OPEN Flow Report

Analysis based on market close March 30, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2.5 extremely bullish flow (P/C 0.20, net prem +$882K); +1 GEX/flow aligned (pro-cyclical); -1 high IV (105%) suggests speculative froth

Watch next session: $4.50 call OI buildup (14K+ volume); Spot action vs. $4.00 put wall (38K OI); Gamma flip estimate near $4.00

Flow Summary

Net premium: +$882K bullish

P/C volume ratio: 0.20 — extremely call-dominant

P/C OI ratio: 0.37 — moderate call lean in positioning

Flow is overwhelmingly bullish, with a massive 5:1 call/put volume ratio and significant positive net premium. However, this occurs in a high-volatility, speculative environment with spot trading well below near-term max pain levels, suggesting aggressive bets on a sharp rebound.

Notable Prints

OPEN 4/2 $4.50 Call

Vol: 14,182

OI: 1,527

Vol/OI: 9.3x

IV: 110.2%

Notional: ~$639K

Intent: Fresh directional call buying for immediate upside

Dual read: Bought (bullish) or sold (neutral/bearish)

Read-through: This is the dominant flow of the day. The 9.3x volume/OI ratio and high IV indicate new, aggressive positioning. Given the overall bullish flow regime and net premium, the most likely read is buyers initiating bullish bets targeting a move back to the $4.50-$5.00 zone by next week.

OPEN 4/10 $5.00 Call

Vol: 2,782

OI: 1,095

Vol/OI: 2.5x

IV: 95.3%

Notional: ~$139K

Intent: Directional call buying targeting max pain

Dual read: Bought (bullish) or sold (neutral)

Read-through: This is the second-largest premium-generating strike ($557K net). The flow adds to existing OI, targeting a move to the dominant max pain level of $5.00 within two weeks. Consistency with the $4.50 call flow reinforces the bullish narrative for a move higher.

OPEN 4/17 $4.50 Put

Vol: 1,311

OI: 398

Vol/OI: 3.3x

IV: 79.7%

Notional: ~$59K

Intent: Hedge or speculative put sale

Dual read: Sold (bullish/income) or bought (protective)

Read-through: Given the overwhelmingly bullish flow context and the fact that spot is at the strike, this is more likely a sale of puts for premium (a bullish income play) rather than a bearish bet. The lower IV (79.7% vs. ATM ~90%) supports this as a potential short put.

OPEN 4/2 $1.00 Call

Vol: 148

OI: 1

Vol/OI: 148.0x

IV: 700.0%

Notional: ~$14.8K

Intent: Lottery ticket / speculative long-delta bet

Dual read: Bought (speculative bullish) or sold (noise)

Read-through: Extreme IV and tiny OI suggest this is a pure, high-risk speculative bet. While notional is small, its presence in the flow highlights the speculative, 'lottery ticket' nature of some of today's activity, consistent with the high-vol regime.

OPEN 5/1 $3.00 Put

Vol: 164

OI: 26

Vol/OI: 6.3x

IV: 159.4%

Notional: ~$4.9K

Intent: Far OTM hedge or speculative put buy

Dual read: Bought (tail risk hedge) or sold (income)

Read-through: Very high IV on a put $1.50 below spot. Given the small notional, this is likely a small hedge against a sharp drop or a speculative bet, not a major directional signal. It does, however, define a lower risk boundary for some participants.

Institutional Positioning

Call additions: $4.50 and $5.00 calls across Apr expiries, $7.00 calls (sizeable OI)

Put additions: Minimal in flow; large existing $4.00 put wall (38K OI) is key

GEX/DEX consistency: Yes — Negative GEX (-$1.8M) is pro-cyclical (trending regime), aligning with bullish flow attempting to push price higher against gravity.

OI clusters: Major OI clusters: $4.00 Put (38K OI - wall), $7.00 Call (33K+ OI - magnet), $1.50 Call (50K OI - legacy/far OTM). Creates a near-term battleground between $4.00 (support) and $5.00/7.00 (resistance).

Hedging evidence: The massive $4.00 put wall (37,904 OI) is the clearest hedging evidence, providing strong downside protection. Minimal fresh protective put flow today suggests holders are comfortable or are adding upside calls instead.

Max pain context: Spot ($4.51) is 9.7% below near-term max pain ($5.00). The falling MP trend ($5 → $2) suggests longer-dated positioning is bearish, creating a tension with today's bullish near-dated flow.

Signal vs Noise

~The $1.00, $0.50, and $3.00 calls for 4/2 are extreme-IV, low-notional lottery tickets. They indicate speculative sentiment but are not meaningful institutional directional bets.

~The $10.00 put flow generating negative net premium is likely part of a spread (e.g., call credit spread) given the high OI at $10.00 calls, not a standalone bearish bet.

~High volume in far OTM strikes (e.g., $1.50 Call with 49K OI) is largely legacy positioning from much higher price levels and is not active flow.

Key Conclusions

🚀Extremely bullish near-term flow (P/C 0.20) betting on a rebound to $5.00

🛡️Massive $4.00 put wall (38K OI) defines critical support; break below invalidates bullish flow

⚖️Tension between bullish near-dated flow & bearish longer-dated max pain trend

🌀High IV (105%) and speculative prints indicate frothy, risk-on sentiment

Read the Flow analysis for OPEN for 2026-03-30. 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.