REGN Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

2.5 / 10

base 3; -0.5 for low volume/noise; +0 for GEX/flow alignment

Watch next session: Flow around $750-$780 put strikes; Any follow-through on deep OTM call prints

Flow Summary

Net premium: +$4.9M bullish

P/C volume ratio: 0.84 — slight call lean

P/C OI ratio: 0.97 — nearly balanced

Mixed, low-volume flow with a slight bullish premium bias. Dominant narrative is a quiet, range-bound market near $772, with positioning suggesting a slight bullish tilt but no strong conviction.

Notable Prints

REGN 4/17 $1020 Put

Vol: 39

OI: 0

Vol/OI: 39.0x

IV: 39.4%

Notional: ~$1.95M

Intent: Fresh OTM put sale (likely short put for premium)

Dual read: Sold to open (neutral/bullish) or part of a complex spread

Read-through: Large premium collected suggests a seller is confident the stock stays above $1020 through April. This is a bullish income play, not a directional hedge.

REGN 4/17 $1000 Put

Vol: 33

OI: 0

Vol/OI: 33.0x

IV: 39.4%

Notional: ~$1.65M

Intent: Fresh OTM put sale (likely short put for premium)

Dual read: Sold to open (neutral/bullish)

Read-through: Another large premium sale, reinforcing the thesis of institutional sellers writing puts well above spot for income, expressing a neutral-to-bullish view.

REGN 4/2 $610 Call

Vol: 131

OI: 0

Vol/OI: 131.0x

IV: 46.1%

Notional: ~$798k

Intent: Fresh deep ITM call purchase

Dual read: Bought to open (synthetic long/leverage) or part of a collar/roll

Read-through: Deep ITM call with high delta acts like a stock substitute. This is a leveraged bullish bet or a synthetic long position, indicating directional bullish intent for the very near term.

Institutional Positioning

Call additions: Deep ITM calls ($550-$680) in April, suggesting leveraged long positioning.

Put additions: Minimal near spot. Large OTM put sales ($1000, $1020) indicate premium collection, not hedging.

GEX/DEX consistency: Partially — Positive GEX (+$0.5M) suggests pinning, but flow is mixed with bullish premium.

OI clusters: Major put OI at $730 (1,193), call OI far OTM at $1100 (1,094). Creates a wide potential range with a nearer-term put magnet at $730.

Hedging evidence: No evidence of protective put buying near spot. The large OTM put sales are the opposite of hedging.

Max pain context: Spot ($772.64) is above nearest max pain ($745). Flow and OI suggest resistance to a sharp drop, with pinning forces potentially keeping price elevated.

Signal vs Noise

~Low overall volume (3,902 contracts) means most prints are noise, not institutional signaling.

~The $280 Put and $500 Put OI are likely legacy positions, not active flow.

~Many small prints in the premium flow list are likely part of multi-leg spreads or retail-sized trades, not standalone directional bets.

Key Conclusions

⚠️Extremely low volume environment limits signal clarity. Confidence is low.

📈Net premium bullish and dominant flow is OTM put selling (bullish income).

🎯Spot above max pain with positive GEX suggests pinning forces support current levels.

🛡️No near-term hedging detected. Large OI put wall at $730 is a key downside magnet.

Read the Flow analysis for REGN. 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.