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RH

RHClose $133.16EOD only

Max Pain

$116.00

Next expiry May 22, 2026

Expected Move

±$6.05

4.5% from close

Price Gap

-17.16

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

RH 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:

8 / 10

base 5; +2.5 extreme net premium (-$129M) & P/C (2.44); +0.5 GEX/flow aligned; +0.0 VIX 88% (high vol regime)

Watch next session: $200 Put OI buildup (Apr 17); Spot reaction near $140 (Gamma flip ~$127)

Flow Summary

Net premium: -$128.9M bearish

P/C volume ratio: 2.44 — extreme put-dominant

P/C OI ratio: 0.90 — slight call lean in positioning

Overwhelmingly bearish flow with massive net premium outflow to puts. The extreme P/C volume ratio contrasts with a more balanced OI ratio, suggesting today's activity is a significant directional shift towards protection or downside bets.

Notable Prints

RH 4/17/26 $200 Put

Vol: 3,500

OI: 419

Vol/OI: 8.3x

IV: 139.8%

Notional: ~$70.0M (3500 * $200 * 100)

Intent: Fresh directional put buying or large-scale hedging

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

Read-through: Given the massive net premium outflow at the $200 strike (-$34.3M), this is almost certainly new bearish positioning. The high IV (139.8%) suggests buying pressure, not selling.

RH 4/17/26 $190 Put

Vol: 2,259

OI: 142

Vol/OI: 15.9x

IV: 134.1%

Notional: ~$42.9M (2259 * $190 * 100)

Intent: Fresh directional put buying

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

Read-through: Another large, high-IV print in the April monthly expiration, reinforcing the bearish flow theme. The 15.9x volume/OI ratio indicates new positioning.

RH 4/2/26 $104 Put

Vol: 1,066

OI: 109

Vol/OI: 9.8x

IV: 87.7%

Notional: ~$11.1M (1066 * $104 * 100)

Intent: Tail-risk hedge or speculative downside bet

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

Read-through: A deep OTM put (spot $139.82) with significant volume. This is likely a cheap hedge against a sharp drop, aligning with the overall protective/ bearish flow.

RH 5/15/26 $220 Put

Vol: 972

OI: 154

Vol/OI: 6.3x

IV: 98.6%

Notional: ~$21.4M (972 * $220 * 100)

Intent: Longer-dated downside protection

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

Read-through: Extends the bearish positioning out to May. The $220 strike is far OTM, suggesting a focus on hedging catastrophic risk rather than a precise directional target.

RH 4/2/26 $138 Put

Vol: 990

OI: 177

Vol/OI: 5.6x

IV: 207.3%

Notional: ~$13.7M (990 * $138 * 100)

Intent: Near-term, near-the-money protective put

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

Read-through: Extremely high IV (207.3%) for a weekly option just $1.82 OTM. This is likely panic buying of protection for immediate downside risk, consistent with the bearish flow regime.

Institutional Positioning

Call additions: Minimal. Top premium flow is overwhelmingly negative.

Put additions: Massive additions at $200, $190, $220, $195, $180 strikes, primarily in April and May expirations.

GEX/DEX consistency: Yes — Positive but small GEX (+$1.0M 'pinning') aligns with spot above max pain ($136) and heavy put buying (which adds positive gamma when spot is above strike). Flow is bearish, GEX suggests pinning risk.

OI clusters: Call walls at $660 (2.7K OI) and $250 (2.0K OI) are irrelevant. Meaningful OI: $150C (1.1K), $127P (1.1K), $108P (944). The $127 put OI cluster is notable as it's near the estimated gamma flip level.

Hedging evidence: Overwhelming. The sheer size and distribution (from $90 to $220 strikes) of put flow, especially in weekly and monthly expirations, points to large-scale portfolio or position hedging.

Max pain context: Spot ($139.82) is above near-term max pain ($136 for 3/27 & 4/2). The rising MP trend ($136 → $155) suggests longer-term OI is building at higher strikes, but near-term flow is aggressively bearish.

Signal vs Noise

~The $660 and $250 call OI are legacy positions, not reflective of current flow. Ignore.

~Some of the deep OTM put flow (e.g., $90, $100) could be part of complex spreads (e.g., put spreads, broken-wing butterflies) rather than pure directional bets, though the net premium direction is clear.

~High IV in weekly puts ($138P, $140P) suggests panic/hedge buying, which can be a contrarian signal if overdone, but the size and breadth of the flow argue it's meaningful.

Key Conclusions

🐻Extreme bearish flow: -$129M net premium, P/C 2.44

🛡️Massive institutional hedging evident in large put blocks ($200P, $190P)

📌Gamma regime 'pinning' with spot above max pain; watch for pull toward $136

⚠️High IV (88%) and steep near-term term structure signal elevated fear/hedging cost

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.