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NVO

Novo Nordisk A/SClose $45.07EOD only

Max Pain

$44.50

Next expiry May 22, 2026

Expected Move

±$1.17

2.6% from close

Price Gap

-0.57

Distance to max pain

IV Rank

Low premium

P/C OI

0.68

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

NVO 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 bearish; +1 high P/C ratio; +0.5 GEX/flow alignment; -1 high IV regime (vol selling possible)

Watch next session: $35 PUT OI cluster for defense; Flow into $40 CALLs for resistance test; Any large call buying in the $25-$30 zone

Flow Summary

Net premium: -$82.1M bearish

P/C volume ratio: 1.50 — put-dominant

P/C OI ratio: 0.74 — moderate put lean in volume vs. call lean in OI

Aggressive put premium selling dominates the flow, with massive bearish bets concentrated in the $50-$65 strike zone. The high P/C volume ratio and negative GEX create a pro-cyclical, momentum-amplifying environment. The OI structure shows a long-term call bias, but today's volume is decisively bearish.

Notable Prints

NVO 4/17 $65 Put

Vol: 10,000

OI: 1,250

Vol/OI: 8.0x

IV: 131.3%

Notional: ~$34.9M

Intent: Fresh directional put buying (bearish bet) or volatility sale

Dual read: Bought (bearish) or sold (volatility crush play)

Read-through: This is the single largest premium driver (-$34.9M net). The 131% IV suggests it's likely a volatility sale (short put), but the sheer size and distance from spot ($65 vs. $36.75) indicate a defined-risk bearish bet or part of a complex spread. It's a major bearish signal.

NVO 6/18 $60 Put

Vol: 10,002

OI: 3,762

Vol/OI: 2.7x

IV: 74.1%

Notional: ~$23.0M

Intent: Fresh directional put buying or roll from nearer dates

Dual read: Bought (bearish) or sold (yield/vol sale)

Read-through: Second largest premium outflow (-$23.0M). The 74% IV is high but lower than the $65P, making a directional bearish bet more plausible. Adds to the bearish pressure for Q2.

NVO 9/18 $25 Call

Vol: 2,352

OI: 289

Vol/OI: 8.1x

IV: 70.8%

Notional: ~$4.1M

Intent: Long-dated, deep ITM call purchase (leverage/hedge)

Dual read: Bought (bullish leverage) or sold (covered call writing)

Read-through: The only major bullish premium inflow (+$4.1M). Likely a stock replacement or leveraged bullish position for 2026, given it's deep ITM ($25 vs. $36.75). This contrasts with the near-term bearish flow, suggesting a divergence between short-term fear and long-term conviction.

NVO 4/17 $50 Put

Vol: 10,022

OI: 4,390

Vol/OI: 2.3x

IV: 0.0%

Notional: ~$13.7M

Intent: Spread leg or volatility sale (IV of 0% is a data anomaly, likely very low)

Dual read: Part of a put spread (bearish) or short put (neutral/bullish)

Read-through: Massive volume contributing to bearish premium. The 0% IV is suspicious but suggests a very cheap option, possibly a far OTM leg of a bear put spread anchored by the $65 or $60 Puts.

NVO 4/2 $40 Put

Vol: 2,682

OI: 656

Vol/OI: 4.1x

IV: 106.6%

Notional: Part of net $-530k flow at $40 strike

Intent: Short-dated hedge or directional bet below spot

Dual read: Bought (protective/bearish) or sold (premium sell)

Read-through: High IV (106.6%) for a weekly option indicates fear or expensive hedging. This is a direct bet on a move below $40 before Friday.

Institutional Positioning

Call additions: Long-dated, deep ITM $25C (Sep '26). Near-term, calls are being sold/outpaced.

Put additions: Massive additions in $50-$65 strikes across Apr, May, and Jun expiries. Also defensive $35-$40 puts.

GEX/DEX consistency: Yes — Negative GEX (-$2.2M) aligns with bearish flow, creating a pro-cyclical, momentum-amplifying regime.

OI clusters: Major Call OI: $200C (42K - legacy/outlier), $40C (23K+20K). Major Put OI: $50P (24.5K), $45P (24K), $35P (21.6K+20.8K). Creates a strong put wall at $35 and call resistance at $40.

Hedging evidence: Yes. The $35 Put OI cluster (42K+ contracts) is a major defensive line. The high-volume, high-IV put buying in weekly ($40P) and monthly ($36P) expiries suggests active hedging.

Max pain context: Spot ($36.75) is pinned at near-term max pain ($37 for 3/27). This creates a magnetic pull, but the bearish flow and negative GEX suggest pressure to break below towards the $35 put wall.

Signal vs Noise

~$200 CALL and $80 CALL OI are massive but have negligible volume. These are likely legacy positions from splits or years-old bets, not indicative of current flow.

~The $50, $55, $65 Put flows, while huge in premium, have very high IVs (85%-131%). This suggests a significant volatility sale component. They could be short puts for yield (not purely directional bearish) or part of complex spreads like put diagonals.

~The 0% IV on the 4/17 $50 Put is a data anomaly; treat the volume as meaningful but the IV read as unreliable.

Key Conclusions

⚠️Dominant bearish flow with -$82M net premium and P/C ratio of 1.5

🔄Negative GEX (-$2.2M) aligns with flow, creating a pro-cyclical (trend-amplifying) regime. Gamma flip ~$35.

🛡️Major defensive put wall at $35 (42K+ OI). A break below could accelerate selling.

📈Long-dated, deep ITM $25 call buying shows bullish conviction for 2026, contrasting with near-term bearishness.

🎯Spot at max pain ($37) with resistance at $40 (call OI) and support at $35 (put OI). The flow bias is to test support.

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.