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NEM

Newmont CorporationClose $107.39EOD only

Max Pain

$114.00

Next expiry May 22, 2026

Expected Move

±$3.54

3.3% from close

Price Gap

+6.61

Distance to max pain

IV Rank

Low premium

P/C OI

0.77

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects NEM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

NEM Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 strong net premium & call-dominant flow; +1 GEX pinning aligns with spot above MP; -0.5 high IV regime introduces noise

Watch next session: $116C 4/2 expiry flow for pinning play; Any defensive put flow below $100; Follow-through on $140C 5/15 block

Flow Summary

Net premium: +$15.0M bullish

P/C volume ratio: 0.60 — strongly call-dominant

P/C OI ratio: 0.80 — moderate call lean in positioning

Institutions are paying significant premium for upside calls, particularly in the $50-$130 range, driving a strongly bullish net premium. The flow is concentrated in longer-dated, OTM calls, suggesting a strategic, longer-term bullish bet rather than short-term speculation.

Notable Prints

NEM 4/2 $116 Call

Vol: 1,061

OI: 366

Vol/OI: 2.9x

IV: 53.6%

Notional: ~$123k (est. mid $1.16)

Intent: Short-term directional bet or gamma scalp ahead of expiry

Dual read: Buying for a move above $116 before Friday, or selling against a long position (covered call).

Read-through: With spot at $108.25, this is an aggressive 7.2% OTM bet for a 2-day expiry. The high volume/OI ratio suggests new positioning. Likely a bullish pinning play, betting spot drifts toward this strike given the positive GEX environment.

NEM 5/15 $140 Call

Vol: 767

OI: 367

Vol/OI: 2.1x

IV: 54.3%

Notional: ~$230k (est. mid $3.00)

Intent: Fresh directional call buying for a significant breakout

Dual read: Bought (bullish breakout) or sold as part of a complex spread (e.g., call calendar).

Read-through: A 29% OTM call for a 45d expiry. The size and new positioning (vol > 2x OI) indicate a meaningful bullish bet. This aligns with the massive premium flow into the $130 and $140 strikes, suggesting institutional interest in far OTM leverage.

NEM 4/10 $110 Put

Vol: 638

OI: 333

Vol/OI: 1.9x

IV: 50.5%

Notional: ~$64k (est. mid $1.00)

Intent: Hedge or speculative put purchase

Dual read: Buying protection for a long stock position, or selling for premium (credit put).

Read-through: Slightly ITM put ($110 vs. spot $108.25). The volume and IV (~50.5%) suggest this could be protective buying by a long holder, creating a synthetic collar with the OTM calls being bought. It's a logical hedge against the bullish call flow.

NEM 4/10 $107 Call

Vol: 286

OI: 114

Vol/OI: 2.5x

IV: 59.6%

Notional: ~$57k (est. mid $2.00)

Intent: Near-the-money directional call buying

Dual read: Buying for a move above $107, or selling a call against stock.

Read-through: Slightly ITM call. The elevated IV (59.6%) and new positioning suggest buyers are willing to pay up for near-term upside exposure. This complements the more aggressive OTM call flow, showing bullish conviction across multiple strikes.

Institutional Positioning

Call additions: Massive premium paid for $50, $55, $120, $130, $115 calls. Focus on far OTM ($50-$65) and moderate OTM ($115-$130).

Put additions: Modest premium in $110, $115, $85 puts, likely hedging. Largest put OI is at $95 and $105.

GEX/DEX consistency: Yes — Positive GEX (+$3.3M) indicates net long gamma, promoting pinning. This aligns with bullish call flow and spot trading above max pain ($100).

OI clusters: Major call OI at $65 (18,450) and $180 (10,416) — legacy positions. Key near-term walls: $120 Call (5,391 OI), $95 Put (5,516 OI - gamma flip level).

Hedging evidence: Yes — Put flow at $110 and OI at $95/$105 suggests hedging is present but subordinate to the dominant call buying. The $110P 4/10 print is a clear hedge candidate.

Max pain context: Spot ($108.25) is 8.2% above nearest max pain ($100). The positive GEX is pulling spot higher, toward call-heavy strikes like $109 and $110 for later expiries.

Signal vs Noise

~The enormous premium flow into $50 and $55 calls is almost certainly NOT directional. These are deep, deep OTM (50%+ below spot) with high OI. This is characteristic of long-dated, low-cost speculation or part of complex multi-leg strategies (e.g., call spreads, ratios). It adds to bullish sentiment but is not a direct near-term price target.

~High volume in the $116C 4/2 is likely a short-term pinning/gamma play by dealers or fast money, given the 2-day expiry and positive GEX environment. It's a tactical signal, not a structural one.

~The elevated IV regime (~62%) means a portion of the premium paid is for volatility, not just delta. Some call buying may be vol positioning, not purely directional.

Key Conclusions

🐂Strong institutional call buying drives +$15M net premium, the clearest bullish signal.

📌Positive GEX (+$3.3M) supports a pinning regime, with $95 as the key gamma flip and support level.

🎯Watch $116 for 4/2 expiry pinning and $140 for 5/15 as an aggressive upside target.

🛡️Hedging via $110P and large $95P OI provides a floor, defining the risk zone below $100.

How to Use These Reports

This flow reflects the market close on March 31, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.