PLTR Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

5 / 10

base 5.0; +1 pinning GEX (+$63.7M) supports range; -1 mixed flow / large negative net premium (-$312.4M) creates ambiguity

Watch next session: $152.50-$155 call flow / OI build (watch volume into those strikes); Net premium direction: new large put blocks or protective putprints into 4/10 expiry

Flow Summary

Net premium: -$312.4M bearish (large negative)

P/C volume ratio: 1.01 — balanced (essentially neutral)

P/C OI ratio: 1.05 — mild put OI tilt

Flow is mixed and ambiguous: near-term call OI clusters at $150–$155 are creating a pinning / magnet effect (supported by positive GEX $+63.7M), but large negative net premium and isolated heavy put premium (driven by distant/large notional prints) muddy the directional read. Overall expect range-bound action with short-term downside protection being bought into the 4/10 expiry.

Notable Prints

PLTR 2026-06-18 $320.00 Put

Vol: 12,000

OI: 700

Vol/OI: 17.1x

IV: 79.2%

Notional: ~$207.2M

Intent: Large portfolio tail hedge / structured put purchase

Dual read: Aggressive directional bearish bet (deep-protection) OR institutional tail-hedge (protective/portfolio insurance)

Read-through: Notable for size — this single, large-dollar put print is a primary driver of the extreme negative net premium figures. It signals either concentrated long-tail protection or a structured trade; it should not be interpreted alone as imminent delta-driven selling at near spot levels because strike is 113% away from spot.

PLTR 2026-04-10 $146.00 Put

Vol: 8,112

OI: 1,221

Vol/OI: 6.6x

IV: 62.5%

Notional: ~$1.38M

Intent: Near-term protective put buying into 4/10 expiry

Dual read: Direct bearish/speculative put buying OR a buy-to-hedge position against short stock exposure

Read-through: High volume into 4/10 at a strike 3% below spot points to defensive positioning ahead of the expiry window. This is meaningful notional and consistent with protective hedges that would pressure gamma dealers to hedge if spot approaches the strike.

PLTR 2026-04-10 $138.00 Put

Vol: 6,057

OI: 1,156

Vol/OI: 5.2x

IV: 71.7%

Notional: ~$260.5K

Intent: Speculative/cheap downside exposure into the same 4/10 window

Dual read: Directional bearish or part of a multi-leg hedge structure

Read-through: Concentrated trading at $138 alongside other april puts suggests layered protective buying across strikes rather than a single strike bet; reinforces the idea of short-term downside insurance rather than large directional positioning aimed to move spot.

PLTR 2026-04-10 $144.00 Put

Vol: 5,071

OI: 1,467

Vol/OI: 3.5x

IV: 64.6%

Notional: ~$608.5K

Intent: Protective put buying and/or expiry positioning

Dual read: Protective hedge (if paired with stock) OR speculative downside

Read-through: Another near-term put where volume overwhelms OI — part of the cluster of protective flows into the 4/10 expiry. Collectively these prints create dealer short-gamma toward the strike band if spot moves lower, but current positive GEX suggests dealers remain net long gamma overall due to call concentrations.

Institutional Positioning

Call additions: $150.00-$155.00 calls (large OI clusters at $150.00: 26,332 OI; $155.00: 20,904 OI; GEX concentration +$14.9M at $155 and +$11.9M at $150)

Put additions: Near-term protective puts concentrated around $140-$150 into 4/10 (notable flow at $146, $144, $145, $147) and deeper structural put OI at $130 and $100 (but those are below the ±10% band)

GEX/DEX consistency: Yes — positive Total GEX $63.7M and DEX +84.2M shares align with call-heavy OI clusters that create a pinning / magnet dynamic around $150–$155 despite headline negative net premium.

OI clusters: $150 call cluster (26,332 OI) and $155 call cluster (20,904 OI) create a short-term pin/wall in the $150–$155 band; put clusters at $140 (13,607 OI) and $145 (8,860 OI) give support below if price sells off

Hedging evidence: Clear near-term protective put buying into 4/10 (multiple strikes with volume >> existing OI). Minimal evidence of systematic collars — more one-sided protective put activity plus heavy call OI (pinning).

Max pain context: Max pain for the earliest expiries sits at $147 (4/10) then $145 (4/17) while the MP drifts lower; spot ($150.07) sits above near-term MPs, consistent with dealers being positioned to pin spot down toward the MP band but currently being supported by call concentration at $150-$155.

Signal vs Noise

~PLTR 2026-06-18 $320 Put: extreme notional ($~207M) and very far from spot — likely a large institutional tail hedge or structured contract rather than a near-term directional signal for price movement.

~Near-term call OI concentration at $150/$155 is structural (dealer gamma exposure) and not necessarily new directional buying — be cautious reading small call prints as new bullish conviction.

~Widespread high volume into 4/10 expiries (multiple put strikes) looks like expiration-hedging and short-term protective layering rather than a coordinated large directional push.

Key Conclusions

🔁Flow is mixed: large notional tail-hedges (deep-dated $320 puts) produce huge negative net premium while near-term call OI clusters ($150–$155) and positive GEX create pinning pressure.

🛡️Multiple large prints into 4/10 puts ($146, $144, $138, $145) read as protective buying — expect dealer hedging to provide support into the $140–$147 area if PLTR falls.

📌Key short-term magnet: $150–$155 (strong GEX concentration: +$14.9M @155, +$11.9M @150) — price is likely to churn in that band unless a variant risk event triggers a break.

⚖️P/C volume and OI ratios (~1.01 / 1.05) show balance; read large notional items (e.g., $320 put) as structural hedges rather than market-wide put demand.

👀Watch for further call OI build at $152.50–$155 and fresh near-term put blocks — those two flows will confirm whether dealers remain pinning or if downside protection accelerates a sell-off.

Read the Flow analysis for PLTR for 2026-04-07. 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.