ORCL Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.3% from MP

Watch next session: $144P 4/10 OI buildup; Call flow at $150-$155

Flow Summary

Net premium: -$105.0M bearish

P/C volume ratio: 0.66 — call-dominant volume

P/C OI ratio: 0.88 — moderate put lean in positioning

Massive net premium outflow (-$105M) driven by deep ITM put buying at $260-$270, overwhelming call volume dominance. Positioning shows put OI concentration at $135-$140, creating a structural floor.

Notable Prints

ORCL 4/17 $260 Put

Vol: 3,325

OI: 250

Vol/OI: 13.3x

IV: 163.7%

Notional: ~$341.5M (3325 * $102.71 * 100)

Intent: Deep ITM put buying for downside protection or bearish bet

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

Read-through: Extreme IV (163.7%) and size suggest institutional hedging against tail risk, consistent with net premium outflow

ORCL 4/17 $250 Put

Vol: 1,060

OI: 129

Vol/OI: 8.2x

IV: 154.7%

Notional: ~$99.1M (1060 * $93.47 * 100)

Intent: Deep ITM put buying for downside protection

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

Read-through: Part of the same hedging flow as $260P, reinforcing institutional bearish positioning

ORCL 6/18 $270 Put

Vol: 1,010

OI: 151

Vol/OI: 6.7x

IV: 68.7%

Notional: ~$117.2M (1010 * $116.04 * 100)

Intent: Long-dated ITM put buying for extended downside protection

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

Read-through: Lower IV than near-term but still ITM, suggests hedging beyond April earnings

ORCL 4/10 $144 Put

Vol: 2,218

OI: 152

Vol/OI: 14.6x

IV: 58.2%

Notional: ~$6.2M (2218 * $2.80 * 100)

Intent: Near-term OTM put buying for directional bearish bet

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

Read-through: High vol/OI ratio and proximity to spot ($145.54) suggests fresh bearish positioning for immediate downside

ORCL 4/10 $146 Call

Vol: 1,707

OI: 550

Vol/OI: 3.1x

IV: 51.2%

Notional: ~$4.9M (1707 * $2.87 * 100)

Intent: Near-ATM call buying for upside speculation or delta hedge

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

Read-through: Moderate size and lower IV suggest retail or tactical positioning, not offsetting put flow

Institutional Positioning

Call additions: $160-$175 calls in April/May, but overwhelmed by put flow

Put additions: Deep ITM $250-$270 puts (April/June) and OTM $144 puts (April)

GEX/DEX consistency: Yes — negative GEX (-$15.3M) aligns with bearish flow and DEX +51.8M shares suggests dealer short gamma

OI clusters: Call walls at $170 (16,352 OI), $175 (15,429 OI); put floor at $135 (13,068 OI), $90 (12,751 OI)

Hedging evidence: Strong evidence via deep ITM put buying at $250-$270, likely institutional tail-risk hedging

Max pain context: MP at $146 (4/10), spot at $145.54 (0.3% from MP), pinning likely

Signal vs Noise

~$90C 4/17 (Vol=307, IV=190.1%) — deep ITM call with extreme IV, likely dividend-related or speculative, not directional

~$149C 4/17 (Vol=573) — low IV (49.0%) and moderate size, likely part of spread or tactical positioning

~Top premium flow strikes $260-$280 — deep ITM puts with high IV, hedging noise rather than directional bets

Key Conclusions

🐻Net premium -$105M strongly bearish, driven by institutional put hedging

📊Negative GEX (-$15.3M) and DEX +51.8M shares indicate dealer short gamma, amplifying moves

📍Spot pinned near max pain $146, with support at $135 and resistance at $155

Read the Flow analysis for ORCL for 2026-04-06. 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.