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ORCL

Oracle CorporationClose $189.77EOD only

Max Pain

$180.00

Next expiry May 22, 2026

Expected Move

±$5.00

2.6% from close

Price Gap

-9.77

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 21, 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 21, 2026 close

ORCL Flow Report

Analysis based on market close April 6, 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 April 6, 2026. A newer flow report is available for May 14, 2026.

View latest report

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

How to Use These Reports

This flow reflects the market close on April 6, 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.