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ORCL

Oracle CorporationClose $169.81EOD only

Max Pain

$148.00

Next expiry Apr 17, 2026

Expected Move

±$6.42

3.8% from close

Price Gap

-21.81

Distance to max pain

IV Rank

100

High premium

P/C OI

0.71

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 15, 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

Apr 15, 2026 close

ORCL Flow Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.7% from MP; +0.5 VIX 18

Watch next session: Volume and premium at the 170/175 call cluster (does call buying continue?); Whether ITM short-dated puts (4/17 and 4/24) are closed or rolled — look for declines in put volume vs OI at $167.50/$170

Flow Summary

Net premium: +$134.8M bullish

P/C volume ratio: 0.27

P/C OI ratio: 0.71

Flow is clearly bullish: deterministic net premium shows +$134.8M on the call side with a low put/call volume ratio of 0.27, indicating strong call demand. Put/Call OI ratio of 0.71 shows more calls parked in OI than puts, so today's volume is reinforcing existing call-heavy positioning rather than simply flipping a dominant put hedge. Dominant flow centers on near-term upside strikes (170/175/180) while larger structural call OI sits out at 190–250, suggesting both tactical call buying and longer-dated upside exposure from institutions.

Notable Prints

ORCL260424P00170000

Vol: 2,462

OI: 107

Vol/OI: 23.0x

IV: 52.4%

Notional: ~$1.5M

Intent: Near-ATM put accumulation into the 4/24 expiry — looks like short-term downside insurance or a structured collar leg

Dual read: Could be corporate/large holder protection or participants selling stock into calls while buying puts; volume 2,462 vs OI 107 (23.0x) is highly unusual and likely opening-heavy

Read-through: If these remain open into Friday they will increase dealer short-delta and could create support via dealer gamma buying below 170, but given overall bullish premium it reads as selective hedging rather than a shift to bearish positioning

ORCL260417P00167500

Vol: 3,637

OI: 302

Vol/OI: 12.0x

IV: 53.6%

Notional: ~$756K

Intent: Short-dated buying of 4/17 puts around 167.50 — likely protective or speculative downside exposure right at front expiry

Dual read: Could be nimble speculators buying cheap, highly leveraged downside or larger accounts hedging near-term delta; volume 3,637 vs OI 302 (12.0x) favors opening hedges

Read-through: Adds localized downside protection into the front expiry; because call-side premium dominates, these puts look like insurance rather than a directional shift

ORCL260424C00130000

Vol: 1,002

OI: 108

Vol/OI: 9.3x

IV: 76.2%

Notional: ~$4.0M

Intent: Long-dated/long-delta deep ITM call activity — likely rollover or leg of a stock replacement / covered call unwind (call at $130 exp 4/24 is 23% ITM)

Dual read: Could be position financing (buying calls instead of stock) or option compression/rolls; vol 1,002 vs OI 108 (9.3x) suggests sizeable opening interest and not just trivial activity

Read-through: Reflects institutional desire for long exposure with limited cash outlay (bullish structural exposure); paired with big call premium elsewhere it reinforces a buy-biased institutional posture

ORCL260417P00170000

Vol: 12,141

OI: 1,501

Vol/OI: 8.1x

IV: 51.7%

Notional: ~$3.9M

Intent: Short-dated protective/structured selling (heavy volume in ITM puts exp 4/17) — likely hedging or rolling activity around the front expiry

Dual read: Could represent forced liquidity (closing) by option sellers or opening protective puts by institutions; very large volume (12,141) vs OI (1,501) implies many trades were executed (likely opens/closes mix)

Read-through: Creates short-term dealer hedging buy pressure under the stock if positions remain open, but paired with dominant call premium it reads as tactical hedging against rapid sell-off rather than directional put accumulation

ORCL260417C00172500

Vol: 20,751

OI: 2,602

Vol/OI: 8.0x

IV: 53.0%

Notional: ~$4.5M

Intent: Aggressive short-dated directional call buying into the 4/17 expiry (front-week upside exposure)

Dual read: Could be delta-seeking directional buyers or dealers laying off gamma (market-making); large size vs OI suggests more than routine maker adjustment

Read-through: Supports near-term upside pressure and aligns with GEX concentration at $170/$175; if follow-through appears tomorrow this print materially increases chance of pinning around 170-175 into front expiries

Institutional Positioning

Call additions: Concentrated buying and premium flow at 160/165/170/175/180 (notably $170 and $175 GEX concentrations of +$18.1M and +$16.6M) and large structural OI out at $190-$250 — institutions are adding upside exposure both tactically (front weeks) and structurally (longer-dated calls).

Put additions: Some targeted protection at short-dated strikes ($167.50, $170 exp 4/17 and $170 exp 4/24) and limited put accumulation at $150-$165 for later expirations; overall put additions are secondary to call demand (Put/Call flow metrics show calls dominate).

GEX/DEX consistency: Yes — flow (net premium +$134.8M bullish) aligns with positive Total GEX +$110.9M and DEX +64.0M shares, consistent with dealer short-gamma on the upside and pinning behavior around near-term call clusters.

OI clusters: Largest OI clusters sit at $175 (21,069 OI), $170 (16,573 OI) and $200/$190 in longer-dated strikes — creating a near-term magnet in the $170-$175 area and a longer-term call wall at $190-$250.

Hedging evidence: Clear evidence of short-term protective puts (heavy volume at 4/17 ITM puts and 4/24 $170 puts) and potential collars (deep ITM $130 calls activity and near-ATM call buying). Hedging appears tactical and paired with net positive call premium, implying institutions are layering protection under bullish positioning.

Max pain context: Max pain for the near expiries is at $148 but MP trend is rising; institutional flow and GEX concentrations are actively pulling pin attention toward $170-$175 in the very near term, which can temporarily override distant max pain levels for front-week gamma dynamics.

Signal vs Noise

~Deep-ITM ORCL260424C00130000 ($130 call) likely part of longer-dated stock-replacement or roll activity (structural, not short-term direction).

~Very large front-week put volumes (ORCL260417P00170000 and ORCL260417P00167500) likely include forced expiratory/roll/expiration-related activity; treat as mixed signal vs pure directional buying.

~Small-volume mid-term puts (e.g., ORCL260522P00150000) and some far-OTM expiries look like portfolio hedges or spreads and are not primary directional signals.

Key Conclusions

🐂Market is call-leaning: +$134.8M net premium and P/C volume 0.27 show strong institutional demand for upside concentrated at 170/175.

🧭Short-dated protective puts are present (4/17 & 4/24 at ~167.5–170) — these act as insurance that increases dealer hedging below 170 and can create transient support beneath the stock.

🎯Key tactical watch: follow-through in call buying at the 170/175 cluster tomorrow — continuation would confirm pinning and further upside bias into weekly expiries.

Read the Flow analysis for ORCL for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.