PLTR Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

Read the Flow analysis for PLTR for 2026-04-06. 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.