QCOM Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

8 / 10

base 5; +2 strong bearish net premium & P/C ratio; +1 GEX pinning near spot; +0.5 max pain at $130 vs spot $128.78

Watch next session: $125 PUT OI (5,269) for defense; Flow in $150-$155 PUT zone from unusual activity

Flow Summary

Net premium: -$85.1M bearish

P/C volume ratio: 1.95 — extreme put-dominant

P/C OI ratio: 0.86 — moderate put lean

Aggressive put buying dominates flow, with net premium deeply negative. The volume ratio shows nearly 2 puts traded for every call, indicating strong directional bearish bets or significant hedging. Spot is pinned near max pain ($130) but below it, with gamma pinning forces present.

Notable Prints

QCOM 4/17 $150 Put

Vol: 2,810

OI: 280

Vol/OI: 10.0x

IV: 60.2%

Notional: ~$4.2M (2810 * 100 * $14.90 avg premium)

Intent: Fresh directional put buying or large-scale hedge

Dual read: Bought to open (bearish) or sold/covered (bullish)

Read-through: High IV (60.2%) suggests buying pressure. This is a deep OTM put (~16% below spot), making it a cheap hedge or a bet on a significant drop. The 10x volume/OI ratio confirms new positioning.

QCOM 4/10 $122 Put

Vol: 910

OI: 181

Vol/OI: 5.0x

IV: 38.7%

Notional: ~$1.1M (910 * 100 * $12.00 avg premium)

Intent: Near-term directional put buying

Dual read: Bought to open (bearish) or sold (neutral/bullish)

Read-through: Strike is ~5% below spot, expiring in 10 days. IV is in line with term structure, suggesting this is not a volatility play but a directional bet on a quick move lower. The 5x volume/OI ratio points to new bearish positioning.

QCOM 4/17 $155 Put

Vol: 800

OI: 139

Vol/OI: 5.8x

IV: 70.5%

Notional: ~$1.3M (800 * 100 * $16.50 avg premium)

Intent: Fresh directional put buying (paired with $150P)

Dual read: Bought to open (bearish) or sold (bullish)

Read-through: Extremely high IV (70.5%) indicates strong buying pressure for downside protection or speculation. This, combined with the $150P print, suggests institutional positioning for a move below $150.

QCOM 5/1 $135 Call

Vol: 291

OI: 119

Vol/OI: 2.5x

IV: 41.9%

Notional: ~$120k (291 * 100 * $4.10 avg premium)

Intent: Covered call writing or call spread leg

Dual read: Sold to open (neutral/bearish) or bought (bullish)

Read-through: Small notional relative to put flows. Given the overwhelming bearish context, this is more likely a covered call sale (yield generation) or a call credit spread leg than a bullish bet.

Institutional Positioning

Call additions: Minimal. Top premium flow is overwhelmingly put-driven.

Put additions: Concentrated in $150-$155 (April) and $122 (April) strikes. Large OI at $125 Put (5,269) acts as a near-term support/magnet.

GEX/DEX consistency: Yes — Positive GEX ($2.2M) indicates net long gamma, consistent with pinning near max pain ($130). However, flow is bearish, suggesting institutions are hedging long delta exposure with puts.

OI clusters: Major call OI at $260 (5,391) and $300 (5,029) — far OTM and likely legacy. Major put OI at $125 (5,269) and $145 (4,859). This creates a put wall at $125 and a call wall far above at $260+.

Hedging evidence: Strong evidence. Large, high-IV put buys at $150 and $155 (April) are classic protective puts for institutional long portfolios. The $122 put (April) could be a nearer-term hedge.

Max pain context: Spot ($128.78) is just below near-term max pain ($130 across multiple expiries). The rising max pain trend ($130 → $140+) suggests option writers are positioning for a gradual recovery, but current flow is fighting that.

Signal vs Noise

~Far OTM calls ($260, $300) with high OI but negligible volume are legacy positions, not new flow.

~The $135 Call (5/1) activity is small notional and likely a covered call or spread leg, not a directional bullish signal.

~Top premium flow strikes ($195, $200) show massive net negative premium, but these are likely low-probability, far OTM puts used for tail-risk hedging or defined-risk bearish spreads, not direct spot bets.

Key Conclusions

🐻Flow is aggressively bearish: -$85M net premium, P/C ratio 1.95

📌Gamma pinning at $130 (max pain) conflicts with bearish flow, creating tension

🛡️Institutions are buying high-IV puts ($150-$155) as protection, not just speculation

🎯Key level to watch: $125 (large PUT OI & estimated gamma flip). Break below confirms flow thesis.

Read the Flow analysis for QCOM. 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.