MSFT
Microsoft CorporationClose $441.31EOD 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 15, 2026. A newer flow report is available for May 26, 2026.
View latest reportFlow Verdict
Watch next session: Whether the 4/15 ITM call prints at $402.50 and $405 keep trading (and whether those are held/opened); Put follow-through at $395 and $415 (front-week/2d expiries) that would force dealers to sell into the rally and flip GEX dynamics
Flow Summary
Net premium: +$751.1M bullish
P/C volume ratio: 0.29
P/C OI ratio: 0.44
Notable Prints
Read-through: High-probability signal of short-term bullish conviction; forces dealer delta-hedging that buys stock into higher prices unless reversed
Read-through: Significant ITM volume will drive dealer delta buying (positive GEX amplification) and supports near-term price support/continuation to the upside
Read-through: Adds to dealer delta exposure: concentrated ITM flow amplifies short-term bullish hedging impact
Read-through: Reinforces short-dated bullish squeeze into expiry and forces dealer delta-hedging buying near spot
Read-through: Introduces short-term two-way hedging risk: if puts continue to trade they could force dealers to sell into strength and cap upside despite the larger call-driven delta demand
Read-through: Small but notable protective interest around the same strike band, consistent with institutions protecting call-heavy positions
Read-through: Adds to the layered call demand profile but is secondary to the ITM front-week flow
Institutional Positioning
Call additions: Heavy front-week and near-term call additions concentrated at $400, $402.50, $405, $410, $415 and $420 (notably large ITM flow at $402.50 and $405 plus massive $410 prints), plus structural longer-dated call OI walls in $445 575
Put additions: Notable protective put buys at front-week $395 (Vol=9,273 OI=635 exp 4/15) and smaller $415 4/17 puts; put activity looks defensive relative to dominant call buying rather than indicative of large directional short positioning
GEX/DEX consistency: Updated flow (large ITM call prints) increases short-term dealer delta exposure and is consistent with positive GEX +$338.4M; dealers will likely buy stock into upside ticks which amplifies bullish price action near-term
OI clusters: Largest OI clusters remain long-call heavy at $500 (35,322 OI), $450 (51,850 OI) and multi-month walls $445
Hedging evidence: Clear evidence of large-scale short-term hedging: concentrated ITM front-week call prints at $402.50 and $405 materially increase dealer delta hedges (buying stock), while front-week $395 put prints and $415 4/17 puts reflect protective hedging by institutions; net effect is bullish but with active two-way hedging risk around expiries
Max pain context: Max pain pins ($385 ) remain below spot, but current concentrated ITM call flow and positive GEX reduce the immediate pull to MP and favor near-term upside
Signal vs Noise
Key Conclusions
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