PFE Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 strong bullish net premium & P/C ratio; +1 GEX/flow alignment; -0.5 spot above max pain suggesting resistance

Watch next session: $28.50 call OI buildup; Flow reaction near $30 strike

Flow Summary

Net premium: +$6.3M bullish

P/C volume ratio: 0.40 — extremely call-dominant

P/C OI ratio: 0.82 — moderate put lean in positioning

Extremely bullish volume flow with aggressive call buying, particularly at the $28 strike. This is occurring against a backdrop of heavy put OI at lower strikes ($20-$25), creating a strong gamma pinning effect that supports the current price level.

Notable Prints

PFE 4/17/26 $30.50 Call

Vol: 966

OI: 203

Vol/OI: 4.8x

IV: 23.6%

Notional: ~$27,000

Intent: Fresh directional call buying

Dual read: Bought (bullish breakout bet) or sold/covered (neutral to bearish)

Read-through: This is an aggressive OTM call purchase (8.6% above spot). The 4.8x volume/OI ratio suggests new positioning. Given the overall bullish flow regime, this is likely a directional bet targeting a move toward $30-31.

PFE 4/10/26 $28 Put

Vol: 1,201

OI: 389

Vol/OI: 3.1x

IV: 24.2%

Notional: ~$33,600

Intent: Hedge or short put sale

Dual read: Bought (protective hedge) or sold (bullish income)

Read-through: High volume at the at-the-money put. In the context of strong call buying, this is more likely a short put sale (bullish income play) rather than protective buying. The IV of 24.2% is below the term structure average, supporting a sale interpretation.

PFE 5/15/26 $29 Put

Vol: 463

OI: 290

Vol/OI: 1.6x

IV: 30.9%

Notional: ~$13,400

Intent: Earnings-related hedge

Dual read: Bought (protective) or sold (defined risk)

Read-through: Volume in the May monthly, which contains the next earnings date (5/5/26 est.). The elevated IV (30.9% vs. ~26% for April) suggests this is earnings-related positioning. Likely a hedge against a post-earnings drop.

Institutional Positioning

Call additions: $28, $27, and $30 calls across April expiries, per premium flow data.

Put additions: Minimal recent put buying; large legacy OI at $20-$25 puts.

GEX/DEX consistency: Yes — Positive GEX of +$222.9M aligns with bullish flow and creates a pinning effect near current price.

OI clusters: Major call OI at $28 (87K) and $30 (54K). Major put OI walls at $20 (60K), $24 (52K), and $25 (51K).

Hedging evidence: The massive put OI at $20-$25 represents a large, longer-term hedge or legacy positioning. Recent hedging is light, focused on earnings (May $29P).

Max pain context: Spot ($28.08) is above max pain ($26), creating gravitational pull lower. However, strong bullish flow is pushing against this.

Signal vs Noise

~The $28.50 Put for 4/2 (Vol 447) is likely a near-expiration roll or adjustment, not a new directional bet.

~High volume in the $20 Put (OI 60,221, Vol 81) is noise—this is legacy positioning, not new flow.

~The IV spike in the May 15th $29 Put is earnings-related hedging, not a broad bearish signal.

Key Conclusions

🐂Net premium flow is strongly bullish (+$6.3M) with extreme call dominance (P/C 0.40)

🧲Heavy GEX (+$222.9M) and put OI walls below create strong pinning support, limiting downside

⚠️Spot is 6% above max pain ($26), creating a gravitational headwind against the bullish flow

🎯Watch $30 call OI (54K) as the next major resistance; breakout target is $30.50 (per unusual call flow)

Read the Flow analysis for PFE. 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.