PLTR Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

6 / 10

base 6.0/10 (base 5; +2 GEX/flow aligned; -1 spot 10.6% from MP) per Pre-Computed Fields

Watch next session: Follow further prints at 4/10 expirations — especially $129/$127/$130 puts (volume and aggressive prints); Call OI activity around $150-$155 (dealer pin action / roll activity toward the call wall)

Flow Summary

Net premium: -$324.5M bearish

P/C volume ratio: 0.89 — slight call-volume edge, not extreme

P/C OI ratio: 1.03 — put OI slightly higher than call OI (balanced-to-mild put bias)

Large negative net premium and negative total GEX (-$79.9M) point to dealer short-gamma and an overall bearish impulse despite a modest call-volume edge (P/C 0.89). Heavy short-dated put prints and meaningful put OI clusters at 130/129/127 combined with large call OI walls at 150-160 indicate institutions are either buying downside protection or sellers are accumulating short-dated downside exposure while dealers carry negative gamma into the week.

Notable Prints

PLTR 2026-04-10 $130.00 Call (ITM)

Vol: 32,636

OI: 268

Vol/OI: 121.8x

IV: 65.6%

Notional: ~$6.69M

Intent: Short-dated directional/speculative gamma play or aggressive call buying into expiry (bullish intraday exposure); could also be dealers selling into buying flow

Dual read: Aggressive buyers (bullish) or option sellers/dealers taking the other side and becoming short-gamma (bearish dealer positioning)

Read-through: Large ITM call volume the day before expiry increases dealer negative gamma into close; combined with negative net premium, this raises short-term fragility — price can be whipsawed, but the broader premium flows favor downside protection.

PLTR 2026-04-10 $135.00 Call (OTM)

Vol: 36,426

OI: 294

Vol/OI: 123.9x

IV: 65.7%

Notional: ~$1.46M

Intent: Speculative short-dated call buying / gamma hunt (directional)

Dual read: Buy-side bullish gamma or dealers selling short-dated calls (increasing short-gamma risk)

Read-through: High traffic in 135 call adds to short-dated call demand but not enough premium to offset large net put premium elsewhere; increases intraday vega/gamma sensitivity near expiry.

PLTR 2026-04-10 $131.00 Call (OTM)

Vol: 21,902

OI: 174

Vol/OI: 125.9x

IV: 64.2%

Notional: ~$3.33M

Intent: Short-dated directional call buying / gamma trading around the $130 spot

Dual read: Aggressive bullish participation or short-side (dealer) liquidity provision increasing negative gamma

Read-through: Concentrated activity clustered at spot (~$130) indicates intraday gamma sensitivity — pushes dealers to hedge dynamically and can amplify moves in either direction during expiration.

PLTR 2026-04-10 $129.00 Put (OTM)

Vol: 23,841

OI: 1,021

Vol/OI: 23.4x

IV: 65.6%

Notional: ~$2.72M

Intent: Aggressive short-dated put buying (directional/hedge) into 4/10 expiry

Dual read: Buy-side protection (bearish/floor hedging) or sellers opening short puts (bullish income) — but large vol vs OI skew favors fresh buying

Read-through: Significant put pressure immediately below spot increases downside risk into expiry; aligns with negative net premium and points to protective/ directional put accumulation.

PLTR 2026-04-10 $127.00 Put (OTM)

Vol: 20,886

OI: 1,261

Vol/OI: 16.6x

IV: 69.5%

Notional: ~$1.27M

Intent: Short-dated put buying for protection/speculative downside exposure

Dual read: Buy-side hedging or dealer-initiated sales; given elevated IV and large vol, leans toward fresh put buying

Read-through: Another concentrated short-dated put print that complements $129 and $130 put flow — increased probability of downside pin/pressure into the 4/10 expiration window.

Institutional Positioning

Call additions: Large OI concentrations at $150-$160 across expirations (multiple strikes with OI: $150: 27,882 / 23,063 / 21,504 / 16,349; $155: 34,920 & 20,711; $160: 18,621 & 14,327). These look like established call walls (likely selling/overwriting or long-dated buys concentrated at 150-160).

Put additions: Near-term put buying concentrated at $130 (17,917 OI) and heavy short-dated prints at $129/$127/$130 for 4/10 — institutions appear to be adding short-dated downside exposure or buying protection just below spot.

GEX/DEX consistency: Yes — negative total GEX (-$79.9M) with DEX +91.4M shares implies dealers are net short-gamma and long underlying exposure, consistent with the observed short-dated activity and large call OI walls.

OI clusters: Largest OI clusters: call-heavy wall at $150-$160 (creates a potential resistance/pin magnet above spot); put concentration at $120 (20,722 OI) and $130 (17,917 OI) creates defined downside floors / hedged zones. Max pain sits ~ $146 across near expirations, providing higher-level magnet above current spot.

Hedging evidence: Material evidence of short-term protective put accumulation (4/10) and existing longer-dated put floors at $100-$120 and $120 put OI concentration; limited explicit collar structures visible in the near-term chain, more one-sided put demand.

Max pain context: Max pain is ~ $146 for near expirations (4/10–4/24). Spot ($130.49) is well below MP; MP trend is flat around $146 which sits above spot and aligns with large call OI walls that could act as a magnet if upside momentum resumes.

Signal vs Noise

~Large cluster of 4/10 short-dated call prints ($130/131/135/136/138) looks like intraday gamma-fishing and dealer short-gamma creation — high volume into immediate expiry is often short-lived and amplifies intraday moves rather than signaling durable directional conviction.

~Premium flow entries at extreme strikes (e.g., $350/$320/$330 nets) in Top Premium Flow are tail/portfolio hedges or reporting anomalies — they are not actionable for near-term directional bias given strike distance from spot.

~High vol/OI ratios on same-day expirations reflect expiry trading, gamma squeezes and roll/close activity — treat clustered 4/10 activity as expiry-driven; look for follow-through in multi-week expirations before concluding sustained positioning shift.

Key Conclusions

🐻Net premium heavily negative (-$324.5M) and negative GEX (-$79.9M) — overall flow leans bearish even though P/C volume skews slightly toward calls.

⚠️Large short-dated activity at $127-$131 (4/10) creates acute gamma sensitivity — expect amplified moves into expiry; dealers short-gamma increases intraday volatility.

🧭Structural call OI wall at $150-$160 is a defined resistance/pin target if PLTR rallies; conversely put floors at $120 and $100-$120 zone provide dealer hedging support below.

👀Watch whether net premium remains negative and whether put buying at $129/$127/$130 continues — persistent put demand would confirm the bearish thesis.

🔬Distinguish expiry noise: same-day call prints near spot are likely gamma plays — only multi-week OI accumulation (e.g., calls at 150-160 or puts at 120) should drive medium-term conviction.

Read the Flow analysis for PLTR for 2026-04-09. 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.