thetaOwl
HomeOptionsORCLReports

ORCL

Oracle CorporationClose $187.50EOD only
Max Pain
$165.00
Next expiry Apr 24, 2026
Expected Move
±$6.88
3.7% from close
Price Gap
-22.50
Distance to max pain
IV Rank
25
Middle-high premium
P/C OI
0.75
Slightly call-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Apr 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
Apr 22, 2026 close
ORCL Flow Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBullish
Confirmation: Large positive GEX (+$64.5M) and DEX (+61.7M); heavy front‑month call flow and pinning regime; put/call activity still tilted to calls by net premium and flow alignment.
Invalidation: Spot 6.8% above market pin and multiple large front‑month put prints and elevated IV could produce downside gamma stress; rising VIX/large short‑dated put volume would negate bullish flow.
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.8% from MP; +0.5 VIX 19

Watch next session: Front‑month put/call IV and prints; MP movement vs spot; Change in GEX/DEX; Big changes to call OI near strikes 170–182

Flow Summary

Net premium: +$13.7M bullish

P/C volume ratio: 0.69

P/C OI ratio: 0.74

Flow is dominantly bullish/pinning: dealers likely short gamma into near expiries supported by +GEX and heavy call prints, but concentrated short‑dated puts and spot >MP create measurable downside invalidation risk.

Notable Prints

#1
ORCL 2026-05-08 $152.50 Put
Vol: 5,251
OI: 536
Vol/OI: 9.8x
IV: 61.6%
Notional: ~$698K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#2
ORCL 2026-04-24 $182.50 Call
Vol: 15,742
OI: 2,680
Vol/OI: 5.9x
IV: 48.7%
Notional: ~$897K
Intent: Aggressive upside
Dual read: Call spread leg

Read-through: Pushes call pinning

#3
ORCL 2026-04-24 $170.00 Put
Vol: 24,805
OI: 4,401
Vol/OI: 5.6x
IV: 50.2%
Notional: ~$1.4M
Intent: Protect/short
Dual read: Dealer delta sell

Read-through: Pin risk ~170

#4
ORCL 2026-04-24 $177.50 Call
Vol: 7,490
OI: 1,528
Vol/OI: 4.9x
IV: 48.1%
Notional: ~$1.4M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#5
ORCL 2026-05-01 $160.00 Put
Vol: 7,998
OI: 1,735
Vol/OI: 4.6x
IV: 60.6%
Notional: ~$1000K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy short-dated calls at 177.5–182.5 and May 177.5; gross bullish flow GEX +$64.5M, DEX +61.7M shares.

Put additions: Concentrated same-day puts 170–177.5 and May 160–152.5 — downside hedges but lower vol/oi than largest calls.

GEX/DEX consistency: Flow is consistent with a dealer gamma regime that could produce pinning pressure around mid-170s–180s, but confidence is moderate; odd‑lot prints and isolated long‑dated OTM puts offer alternative explanations.

OI clusters: Largest OI clusters: 175–177.5 (puts/calls), 170 put block, 182.5 call block; OI concentrated near spot/MP range.

Hedging evidence: Collars and protective same‑day/May puts visible; elevated IV on deep downside puts suggests hedging demand.

Max pain context: Spot sits above MP; short‑dated call skew increases probability of pin-like behavior but is not definitive.

Signal vs Noise

~Signal: large same‑day call and put blocks at 175–182.5 driving gamma/pinning risk.
~Signal: GEX/DEX large positive supports dealer-heavy positioning that may pressure spot toward OI clusters.
~Noise/alternatives: isolated deep OTM long‑dated puts, odd‑lot prints and asymmetric IV skew could reflect retail or one‑off hedges rather than sustained dealer flows.

Key Conclusions

📌Possible dealer pinning toward mid‑170s–180s given call skew and GEX/DEX; confidence moderate—expect higher pin probability, not certainty.
⚠️Notable downside hedges at 170 and May 152–160 could spike vols if tested; odd‑lot and long‑dated OTM activity may instead reflect retail/one‑offs.
How to Use These Reports
This flow reflects the market close on April 23, 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.