI: 311

Vol/OI: 29.6x

IV: 23.8%

Notional: ~$0.34M

Intent: Protective or pin-related hedging (put buying) into short-dated expiry; likely relationship to expiration flows rather than a directional bearish thesis.

Dual read: Protective put buys (hedge) OR speculative short-dated bearish bets (less likely given overall call dominance).

Read-through: Small notional relative to call prints; not sufficient to offset the strong call-driven dealer delta exposure.

Institutional Positioning

Call additions: $392.50-$400.00 short-dated calls (4/15-4/17) and continued large OI clusters out to $420-$575 indicating longer-term upside interest

Put additions: Some short-dated protective puts at $385-$395 (expirations 4/15 and 4/17) but not large enough in premium to counter call flow (P/C volume 0.34).

GEX/DEX consistency: Yes — Total GEX +$296.8M and DEX +91.0M shares align with bullish call flow; near-term GEX concentrations at $390, $395, $400 produce pinning behavior.

OI clusters: Largest OI concentrations: $480/$500/$525/$575 call wall (structural upside resistance between $420-$575) and near-term clusters at $400 (25,669 OI) and $385-$395 put clusters (but smaller). These create a short-term price magnet near $390-$400 and a longer-term upside OI wall at $420+.

Hedging evidence: Limited large-scale protective collars; small volume of short-dated puts (e.g., $385 put) suggests localized hedging around expiry rather than broad portfolio protection.

Max pain context: Max pain near-term is $377.50–$380 while MP trend is rising toward $390 over expirations; current spot $393.11 sits above MP but strong call flow + dealer GEX is likely to keep price pinned around $390–$400 rather than collapsing back to MP immediately.

Signal vs Noise

~Majority of unusual activity is 2026-04-15 expirations — part of expiry day flows (rolls, pin hedges) so expect some prints to be expirational adjustments rather than new directional multi-day bets.

~Several prints show very high vol/oi ratios (e.g., $397.50C 49.5x, $392.50C 26.6x) — high ratio implies new positions concentrated into expiry and should be treated as short-dated flow that will amplify gamma into the close.

~The $385.00 put activity appears more like expiration hedging (small notional ~$340k) versus a large directional put accumulation.

~Large long-dated structural call OI (420-575) is strategic positioning and may act as a longer-term supply wall, not immediate intraday resistance; treat short-dated flow as the primary directional signal.

Key Conclusions

🐂Net premium +$179.8M with P/C vol 0.34 — clear short-dated bullish flow concentrated at $392.50–$400.

🧭Dealers are long-gamma (Total GEX +$296.8M) and will buy delta into intraday upside, reinforcing a pin near $390–$400.

🔎Top unusual prints are dominantly 4/15 calls (large vol/oi ratios); treat these as short-dated directional buys that raise the chance of a close toward the 2-day EM upper $398.06.

🛡️Put activity (e.g., $385 put) looks like localized expiry hedging — small notional vs call prints, so not enough to flip the tape.

🏔️Structural call OI wall at $420-$575 is a medium-term resistance band — upside continuation into that range should encounter supply.

📍Key short-term levels to watch: support cluster near $390 (GEX +$34.5M) and resistance around $405-$420 as dealer hedging evolves.

How to Use These Reports

This flow reflects the market close on April 14, 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.