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PDD

PDD Holdings Inc.Close $98.15EOD only

Max Pain

$98.00

Next expiry May 22, 2026

Expected Move

±$2.34

2.4% from close

Price Gap

-0.15

Distance to max pain

IV Rank

Low premium

P/C OI

0.74

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects PDD options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

PDD Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7 / 10

base 5; +2 strong put premium dominance; +1 GEX pinning supports mean reversion; -1 P/C volume ratio neutral; -0.5 IV elevated but not extreme

Watch next session: $95 PUT OI (22,484) for defense; Spot reaction near $101 Max Pain; Any call flow to challenge $115-$120 OI walls

Flow Summary

Net premium: -$46.7M bearish

P/C volume ratio: 1.06 — neutral/slightly put-leaning

P/C OI ratio: 0.74 — moderate call lean in positioning

Aggregate flow is bearish, dominated by large, high-strike put purchases. While positioning (OI) shows a call lean, today's volume and premium paid tell a story of significant downside hedging or bearish speculation, particularly in the April and September expirations.

Notable Prints

PDD 4/17 $125 Put

Vol: 3,830

OI: 383

Vol/OI: 10.0x

IV: 77.2%

Notional: ~$47.9M (3830 * 100 * $125)

Intent: Fresh bearish speculation or aggressive hedge

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

Read-through: High IV (77%) suggests expensive premium paid for downside protection far OTM. This is a large, new position signaling significant concern about a sharp drop. Ranked #1 due to high notional and vol/OI.

PDD 9/18 $170 Put

Vol: 1,800

OI: 300

Vol/OI: 6.0x

IV: 54.9%

Notional: ~$30.6M (1800 * 100 * $170)

Intent: Long-term downside hedge or bearish bet

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

Read-through: Extremely OTM strike, 6 months out. The high notional value and elevated IV point to a large, strategic hedge against a major decline, not a near-term tactical play. Consistent with institutional portfolio protection.

PDD 4/17 $96 Put

Vol: 2,190

OI: 231

Vol/OI: 9.5x

IV: 36.1%

Notional: ~$21.0M (2190 * 100 * $96)

Intent: Near-term directional put buying

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

Read-through: Strike is near the gamma flip estimate (~$95) and just below spot. Lower IV suggests this is a more direct bet on a move below $96 in the next 17 days, complementing the OTM hedges.

PDD 4/10 $99 Put

Vol: 1,477

OI: 183

Vol/OI: 8.1x

IV: 34.3%

Notional: ~$14.6M (1477 * 100 * $99)

Intent: Short-term directional put buying

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

Read-through: Targets a move below $99 within 10 days. This, combined with the $96P flow, builds a bearish case for the $96-$99 support zone in April.

PDD 4/2 $112 Put

Vol: 370

OI: 101

Vol/OI: 3.7x

IV: 125.5%

Notional: ~$4.1M (370 * 100 * $112)

Intent: Lottery ticket or tail-risk hedge

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

Read-through: Extremely high IV (125%) for a weekly option 2 days out. Very low probability of finishing ITM, but someone is paying a huge premium for protection against a crash above $112. More noise than core signal, but notable for its extremity.

Institutional Positioning

Call additions: Minimal. Top premium flow calls are at $115 and $110, but size is dwarfed by put flow.

Put additions: Major additions at $125P, $170P (Sept), $96P, and $99P (April). This is the dominant flow.

GEX/DEX consistency: Yes — Positive GEX (+$7.2M) indicates a pinning/mean-reverting regime, which aligns with heavy put buying (negative delta) as spot is above max pain. Flow is betting against the pin.

OI clusters: Major CALL walls at $130 (51K OI), $120 (34K OI), $125 (22K OI). Major PUT support at $95 (22K OI), $75 (17K OI), $100 (16K OI).

Hedging evidence: Strong evidence. The $125P (April) and $170P (Sept) are classic institutional hedging prints—large size, OTM, elevated IV, longer-dated.

Max pain context: Spot ($102.18) is just above nearest max pain ($101). Positive GEX and put OI at $95/$100 create a magnetic pull toward $101-$100. The bearish flow is betting this support breaks.

Signal vs Noise

~The $112 Put (4/2) with 125% IV is likely a short-dated lottery ticket or a closing trade, not a meaningful directional signal.

~The $130 Put (4/17) with Vol 3890 vs OI 1938 (2.0x) could be a roll or adjustment of an existing position, not purely fresh bearish flow.

~The $70 Put (10/16) is small volume and may be part of a far OTM put spread or a closing trade.

Key Conclusions

🐻Flow is bearish: Net premium -$46.7M driven by large, high-strike put purchases.

🛡️Institutional hedging evident in OTM $125P (April) and $170P (Sept) prints.

🧲Positive GEX suggests pinning pressure near $101 Max Pain; bearish flow is betting against it.

🧱Key levels: Resistance at $120/$130 call walls. Support at $95/$100 put clusters.

How to Use These Reports

This flow reflects the market close on March 31, 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.