SBUX Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +1.5 P/C volume ratio >1.3; +0.5 net premium negative; +0.5 spot below max pain; +0.5 GEX pinning regime; -1.0 OI ratio neutral

Watch next session: $89-$91 put OI buildup; Spot reaction near $85 gamma flip

Flow Summary

Net premium: +$288K (slightly bullish)

P/C volume ratio: 1.32 — put-dominant volume

P/C OI ratio: 0.87 — slight call lean in positioning

Mixed signals with a bearish lean. Volume flow is decidedly put-heavy (P/C 1.32), indicating downside hedging or speculation, while net premium is slightly positive and OI shows a call lean, suggesting longer-term positioning is less bearish. The dominant narrative is defensive positioning near-term, with spot pinned below max pain.

Notable Prints

SBUX 4/24/26 $91 Put

Vol: 1,817

OI: 153

Vol/OI: 11.9x

IV: 33.0%

Notional: ~$1.65M

Intent: Fresh directional put buying or protective hedge

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

Read-through: High volume vs. OI suggests new bearish positioning just above spot. This is the largest unusual print by volume and ratio, targeting a move below $91 by late April.

SBUX 4/24/26 $89 Put

Vol: 1,727

OI: 168

Vol/OI: 10.3x

IV: 34.8%

Notional: ~$1.54M

Intent: Fresh directional put buying or protective hedge

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

Read-through: Another large, new put position at-the-money. Combined with the $91P, this creates a concentrated bearish bet in the April 24th expiry, right around the current spot price.

SBUX 4/24/26 $104 Put

Vol: 500

OI: 107

Vol/OI: 4.7x

IV: 66.7%

Notional: ~$0.69M

Intent: Hedge for a long stock position (protective put)

Dual read: Bought to open (protective) or part of a spread

Read-through: High IV (66.7%) and strike far OTM ($104) suggest this is likely a costly protective put for a shareholder, not a directional bet. It's a signal of institutional hedging, not outright bearishness.

SBUX 12/18/26 $155 Call

Vol: 707

OI: 279

Vol/OI: 2.5x

IV: 40.8%

Notional: ~$0.58M

Intent: Long-dated, low-delta call buying (lottery ticket)

Dual read: Bought to open (bullish speculation) or sold (covered call)

Read-through: A significant position in a deep OTM call (+73% from spot). This is speculative bullish exposure for 2027, contrasting sharply with the near-term put flow. Suggests some players are positioning for a major recovery later in the year.

SBUX 4/24/26 $90 Put

Vol: 1,542

OI: 556

Vol/OI: 2.8x

IV: 35.4%

Notional: ~$1.39M

Intent: Addition to existing put position (roll or add)

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

Read-through: High volume but lower vol/oi ratio than the $89P/$91P, suggesting this could be adding to an existing position. Reinforces the bearish cluster at the $89-$91 strikes for April expiry.

Institutional Positioning

Call additions: Long-dated, OTM calls ($155C Dec'26). Near-term call flow is minimal.

Put additions: Concentrated at $89-$91 puts for April 24th expiry. Protective $104P also noted.

GEX/DEX consistency: Mixed. GEX is positive but tiny (+$152K), indicating a weak pinning force. Flow is put-dominant, which aligns with a bearish drift, but the pinning regime suggests mean reversion pressure.

OI clusters: Major put wall at $85 (11,042 OI). Major call walls at $110 (10,695 OI) and $95 (10,106 OI). This creates a likely range: $85 (strong support) to $95 (resistance).

Hedging evidence: Yes. The $104 put buy (high IV, far OTM) is classic protective hedging. The cluster of ATM puts ($89-$91) could also be institutional hedging given earnings are due April 28th.

Max pain context: Spot ($89.59) is below this week's max pain ($94) and the April 2nd MP ($89). The trend in max pain is falling over time ($94 → $80), indicating longer-dated positioning is shifting to lower strikes.

Signal vs Noise

~The $104 Put (4/24) is a high-cost, far OTM hedge, likely not a directional bet but protection for a long stock holder.

~Large premium flow at $60 and $45 calls is likely noise from old, deep OTM positions that saw minimal volume today.

~The $155 Call (12/18) is a low-probability, long-dated lottery ticket. It's a signal of speculative bullish hope but not a near-term catalyst.

Key Conclusions

⚠️Near-term flow is defensive: High P/C volume ratio (1.32) and ATM put buying at $89-$91.

📌Spot is in a GEX pinning regime below max pain, with a key gamma flip level at ~$85. A break below could accelerate selling.

🗓️Earnings due 4/28 is likely driving the April expiry put hedging activity ($89-$91P).

🎯OI defines a clear range: $85 (put wall/support) to $95 (call wall/resistance).

Read the Flow analysis for SBUX. 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.