PLTR Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7.5 / 10

base 5; +2.5 massive put premium dominance; +1 spot below max pain; -1 high IV suggests some hedging

Watch next session: $142-$145 put OI accumulation for 4/2 expiry; Any call flow >$150 to challenge the put wall

Flow Summary

Net premium: -$315.8M bearish

P/C volume ratio: 1.17 — put-dominant

P/C OI ratio: 1.05 — slight put lean

Massive, concentrated bearish flow driven by deep OTM put purchases, overwhelming a more neutral near-term picture. The net premium is decisively negative, signaling institutional hedging or downside bets, particularly in the June and July expiries.

Notable Prints

PLTR 6/18/26 $320 Put

Vol: 12,000

OI: 700

Vol/OI: 17.1x

IV: 60.2%

Notional: ~$208.8M

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

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

Read-through: Given the massive premium paid and IV of 60%, this is almost certainly a purchase. It's a 119% OTM put, making it a catastrophic hedge or a low-cost, high-leverage bet on a major decline. This single print accounts for ~66% of the day's total negative net premium.

PLTR 4/2/26 $145 Put

Vol: 16,701

OI: 2,961

Vol/OI: 5.6x

IV: 42.0%

Notional: ~$4.3M

Intent: Near-term directional bet or protective put near spot

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

Read-through: High volume just below spot ($146.28) and the 4/2 max pain ($145). Flow suggests positioning for a move to or below the $145 pin level. This is the most active near-strike put.

PLTR 4/2/26 $147 Put

Vol: 15,911

OI: 4,458

Vol/OI: 3.6x

IV: 40.2%

Notional: ~$2.8M

Intent: Short-term hedge or bearish bet slightly above spot

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

Read-through: Similar to the $145P, this is active flow just above the current price. Combined with the $145P, it shows concentrated activity bracketing the spot price for the weekly expiry, indicating traders are actively positioning for potential downside before Friday.

PLTR 4/10/26 $80 Put

Vol: 3,583

OI: 242

Vol/OI: 14.8x

IV: 115.6%

Notional: ~$89.8M

Intent: Extreme OTM put purchase (hedge or lottery ticket)

Dual read: Almost certainly bought (bearish) given extreme IV and distance from spot.

Read-through: Another massive premium, deep OTM put. The 115% IV indicates high demand for this protection/speculation. This, combined with the $320P, points to institutional players buying tail-risk protection across multiple expiries, not just a single event.

PLTR 4/2/26 $149 Call

Vol: 9,091

OI: 2,243

Vol/OI: 4.0x

IV: 39.5%

Notional: ~$1.4M

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 above spot and towards the $150 max pain/resistance level. Its notional value is dwarfed by the put flow, suggesting any bullish activity is secondary or part of defined risk strategies.

Institutional Positioning

Call additions: Minor additions at $149-$150 for 4/2 and 4/10. Bullish flow is isolated and overshadowed.

Put additions: Massive, multi-expiry additions in deep OTM puts ($80, $320) and heavy volume in near-dated, near-the-money puts ($142-$148).

GEX/DEX consistency: Mixed. Positive GEX (+$38.4M) suggests pinning/mean-reverting forces, but the massive bearish DEX (85.4M shares) and negative premium flow contradict it. The GEX is likely being overwhelmed by the hedge flow.

OI clusters: Major OI clusters: $50 Put (62.5K - legacy/meme wall), $155 Call (54.9K combined - major resistance), $150 Call (26.6K), $120-$130 Put zone (~40K combined - support).

Hedging evidence: Overwhelming. The $320P and $80P purchases are classic institutional tail-risk hedges. The high volume in weekly ATM puts ($142-$148) could be shorter-term hedging or speculative downside bets.

Max pain context: Spot ($146.28) is below nearest max pain ($150 for 3/27, $145 for 4/2). The falling MP trend ($150 → $145) aligns with the bearish flow, suggesting gravity is pulling the pin lower.

Signal vs Noise

~The $50 Put with 62,521 OI is a massive, likely legacy position from much lower price points. Its high OI but low volume suggests it's not active in today's flow and is not a current directional signal.

~High IV (60% avg) across the term structure indicates elevated volatility expectations, which can attract both hedging and speculative premium selling, muddying directional reads.

~Some of the weekly put volume (e.g., $142-$148) could be part of put spreads or collars paired with long stock, not pure directional shorts.

Key Conclusions

⚠️Dominant signal is massive, premium-heavy bearish hedging in deep OTM puts ($80, $320)

🎯Near-term flow targets $145 (4/2 max pain) with heavy put volume just above/below spot

⚖️Contradiction: Positive GEX suggests pinning, but overwhelming put premium and DEX point to stronger downside pressure

🧱Key OI levels: Resistance at $150/$155 Calls, distant support at $120-$130 Puts

Read the Flow analysis for PLTR for 2026-03-31. 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.