OXY Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 strongly bullish flow regime (P/C 0.37, net prem +$15.8M); +1 GEX pinning regime (+$114M) supports spot stability; +0.5 spot well above max pain; -1.0 elevated IV (48%) suggests some volatility risk

Watch next session: $70C OI and flow (key resistance); $64C 4/10 unusual activity follow-through; Any put flow at $61-$62 (near-term support)

Flow Summary

Net premium: +$15.8M bullish

P/C volume ratio: 0.37 — extremely call-dominant

P/C OI ratio: 0.50 — moderate call lean in positioning

Extremely bullish flow regime dominated by call buying, particularly in the $60-$70 strike range. Net premium is strongly positive, and the volume ratio shows overwhelming call activity. The positioning (OI) is less skewed, suggesting today's flow is adding to an existing bullish bias.

Notable Prints

OXY 4/10 $64 Call

Vol: 8,065

OI: 797

Vol/OI: 10.1x

IV: 43.4%

Notional: ~$1.7M (based on ~$210 avg premium)

Intent: Fresh directional call buying

Dual read: Bought to open (bullish) or sold/covered (neutral-bearish)

Read-through: This is the most unusual print by volume/OI ratio. Buying calls $1 below spot with 10 days to expiry is a direct bullish bet on a move above $64. The high notional value suggests institutional interest.

OXY 4/2 $65 Call

Vol: 10,146

OI: 2,444

Vol/OI: 4.2x

IV: 46.9%

Notional: ~$2.9M (based on ~$290 avg premium)

Intent: Directional bet or gamma positioning near expiry

Dual read: Buying for a breakout above spot before Friday, or selling against existing long stock (covered call).

Read-through: Massive volume at the spot strike for the nearest expiry. Given the bullish flow context and high IV (52% for 4/2 ATM), this is likely bullish positioning for a potential pop before Friday, not just covered calls.

OXY 4/10 $63 Call

Vol: 4,365

OI: 625

Vol/OI: 7.0x

IV: 42.5%

Notional: ~$1.0M (based on ~$230 avg premium)

Intent: Fresh directional call buying

Dual read: Bought to open (bullish) or part of a spread (e.g., bull call spread with $64C or $65C).

Read-through: Another large, fresh call position $2 below spot. Combined with the $64C print, this forms a cluster of bullish bets just below the current price, targeting a move back above $64-$65.

OXY 4/2 $58 Put

Vol: 3,812

OI: 655

Vol/OI: 5.8x

IV: 59.0%

Notional: ~$0.4M (based on ~$100 avg premium)

Intent: Protective put or speculative downside bet

Dual read: Buying protection for a long stock position, or outright bearish bet.

Read-through: High IV (59%) suggests this is expensive protection. Given the small notional relative to call flows and the strike being 10% below spot, this is more likely a hedge for a large long position rather than a directional bearish signal.

OXY 5/1 $64 Call

Vol: 3,290

OI: 365

Vol/OI: 9.0x

IV: 41.9%

Notional: ~$0.8M (based on ~$250 avg premium)

Intent: Fresh longer-dated directional call buying

Dual read: Bought to open (bullish) or rolled from a nearer-dated call.

Read-through: Extends the bullish thesis out one month. The repetition of the $64 strike across multiple expiries (4/10, 5/1) indicates a strong level of interest, potentially a target or a level where buyers feel comfortable entering.

Institutional Positioning

Call additions: $64-$70 calls across April and May expiries, with heaviest volume at $65 (4/2) and $64 (4/10).

Put additions: Minor protective put flow at $58-$62, primarily near-dated. Notional value is dwarfed by call buying.

GEX/DEX consistency: Yes — strongly aligned. Positive GEX (+$114M) in a 'pinning' regime supports spot stability/grind higher, which is consistent with aggressive call buying and a spot price well above max pain.

OI clusters: Major call OI at $67 (38.7K), $65 (29.8K), $60 (29.3K), $62.50 (23.3K). Major put OI not provided, but P/C OI of 0.50 suggests call walls are more significant. The $67C is a clear near-term resistance magnet.

Hedging evidence: Limited. The put flow is small and far OTM (e.g., $58P). The dominant activity is outright call buying, not collars or balanced spreads.

Max pain context: Spot ($65) is significantly above nearest max pain ($59 for 3/27, $62 for 4/2). This creates a gravitational pull *lower* towards those levels, but the strong bullish flow is actively fighting against that pinning force.

Signal vs Noise

~The $22.50 and $27.50 call flows in the top premium list are deep ITM, low-delta, and likely associated with financing, hedging, or structured positions. They are not directional signals for the spot price.

~Some of the high-volume put activity (e.g., $58P, $61P) may be part of put spreads or married puts for tax/accounting purposes, given the small notional relative to call flows.

~The $80 call OI (14K) is likely long-dated, low-cost lottery tickets and not indicative of near-term directional pressure.

Key Conclusions

🚀Extremely bullish flow regime (P/C 0.37) with +$15.8M net premium driving price action.

🎯Institutional focus on $64-$65 calls across multiple expiries, targeting a reclaim of this level as support.

⚖️Positive Gamma (GEX +$114M) supports a pinning/grind higher environment, aligning with flow.

⚠️Spot is +10% above max pain; bullish flow is fighting strong pinning gravity lower.

Read the Flow analysis for OXY. 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.