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ORCL

Oracle CorporationClose $181.46EOD only

Max Pain

$180.00

Next expiry May 22, 2026

Expected Move

±$9.10

5.0% from close

Price Gap

-1.46

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.88

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

ORCL 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.

You are viewing an older report from March 31, 2026. A newer flow report is available for May 14, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2.5 massive bearish premium flow; +1 spot at max pain; -1 high IV suggests some hedging

Watch next session: $133-$144 put flow for follow-through; Any call buying at $149-$150 to defend spot

Flow Summary

Net premium: -$119.6M bearish

P/C volume ratio: 0.82 — moderate put lean

P/C OI ratio: 0.93 — near-neutral positioning

Flow dominated by massive, concentrated bearish premium in far OTM puts. While volume P/C is only moderately elevated, the net premium is overwhelmingly negative, driven by large institutional purchases of downside protection. This is a classic 'fat tail' hedge or bearish bet.

Notable Prints

ORCL 4/17 $260 Put

Vol: 3,325

OI: 250

Vol/OI: 13.3x

IV: 112.9%

Notional: ~$38.6M

Intent: Large-scale downside hedge or bearish speculation

Dual read: Bought to open (bearish hedge/spec) vs. sold (volatility sale)

Read-through: Given the extreme IV (112.9%) and massive premium paid, this is almost certainly a long put purchase for catastrophic protection or a leveraged bearish bet. The size and strike ($260, ~77% above spot) signal deep concern about a major downside event.

ORCL 6/18 $270 Put

Vol: 1,010

OI: 151

Vol/OI: 6.7x

IV: 80.4%

Notional: ~$27.4M

Intent: Extension of bearish hedge into Q2

Dual read: Bought to open (bearish) vs. sold (vol sale)

Read-through: Follows the same pattern as the $260P but with a longer-dated (June) expiry. The high IV and large premium again point to long put buying, suggesting the bearish outlook extends beyond April.

ORCL 4/17 $250 Put

Vol: 1,060

OI: 129

Vol/OI: 8.2x

IV: 137.2%

Notional: ~$11.2M

Intent: Additional layer of OTM put protection

Dual read: Bought (bearish) vs. sold (vol sale)

Read-through: Another massive premium, high-IV put purchase. The cluster of activity at $250P, $260P, and $270P across April and June forms a clear pattern of institutional demand for far OTM puts, not retail speculation.

ORCL 4/10 $133 Put

Vol: 697

OI: 110

Vol/OI: 6.3x

IV: 52.1%

Notional: ~$9.4M

Intent: Near-term, closer-to-spot protective put buying

Dual read: Bought (directional hedge) vs. sold (covered put write)

Read-through: Strike is ~9.5% below spot, inside the 10-day expected move. This is a more traditional, cheaper hedge against a near-term drop, contrasting with the extreme OTM bets. It adds a tactical bearish layer.

ORCL 4/2 $149 Call

Vol: 2,316

OI: 753

Vol/OI: 3.1x

IV: 41.5%

Notional: ~$2.3M (est. premium)

Intent: Short-term upside speculation or delta hedge against put positions

Dual read: Bought (bullish breakout) vs. sold (covered call/hedge)

Read-through: The only notable call flow. Given the overwhelming put premium, this could be a speculative long call against the bearish tide, or more likely, part of a complex hedge (e.g., call bought to offset delta from massive long puts). Size is dwarfed by put activity.

Institutional Positioning

Call additions: Minimal. Only notable is $149C 4/2.

Put additions: Massive OTM puts at $250-$300 (Apr/June). Tactical puts at $133-$144 (Apr).

GEX/DEX consistency: Mixed. Positive GEX (+$4.2M) suggests pinning near $147, but flow is deeply bearish. GEX is likely dominated by near-dated, ATM options, while bearish flow is in OTM, longer-dated puts.

OI clusters: Major OI clusters: OTM Calls at $170-$300 (bullish bets/leaps), OTM Puts at $110-$118 (long-term hedges). The $118 Put wall (15,377 OI) is the gamma flip estimate, a key support level.

Hedging evidence: Overwhelming. The multi-million dollar purchases of $250P, $260P, $270P are textbook institutional hedging against a major downside move. This is 'portfolio insurance' or a direct bearish bet.

Max pain context: Spot ($147.11) is pinned exactly at the nearest max pain ($147). This reinforces the GEX pinning narrative for the very near term, but longer-dated max pain rises sharply ($162.5 by 4/17), suggesting structural bullish expectations are being hedged.

Signal vs Noise

~The $95 Call with $2M net premium is likely a dividend-related trade or a deep ITM call buy-write, not a directional signal.

~High volume in OTM $200+ Calls in the OI list are likely long-dated leaps (2026-2027) and not part of today's active flow.

~The $149 Call 4/2 activity could be a short-term gamma scalp or part of a spread given the pinning at max pain, not a pure bullish conviction bet.

Key Conclusions

⚠️Institutional 'fat tail' hedging is dominant. Massive premium paid for OTM puts ($250-$300) signals deep concern over a potential crash or major downside event.

📌Spot is pinned at max pain ($147) with positive GEX, creating near-term mean reversion pressure, but this is overwhelmed by the bearish flow signal.

🎯Key levels to watch: Breakdown below $144 (near-term put support) and the major gamma flip/OI support at $118.

🔄The flow is a classic divergence: long-term bullish positioning (high OI in OTM calls, rising max pain) is being aggressively hedged with short-to-medium term puts.

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.