RDDT Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

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.

Read the Flow analysis for RDDT for 2026-03-31. 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.