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ORCL

Oracle CorporationClose $192.08EOD only

Max Pain

$177.50

Next expiry May 29, 2026

Expected Move

±$10.35

5.4% from close

Price Gap

-14.58

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.86

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

ORCL Flow Report

Analysis based on market close April 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.9% from MP

Watch next session: Price action and print flow around the gamma flip ~$135 (dealer hedging reaction); Short-dated call volume (4/10 strikes $135-$141) — are these buys enlarging dealer short-gamma?

Flow Summary

Net premium: -$610.4M bearish

P/C volume ratio: 1.39 — put-dominant (meaningful skew toward put flow today)

P/C OI ratio: 0.87 — modest put OI bias (positioning already has puts priced in)

Large net premium outflow driven by heavy put buying across strikes (notably concentrated in far/near-term put premium buckets). Dealers are net short gamma (Total GEX = -$55.4M) so flow is structurally bearish: put demand + negative GEX points to dealer selling/underlying pressure near the gamma flip (~$135). Call OI walls sit well above spot ($170-$200), creating little near-term upside resistance; concentrated put OI and a rising max-pain trend (short term MP $145 → longer-dated higher) suggest downside sensitivity into next expiries.

Notable Prints

ORCL 2026-04-10 $138.00 Call

Vol: 4,855

OI: 109

Vol/OI: 44.5x

IV: 58.0%

Notional: ~$777,000

Intent: Short-dated directional call buying or roll into front-week calls (bullish on face but increases dealer short-gamma)

Dual read: Aggressive buyers (bullish) or sellers closing/narrowing positions (neutral) — but volume>>OI suggests fresh activity

Read-through: Front-week call demand concentrated at $138 adds to dealer short-gamma into tomorrow's expiry; in a negative-GEX regime this can produce selling pressure into the close as dealers hedge by selling stock.

ORCL 2026-04-10 $135.00 Call

Vol: 2,380

OI: 142

Vol/OI: 16.8x

IV: 63.0%

Notional: ~$857,000

Intent: Short-dated ITM call buys — tactical directional or gamma play ahead of expiry

Dual read: Buys (bullish leverage) or dealers/algos adjusting intra-day inventories (neutral)

Read-through: ITM short-dated buying increases dealer delta hedging needs (sell underlying) — amplifies downside in a negative-GEX environment, so tactically bearish for underlying drift.

ORCL 2026-04-10 $137.00 Call

Vol: 2,441

OI: 124

Vol/OI: 19.7x

IV: 58.5%

Notional: ~$537,000

Intent: Front-week directional call activity—likely fresh buying or rolls into 4/10

Dual read: Bullish directional buys or option sellers reducing exposure (neutral); large vol/OI favors fresh flow

Read-through: Reinforces point that front-week call demand is clustered just around spot; dealers will need to hedge, which in context of negative GEX likely produces short-term selling pressure.

ORCL 2026-04-10 $139.00 Call

Vol: 2,643

OI: 110

Vol/OI: 24.0x

IV: 57.0%

Notional: ~$304,000

Intent: Near-expiry call buying at slightly OTM strike — speculative or hedging of short underlying exposure

Dual read: Speculative buys (bullish) or complex spreads legging into expiry (neutral)

Read-through: Adds to concentrated front-week call flow; cumulatively these prints raise dealer hedging flows and vulnerability to downside gamma squeezes.

ORCL 2026-04-24 $130.00 Put

Vol: 6,487

OI: 1,015

Vol/OI: 6.4x

IV: 51.6%

Notional: ~$1,636,000

Intent: Significant put buying for 4/24 — directional downside protection or bearish positioning

Dual read: Protective/institutional hedge (bearish protection) or long-term directional put purchases (bearish)

Read-through: Substantial medium-term put flow at $130 reinforces a protective floor expectation around $120-$135 but is reflective of institutional hedging rather than short-term retail gamma activity.

Institutional Positioning

Call additions: Large OI clusters in calls at $170-$200 (16,669 @ $170, 15,250 @ $175, 15,178 @ $200) but premium flow is dominated by puts — calls appear as structural long-dated positions rather than fresh aggressive buys.

Put additions: Heavy put premium and volume (net premium -$610.4M, large flow into $200/$210/$220 put buckets in premium table and concentrated puts at $120-$140 near-term) — institutions are adding downside protection across tenors, notably around $130-$140 (4/24 $130 put heavy volume).

GEX/DEX consistency: Yes — negative Total GEX (-$55.4M) aligns with bearish flow and put-dominant net premium; DEX +55.06M shares signals dealers managing sizeable delta exposure.

OI clusters: Call wall: $170-$200 (creates distant upside resistance); Put floor/cluster: $90-$130 and near-term clusters at $120, $125, $130, $135, $140 (these create localized support floors and gamma concentration near $135-$140).

Hedging evidence: Clear evidence of protective put activity (medium-dated $130-$140) and concentrated front-week activity that looks like gamma positioning. The large put premium in longer-dated buckets suggests institutional downside hedging rather than small retail plays.

Max pain context: Short-term max pain at $145 (4/10) sits above spot; MP trend is rising across expirations (MP moves from $145 → $165 over 16 expirations), indicating that option-driven forces are skewing toward higher pins longer-term but near-term dealer hedging around lower gamma flip (~$135) will govern price action.

Signal vs Noise

~Heavy 4/10 front-week call prints (several strikes $135-$141) likely include expiration roll/gamma plays and intraday retail/hedge activity — individual prints are noisy but in aggregate amplify dealer hedging; treat single short-dated call prints with caution.

~Large notional in far OTM put premium buckets (e.g., premium flows at $200-$220) may be institutional portfolio hedges or structured trades (not simple directional bets) — interpret as hedging unless matched by correlated short stock/put selling.

~High-volume prints at $130 put 4/24 (6,487 vol) look like institutional hedging rather than speculative retail buying — part of multi-leg protection strategies (collars or buys against equity exposure).

~Some call OI walls ($170-$200) are long-dated structural positions; flows around those strikes are often positional and not immediate directional signals for next session.

Key Conclusions

🐻Net premium strongly bearish (-$610.4M) with P/C volume skew 1.39 — downside protection is being bought across tenors.

⚠️Dealers are net short gamma (Total GEX = -$55.4M) and front-week call buying concentrates around spot — this can transiently amplify downward moves as dealers hedge by selling stock.

📌Gamma flip sits near ~$135 and is the key technical pivot — watch dealer hedging flows as spot approaches this level.

🛡️Institutional hedging visible in medium-dated puts (notably 4/24 $130 and near-term $120-$140 clusters) — suggests buyers seeking downside protection, supporting lower-tail risk.

🎯Max pain short-term at $145 versus spot $137.86 — short-term pin is above spot but immediate dealer hedging and negative GEX bias favor weakness into expiry.

📈Call OI walls at $170-$200 are distant and unlikely to pin spot near-term; upside is structurally capped but not the main driver over next few sessions.

How to Use These Reports

This flow reflects the market close on April 9, 2026.

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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.

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If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.