NOW Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

8 / 10

base 5; +2 sustained heavy net premium & P/C ratio; +1 GEX/flow alignment; +0.5 spot below max pain; -0.5 slight reduction in near-term put volume ratio

Watch next session: Defense of the $100 PUT OI wall (10,780); Any aggressive call buying to challenge the $105-110 zone

Flow Summary

Net premium: -$76.4M bearish

P/C volume ratio: 1.29 — put-dominant

P/C OI ratio: 0.88 — slight put lean

Bearish positioning remains entrenched. While the put/call volume ratio has moderated slightly from 1.46, net premium remains massively negative, driven by continued large, high-strike put purchases. The flow aligns with a negative GEX regime and spot trading below max pain.

Notable Prints

NOW 4/17/26 $70 Put

Vol: 4,503

OI: 275

Vol/OI: 16.4x

IV: 80.5%

Notional: ~$1.58M (est. premium, 4503 * $3.50 avg price)

Intent: Fresh directional put buying or protective hedge

Dual read: Bought to open (bearish) vs. Sold to open (bullish, but unlikely given high IV and distance from spot)

Read-through: A massive, high-volume print in a low-OI contract. The $70 strike is 31% below spot, indicating a bet on or hedge against a significant breakdown. The high IV suggests expensive protection is being purchased.

NOW 6/18/26 $178 Put

Vol: 1,107

OI: 190

Vol/OI: 5.8x

IV: 112.6%

Notional: ~$8.50M (based on provided premium flow data)

Intent: Large, long-dated downside hedge or speculative bet

Dual read: Bought to open (bearish hedge/speculation) vs. sold to open (yield, extremely unlikely given IV > 112%)

Read-through: This is the single largest premium outflow in the dataset (~$8.5M). The extreme IV (>112%) and strike 75% above spot are hallmarks of expensive tail-risk hedging, likely by an institution. This flow has persisted from the prior session.

NOW 4/10/26 $105 Call

Vol: 3,072

OI: 580

Vol/OI: 5.3x

IV: 44.9%

Notional: ~$307k (est. premium, 3072 * $0.10 avg price)

Intent: Near-term, OTM call purchase

Dual read: Bought (speculative upside bet) vs. Sold/Covered (call writing against stock)

Read-through: The most significant call flow today. However, its notional value is trivial compared to the massive put premiums. This could be a speculative bet on a bounce to $105 (just above spot) or part of a spread/bearish structure (e.g., call sell against stock).

NOW 4/10/26 $95 Put

Vol: 2,201

OI: 635

Vol/OI: 3.5x

IV: 49.9%

Notional: ~$220k (est. premium, 2201 * $0.10 avg price)

Intent: Short-dated, OTM downside protection

Dual read: Bought (protective put) vs. Sold (put write, bullish)

Read-through: Targets a move below the $97-$100 support zone. Its proximity to the 8-day expected move low ($96.67) suggests it's a hedge against a near-term breakdown.

NOW 6/18/26 $174 Put

Vol: 503

OI: 128

Vol/OI: 3.9x

IV: 106.9%

Notional: ~$3.65M (based on provided premium flow data)

Intent: Part of a multi-strike bearish structure (with $178P)

Dual read: Bought to open (bearish) as part of a put spread or ladder

Read-through: Clusters with the $178P flow, reinforcing the view of a coordinated, institutional-sized bearish/hedging position in the June expiry. The high IV again indicates a willingness to pay up for protection.

Institutional Positioning

Call additions: Minimal. Small $105C 4/10 activity, but notional is insignificant versus put flow.

Put additions: Heavy in high-strike Jun'26 puts ($174-$178) and near-term protective puts ($70P 4/17, $95P 4/10). OI remains concentrated at $90, $100, $85 puts.

GEX/DEX consistency: Yes — Negative GEX (-$9.2M) confirms flow is net short gamma, reinforcing pro-cyclical (trending) regime. Bearish flow aligns perfectly.

OI clusters: Major put walls at $90 (10,806 OI), $100 (10,780 OI), $85 (10,201 OI). These are massive support levels. Call OI is diffuse and far OTM (e.g., $164C).

Hedging evidence: Overwhelming. The massive premium paid for long-dated, high-strike puts ($174-$178P) with IV > 100% is a classic institutional tail-risk hedge. The new $70P 4/17 purchase adds a nearer-term, deep OTM protective layer.

Max pain context: Spot ($102) is below the nearest max pain ($108 for 3/27, though that expiry has passed). The path of max pain trends lower across expirations, culminating at $100 for 2027-03-19. This aligns with the heavy put OI and bearish flow, suggesting a gravitational pull lower.

Signal vs Noise

~The elevated IV in the April 24 expiry (63.2% ATM) is earnings-related (earnings est. 4/22), making flow in that expiry event-driven and potentially noisy for directional reads.

~High OI at deep OTM calls ($164C, $125C) is likely from long-dated, previously opened positions (LEAPS) and is not reflective of recent directional flow.

~The $105C 4/10 print, while notable in volume, has a low notional value and could be part of a spread (e.g., a call sell in a bear call spread) rather than a pure bullish bet.

Key Conclusions

⚠️Institutional bearish/hedging pressure is intensifying. The persistence of massive, expensive put buying in June ($174-$178P) and new deep OTM puts in April ($70P) signals elevated fear or structured downside positioning.

🎯Price is magnetized toward major put OI support at $100 and $90. A break below $100 could trigger accelerated selling due to dealer hedging (negative GEX) and the large OI wall giving way.

📅Earnings on ~4/22 is a key pivot. The bearish flow may represent pre-earnings hedging despite a history of positive surprises, creating a potential volatility crush setup post-event.

🌀Negative GEX regime (-$9.2M) means market makers are short gamma and will hedge in a directionally reinforcing manner. This amplifies moves, increasing the risk of a sharp decline if $100 breaks.

Read the Flow analysis for NOW for 2026-04-02. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.