PLTR Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

7 / 10

base 5; +2 massive net negative premium persists; +1 spot below max pain; -1 high IV/GEX suggests some pinning/hedging mix

Watch next session: $145 level for 4/2 expiry pin; Any call flow >$150 to challenge the OI wall

Flow Summary

Net premium: -$307.4M bearish

P/C volume ratio: 0.84 — slightly call-dominant volume

P/C OI ratio: 1.10 — slight put lean in positioning

A massive, concentrated bearish overhang from deep OTM put purchases (-$206M at $320P alone) completely overshadows a more neutral-to-slightly-bullish near-term flow picture. The net premium remains decisively negative, signaling persistent institutional hedging or downside positioning.

Notable Prints

PLTR 6/18/26 $320 Put

Vol: 12,000

OI: 700

Vol/OI: 17.1x

IV: 77.3%

Notional: ~$206.3M

Intent: Large-scale, long-dated downside hedge or speculative bet

Dual read: Bought (bearish hedge/speculation) or sold (extremely bullish, collecting premium)

Read-through: This is the same print from the prior report, still dominating the tape. The 77.3% IV and 119% OTM strike make a purchase far more likely than a sale. It accounts for ~67% of the day's total negative net premium, representing a massive, concentrated bearish or hedging position.

PLTR 4/10/26 $143 Put

Vol: 3,674

OI: 595

Vol/OI: 6.2x

IV: 48.4%

Notional: ~$0.8M

Intent: Near-term directional bet or protective put

Dual read: Bought (bearish) or sold (bullish, writing puts for premium/entry)

Read-through: High volume just below spot ($148.46) and the 4/10 max pain ($147). This, alongside the $144P and $147P activity, shows traders are actively positioning for a move to or below the near-term expected support/pin levels.

PLTR 4/17/26 $146 Call

Vol: 3,194

OI: 675

Vol/OI: 4.7x

IV: 49.5%

Notional: ~$0.7M

Intent: Near-term bullish bet or call spread leg

Dual read: Bought (bullish breakout) or sold (covered call/writing resistance)

Read-through: The most notable call flow, targeting a move just below spot. Its notional value is dwarfed by the bearish put flow, suggesting any bullish activity is secondary, part of defined risk strategies (like call spreads), or represents selling against long stock.

PLTR 4/10/26 $115 Put

Vol: 2,590

OI: 459

Vol/OI: 5.6x

IV: 81.3%

Notional: ~$0.6M

Intent: OTM protective put or speculative downside bet

Dual read: Bought (bearish) or sold (bullish, writing far OTM puts)

Read-through: High IV (81.3%) for a strike 23% below spot suggests demand for this protection. This, combined with the $115P in May, indicates interest in downside protection at this level across multiple expiries, not just a single event.

PLTR 4/10/26 $148 Call

Vol: 3,636

OI: 1,190

Vol/OI: 3.1x

IV: 45.9%

Notional: ~$0.8M

Intent: At-the-money call flow, likely part of multi-leg strategies

Dual read: Bought (directional), sold (covered call), or spread leg

Read-through: High volume at the money. Given the mixed near-term flow and high IV, this is likely noise from market maker hedging or part of complex positions (e.g., calendars, diagonals) rather than a clear directional bet.

Institutional Positioning

Call additions: Minor additions at $146-$148 calls for 4/10 and 4/17. Bullish flow is isolated and overshadowed by put premium.

Put additions: Persistent, massive additions in deep OTM puts ($320P) and continued volume in near-dated, near-the-money puts ($143-$147).

GEX/DEX consistency: Mixed, but leaning bearish. Positive GEX (+$25.8M) suggests pinning/mean-reverting forces, but the overwhelming negative premium flow and DEX (80.9M shares) point to stronger underlying downside pressure or hedging demand.

OI clusters: Major OI clusters: $50 Put (62.3K - legacy/meme wall), $155 Call (34.6K - major resistance), $150 Call (26.0K), $120-$130 Put zone (~55K combined - near-term support).

Hedging evidence: Overwhelming. The $320P purchase is a classic institutional tail-risk hedge. The high volume in weekly ATM/OTM puts ($143, $115) reinforces a hedging or bearish speculative posture.

Max pain context: Spot ($148.46) is below the nearest max pain ($150 for 3/27, $145 for 4/2). The falling MP trend across expiries aligns with the bearish flow, suggesting gravity is pulling pin levels lower.

Signal vs Noise

~The $50 Put with 62,349 OI remains a massive, likely legacy position. Its high OI but low volume confirms it's not active in today's flow and is not a current directional signal.

~High IV (~59.5% avg) across the term structure indicates elevated volatility expectations, attracting both hedging and speculative premium selling, which can muddy pure directional reads.

~Some of the weekly ATM call and put volume (e.g., $144C, $144P, $148C) is likely noise from market maker inventory adjustments or part of multi-leg strategies (iron condors, calendars) given the high IV and pinning regime.

~The P/C volume ratio of 0.84 (call-dominant) contradicts the net premium story, highlighting that the bearish signal comes from a few massive, premium-heavy prints, not from a high frequency of put buying.

Key Conclusions

⚠️Dominant signal remains massive, premium-heavy bearish hedging in deep OTM puts ($320P), overwhelming all other flow

🎯Near-term flow and max pain suggest a battle between $145 (support/pin) and $150 (resistance/OI wall)

⚖️Contradiction: Positive GEX suggests pinning, but overwhelming put premium and negative DEX point to stronger underlying downside pressure or hedging demand

📉Falling max pain trend across expiries ($150 → $145) aligns with the persistent bearish overhang in the flow

Read the Flow analysis for PLTR. 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.