Home Options OPENReports

OPEN

Opendoor Technologies IncClose $4.30EOD only

Max Pain

$4.50

Next expiry May 22, 2026

Expected Move

±$0.34

7.9% from close

Price Gap

+0.20

Distance to max pain

IV Rank

Low premium

P/C OI

0.22

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

OPEN Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7.5 / 10

base 5; +1 GEX positive/pinning; +1 GEX/flow weak alignment; +0.5 spot 1.1% from MP

Watch next session: $5.00 call flow / OI changes (wall behavior); Put buying or rising P/C volume at $4.00-$4.50 (would signal hedging or bearish flip)

Flow Summary

Net premium: +$253K bullish

P/C volume ratio: 0.29 — strongly call-dominant on volume

P/C OI ratio: 0.29 — call-heavy positioning vs puts

Options flow is skewed toward calls, concentrated at the $4.50–$5.00 band with a meaningful call OI wall at $5.00. Positive GEX (+$16.3M) and dealer DEX (+28.0M shares) support pinning behavior around the upper-near spot area; small net premium today reinforces a modest bullish positioning tilt rather than aggressive directional leverage.

Notable Prints

OPEN260424P00004000 PUT exp 2026-04-24 $4.00

Vol: 4,424

OI: 575

Vol/OI: 7.7x

IV: 91.4%

Notional: ~$57.5K

Intent: Protective put accumulation or speculative directional put buying for downside exposure into late-April

Dual read: Could be institutions buying protection (bearish/hedge) or short-sellers opening synthetics; size and elevated vol/OI suggest purposeful positioning rather than passerby flow

Read-through: Meaningful relative to OI (7.7x) — notable put demand at $4.00 but strike sits just outside the strict ±10% band; watch if this accelerates, it could signal larger downside hedging despite overall call bias.

OPEN260508C00005000 CALL exp 2026-05-08 $5.00

Vol: 890

OI: 325

Vol/OI: 2.7x

IV: 87.1%

Notional: ~$28.5K

Intent: Directional call accumulation ahead of later expirations or roll into longer-dated upside exposure

Dual read: Bought calls (bullish) or dealers selling/positioning into a wall (neutral); given larger call OI at $5.00 across chains, likely fresh buy interest pushing OTM long exposure

Read-through: Supports the dominant $5.00 call magnet / wall narrative — incremental fresh demand at the structural call OI concentration.

OPEN260501C00004500 CALL exp 2026-05-01 $4.50 (ITM)

Vol: 476

OI: 310

Vol/OI: 1.5x

IV: 88.7%

Notional: ~$20.5K

Intent: Short-term bullish exposure or roll/extension from near-dated calls into the 5/1 expiry

Dual read: Could be buyers adding ITM call exposure (bullish) or sellers adjusting inventory if taken as spreads (neutral)

Read-through: High volume at the $4.50 strike (10,517 OI present in nearer chains) reinforces dealer hedging activity and a pin-magnet around $4.50–$5.00, consistent with positive GEX.

Institutional Positioning

Call additions: $4.50–$5.00 calls concentrated across near-term expirations (large OI clusters at $5.00: 23,911 OI and $4.50: 10,517 OI) — fresh premium flow netting +$292,618 at $5.00

Put additions: Notable isolated put accumulation at $4.00 (4,424 vol on OI=575) and existing put OI at $4.00/4.50, but overall put presence is smaller vs call stack

GEX/DEX consistency: Yes — positive total GEX $+16.3M and DEX +28.0M shares align with pinning behavior around the $4.50–$5.00 band and a bullish flow regime

OI clusters: $5.00 call cluster (23,911 OI) is the dominant wall; secondary clusters at $6.00 (15,360 OI) and $4.50 (10,517 OI). Put clusters sit at $4.00 and $4.50 but are smaller than call concentrations.

Hedging evidence: Some protective put activity at $4.00 and $4.50 (put OI 8,707–9,797 in near-term ranges) indicating institutions maintain downside hedges, but not enough to offset net call accumulation; collars possible but not dominant.

Max pain context: Max pain short-term is $4.50 (4/10 & 4/17) and shifts to $5.00 by 4/24 — current spot $4.55 sits above MP and the MP trend is falling, but near-term pins ($4.50–$5.00) match the strong call OI band.

Signal vs Noise

~High call OI at $5.00 partially reflects structural open interest (large existing walls) — single prints there are more likely to interact with dealer hedging than indicate fresh directional conviction unless sustained.

~Some put flow at $4.00 (4/24 print) may be expiration-timed or protective hedges rather than outright bearish directional conviction; treat isolated high vol/OI on longer-dated puts as hedging until repeated.

~Net premium signatures at far strikes ($10, $12, $13) in top premium flow are outside the available near-spot strike set and likely reflect less-relevant tail positioning or sparse activity; focus on $3.50–$5.50 strikes for actionable signals.

Key Conclusions

🐂Call-dominant regime: P/C volume 0.29 and net premium +$253K concentrated at $4.50–$5.00 confirms a bullish tilt with positive dealer GEX (+$16.3M).

📌Pin/wall watch: $5.00 is the structural call wall (23,911 OI) and a GEX concentration (+$5.2M); expect pinning/mean reversion into $4.50–$5.00 unless disrupted.

🛡️Hedge signals: notable put accumulation at $4.00 (4,424 vol on small OI) — could be protective buying; monitor whether this grows into a defensive base.

⚖️Dealer alignment: Positive GEX and DEX indicate dealers are long gamma/bid side — supportive of tightening ranges and pinning around near-term levels ($4.50–$5.00).

👀Watch triggers: sustained call flow into $5.00 or a jump in put volume/OI at $4.00–$4.50 will confirm bullish continuation or a shift to defensive positioning.

How to Use These Reports

This flow reflects the market close on April 7, 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.