RH Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

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

Read the Flow analysis for RH 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.