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SBUX

Starbucks CorporationClose $106.50EOD only

Max Pain

$106.00

Next expiry May 22, 2026

Expected Move

±$2.21

2.1% from close

Price Gap

-0.50

Distance to max pain

IV Rank

Low premium

P/C OI

0.98

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

SBUX 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:

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).

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.