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PLTR

Palantir Technologies Inc.Close $137.41EOD only

Max Pain

$134.00

Next expiry May 22, 2026

Expected Move

±$2.71

2.0% from close

Price Gap

-3.41

Distance to max pain

IV Rank

Low premium

P/C OI

0.97

Balanced positioning

Consensus

6.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

PLTR Flow Report

Analysis based on market close April 6, 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 April 6, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.3% from MP

Watch next session: $150C OI buildup (26,018 OI); Put flow at $130-$140; IV term structure mean reversion around 5/8 expiration

Flow Summary

Net premium: -$281.1M bearish

P/C volume ratio: 0.58 — call-dominant

P/C OI ratio: 1.08 — slight put lean

Contradictory signals: high call volume (P/C 0.58) but net premium deeply negative due to massive put premium at far OTM strikes. Positioning shows a slight put lean (P/C OI 1.08) with significant call OI at $150-$155. The IV term structure reveals a major volatility dislocation at the 5/8 expiration (60.8% IV), creating a compelling non-directional trade opportunity.

Notable Prints

PLTR 6/18/26 $320 Put

Vol: 12,000

OI: 700

Vol/OI: 17.1x

IV: 54.7%

Notional: ~$2.1M (12,000 × $172.70)

Intent: Far OTM protective put or volatility hedge

Dual read: Bought (bearish hedge) or sold (income)

Read-through: Likely a hedge against tail risk given deep ITM (116% from spot) and high notional; contributes to negative net premium but not a near-term directional signal.

PLTR 4/10/26 $148 Put

Vol: 5,127

OI: 1,009

Vol/OI: 5.1x

IV: 51.6%

Notional: ~$16.9K (5,127 × $3.30)

Intent: Near-term protective put or speculative bearish bet

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

Read-through: High volume near spot ($147.93) suggests traders hedging or betting on a slight pullback; aligns with mixed flow regime.

PLTR 4/10/26 $165 Call

Vol: 9,907

OI: 3,826

Vol/OI: 2.6x

IV: 49.2%

Notional: ~$396 (9,907 × $0.04)

Intent: Low-cost OTM call buying for upside speculation

Dual read: Bought (bullish lottery) or sold (income)

Read-through: High volume but low notional indicates retail speculation, not institutional directional conviction.

PLTR 4/10/26 $146 Put

Vol: 3,696

OI: 760

Vol/OI: 4.9x

IV: 53.2%

Notional: ~$8.8K (3,696 × $2.39)

Intent: Near-term put buying for downside protection

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

Read-through: Adds to put flow just below spot; supports the mixed flow narrative with defensive positioning.

PLTR 4/10/26 $149 Put

Vol: 2,460

OI: 461

Vol/OI: 5.3x

IV: 51.0%

Notional: ~$9.1K (2,460 × $3.71)

Intent: Near-term put activity at a key level

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

Read-through: Moderate volume at $149, which is a GEX pin magnet (+0.7% from spot), suggests traders targeting this level for pinning.

Institutional Positioning

Call additions: $150-$155 calls, especially $150C (26,018 OI) and $155C (19,398 OI) in near-term expirations

Put additions: Protective puts at $130-$140 and far OTM $320P

GEX/DEX consistency: No — GEX is positive (+$40.4M) but flow is mixed with negative net premium, indicating contradiction

OI clusters: $150 call wall (26,018 OI), $155 call wall (19,398 OI), $130 put wall (18,969 OI), $100 put floor (15,506 OI)

Hedging evidence: Yes — significant put OI at $130 and $100 suggests institutional downside protection; far OTM $320P print is a large hedge

Max pain context: Max pain at $146 (4/10) and $145 (4/17), spot $147.93 is above, creating pinning pressure downward

Signal vs Noise

~Far OTM $320 put (12,000 volume) is likely a volatility hedge or tail-risk protection, not a near-term directional signal.

~Low-cost OTM calls (e.g., $165C) with high volume but low notional are likely retail speculation, not smart money flow.

~Put flow at $148-$149 may be part of spread structures or hedging near GEX pin magnets, not pure directional bets.

~IV term structure shows a major volatility dislocation at 5/8 expiration (60.8% IV vs. 48.7% at 5/1) — this is a non-directional trade opportunity via reverse calendar spreads, not noise.

Key Conclusions

⚠️Contradictory flow: call volume dominance vs. negative net premium due to far OTM puts

📌Strong pinning regime with GEX +$40.4M and spot above max pain ($146)

🛡️Institutional hedging evident via $130 put wall and far OTM $320P

📊Major IV dislocation: 5/8 expiration at 60.8% IV (+12.1 vs 5/1) presents reverse calendar spread opportunity

How to Use These Reports

This flow reflects the market close on April 6, 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.