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PLTR

Palantir Technologies Inc.Close $137.15EOD only

Max Pain

$134.00

Next expiry May 22, 2026

Expected Move

±$4.20

3.1% from close

Price Gap

-3.15

Distance to max pain

IV Rank

Low premium

P/C OI

0.98

Balanced positioning

Consensus

6.0/10

Bullish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

PLTR Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

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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

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.