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RDDT

Reddit, Inc.Close $146.72EOD only

Max Pain

$155.00

Next expiry May 22, 2026

Expected Move

±$7.10

4.8% from close

Price Gap

+8.28

Distance to max pain

IV Rank

Low premium

P/C OI

0.79

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects RDDT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

RDDT Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7 / 10

base 5; +1.5 net premium bearish; +0.5 P/C OI ratio lean; +0.5 spot at max pain pin; -0.5 mixed unusual activity

Watch next session: $140 strike for call selling pressure; $131 Put 4/2 flow for support test

Flow Summary

Net premium: -$12.8M bearish

P/C volume ratio: 0.80 — moderate put lean

P/C OI ratio: 0.74 — moderate put lean

Net premium flow is decisively bearish, driven by massive put selling at elevated strikes ($140, $250, $280). While the P/C volume ratio shows a put lean, the OI structure reveals a significant call wall at $220, creating a long-term ceiling. The dominant narrative is one of institutional hedging and premium collection via put sales, with a pinning effect at max pain ($135).

Notable Prints

RDDT 4/10 $145 Call

Vol: 2,190

OI: 535

Vol/OI: 4.1x

IV: 64.7%

Notional: ~$2.34M

Intent: Directional call buying / Bullish speculation

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

Read-through: This is the largest premium-generating bullish strike ($1.9M net). The 4.1x volume/OI ratio suggests new positioning. Given the high IV environment and the strike being above spot and max pain, this is likely a fresh, aggressive bullish bet targeting a breakout above $145 within 10 days.

RDDT 6/18 $145 Call

Vol: 829

OI: 201

Vol/OI: 4.1x

IV: 81.0%

Notional: ~$1.1M

Intent: Long-dated directional call buying

Dual read: Bought to open (bullish) or part of a calendar/diagonal spread

Read-through: A repeat of the $145 strike theme but with a longer timeframe (79 DTE). The high IV (81%) and significant notional value point to a strategic, longer-term bullish position, possibly anticipating a move higher by mid-year, aligning with the rising max pain trend into summer expirations.

RDDT 4/2 $131 Put

Vol: 493

OI: 169

Vol/OI: 2.9x

IV: 60.4%

Notional: ~$65k

Intent: Near-term downside protection / Bearish bet

Dual read: Bought to open (bearish hedge) or sold to open (bullish, selling puts for premium)

Read-through: With spot at $134.65, this is a 2.7% OTM put expiring in 2 days. The elevated volume/OI ratio suggests new activity. Given the overall bearish net premium and pinning regime, this is more likely a cheap hedge against a quick drop below $131 (the lower bound of the 2-day expected move) rather than premium selling.

Institutional Positioning

Call additions: Aggressive buying at $145C across multiple expirations (4/10, 6/18).

Put additions: Minimal near-term put buying; dominant activity is large-scale put *selling* at $140, $250, $280.

GEX/DEX consistency: Yes — Positive GEX (+$8.8M) aligns with the 'pinning' regime and spot hovering at max pain ($135). The flow (net premium bearish) suggests the pin is being enforced by put sellers collecting premium, not call buyers.

OI clusters: Major Call Wall: $220 (28,684 OI). Major Put Support: $115 (26,230 OI). These create a massive long-term range. Near-term, $125 Put (3,439 OI) and $105 Put (2,921 OI) are levels to watch.

Hedging evidence: Strong evidence of premium collection via far OTM put sales ($250, $280, $230, $270). This is characteristic of institutional put writing strategies (e.g., cash-secured puts or put spreads) to generate income, implying a neutral-to-bullish underlying view but creating significant negative net premium flow.

Max pain context: Spot ($134.65) is pinned exactly at the nearest expiration max pain ($135). The rising max pain trend ($135 → $165) suggests option writers are positioning for a gradual grind higher over time, but near-term pinning is dominant.

Signal vs Noise

~Massive negative net premium at $140, $250, $280, etc.: This is almost certainly institutional put writing for premium collection, not a direct bearish directional bet. It's a yield strategy in a high IV environment.

~The $129 Call 4/2 with 101.4% IV: Extremely high IV for a near-dated, slightly OTM call. This is likely a low-volume, retail-sized lottery ticket or a hedge leg, not a meaningful institutional signal.

~High OI at $220 Call and $115 Put: These are legacy positions, likely from earlier volatility or lock-up expirations. Their low volume indicates they are not being actively traded today.

Key Conclusions

📌Spot pinned at max pain ($135) with positive GEX, favoring mean reversion and range-bound action.

⬇️Net premium flow is strongly bearish (-$12.8M), driven by institutional put selling, indicating a premium collection/high yield bias over outright directional fear.

🧱Major OI clusters define a long-term range: $115 (put support) and $220 (call wall).

🎯Aggressive call buying at $145 across tenors (4/10, 6/18) provides a clear bullish target and conflict with the bearish net premium narrative.

How to Use These Reports

This flow reflects the market close on March 31, 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.