PANW Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

8 / 10

base 5; +2 strong net premium bearish; +1 P/C volume extreme; +1 GEX pinning at spot; -1 low absolute volume

Watch next session: $160 PUT OI reaction to spot move; Any call buying to defend $157.50 max pain

Flow Summary

Net premium: -$25.7M bearish

P/C volume ratio: 2.26 — extreme put-dominant

P/C OI ratio: 1.05 — balanced with slight put lean

Aggressive put buying dominates flow, with net premium heavily negative. The extreme P/C volume ratio signals strong bearish conviction, while OI positioning suggests a magnet at $160 with a potential break lower toward $150.

Notable Prints

PANW 6/18/26 $160 Put

Vol: 13,849

OI: 3,098

Vol/OI: 4.5x

IV: 42.2%

Notional: ~$22.2M

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) or sold (bullish/income)

Read-through: Massive bearish bet for mid-June, targeting a break below $160. The 4.5x OI turnover suggests new positioning, not rolling.

PANW 7/17/26 $125 Put

Vol: 1,213

OI: 540

Vol/OI: 2.2x

IV: 49.0%

Notional: ~$1.5M

Intent: Long-dated downside protection or speculative put

Dual read: Bought (bearish) or sold (bullish/income)

Read-through: Targets a ~22% decline from spot by mid-July. The elevated IV (49%) suggests this is likely a purchase for protection or a bearish bet, not a sale.

Institutional Positioning

Call additions: Minimal. Top call OI at $180/$200, but no significant recent call flow.

Put additions: $160P (June), $170P, and far OTM puts ($230, $240, $280) showing heavy premium outflow.

GEX/DEX consistency: Yes — Positive GEX (+$3.4M) indicates pinning pressure at current spot, aligning with max pain at $160. Flow is bearish, suggesting institutions are hedging or betting against the pin.

OI clusters: Major PUT walls at $150 (6,261 OI) and $140 (4,910 OI). Major CALL wall at $180 (5,436 OI). Creates a likely range of $140-$180 with a bearish skew.

Hedging evidence: Strong evidence via large, long-dated put purchases ($160P June, $125P July) and premium outflow in far OTM puts.

Max pain context: Spot ($160.32) is pinned exactly at today's max pain ($160). Forward max pain trends lower ($157.5 next week, down to $140 by March 2027), suggesting structural bearish positioning.

Signal vs Noise

~$5.00 Call premium inflow ($2.2M net) is a synthetic long or financing leg, not a directional bullish bet.

~Low-volume OI changes at deep OTM strikes are likely noise, not meaningful flow.

~The $175 Call net premium (+$703K) is isolated and may be part of a spread or collar against put positions.

Key Conclusions

🐻Extreme put-dominant flow (-$25.7M net premium) signals strong bearish conviction.

📌Spot pinned at max pain ($160) with positive GEX, but flow bets on a breakdown.

🎯Key OI walls create a $140-$180 range, with $150 put cluster as next major target.

Read the Flow analysis for PANW. 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.