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Sea LimitedClose $86.55EOD only

Max Pain

$90.00

Next expiry May 22, 2026

Expected Move

±$3.45

4.0% from close

Price Gap

+3.45

Distance to max pain

IV Rank

Low premium

P/C OI

0.68

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

SE Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

4.5 / 10

base 5; -0.5 mixed premium flow; -0.5 spot at max pain; +0.5 significant bearish prints

Watch next session: Spot reaction around $80 gamma flip level; Any follow-on volume in the Dec $70 puts; Net premium flow direction for the day

Flow Summary

Net premium: -$4.0M mixed

P/C volume ratio: 0.58 — call-dominant volume

P/C OI ratio: 0.74 — moderate put lean in positioning

Volume shows call dominance, but net premium is negative and the largest single prints are bearish, long-dated puts. This creates a mixed picture where short-term traders are active in calls, but larger, more strategic positioning is defensive.

Notable Prints

SE 12/18/26 $70 Put

Vol: 5,003

OI: 179

Vol/OI: 27.9x

IV: 59.6%

Notional: ~$4.97M (based on ~$994 premium)

Intent: Strategic, long-dated downside protection or outright bearish bet.

Dual read: Bought to open (bearish) or sold to close (bullish). The massive volume vs. OI and high IV environment strongly suggests new bearish positioning.

Read-through: This is a major, high-conviction bet for a move below $70 by December. It's not a near-term hedge; it's a 9-month view.

SE 4/2/26 $80 Put

Vol: 281

OI: 122

Vol/OI: 2.3x

IV: 48.6%

Notional: ~$140K (based on ~$0.50 premium)

Intent: Near-term hedge or speculative bet on a break below $80.

Dual read: Likely bought to open as a short-dated hedge given proximity to spot and the $80 gamma flip level.

Read-through: Supports the bearish thesis for a move to or below $80 in the immediate term, aligning with the gamma flip estimate.

SE 10/16/26 $115 Call

Vol: 200

OI: 111

Vol/OI: 1.8x

IV: 60.0%

Notional: ~$7.8K (based on ~$0.039 premium)

Intent: Lottery ticket long-dated call.

Dual read: Bought (bullish optimism) or sold (income generation). The low premium suggests this is a low-cost, high-risk bet.

Read-through: Noise in comparison to the large put prints. Represents a small, speculative bullish view far out of the money.

Institutional Positioning

Call additions: Minor activity in OTM calls ($97.50, $145). The $97.50 call saw the highest net positive premium, but this is likely part of a spread or covered call.

Put additions: Significant long-dated put buying at $70 (Dec '26) and defensive flow in the $80 (Apr '26) strike. Top premium flow is negative for deep OTM puts ($120, $140, $150, etc.), indicating institutional selling of far OTM protection or closing of old positions.

GEX/DEX consistency: Partially. Positive GEX (+$0.6M) suggests a pinning/pull-to-max-pain effect, which is consistent with spot at $82 (max pain). However, the large bearish put flow contradicts a purely bullish pinning thesis, suggesting some players are hedging against or betting on a breakdown.

OI clusters: Major call wall at $87.50 (6.6K OI), providing resistance. Major put support at $80 (2.8K OI) and $100 (4.9K OI). The $80 cluster is the near-term gamma flip and key support.

Hedging evidence: Yes. The 5,000-lot Dec $70 put is a clear, large-scale hedge or directional bet. The Apr $80 put flow is nearer-term hedging activity.

Max pain context: Spot ($82.81) is essentially at the immediate max pain ($82), reinforcing the pinning regime. The max pain trend rises to $100+ in later months, suggesting the market sees higher pain points further out, but near-term is trapped.

Signal vs Noise

~The massive net positive premium at the $97.50 call is likely a covered call write or part of a call spread, not outright bullish buying. The premium is high because the strike is near the edge of the expected move.

~Negative net premium in deep OTM puts ($120, $140, $150, $180) is likely institutional sellers closing out old, profitable long-put positions or selling far OTM protection for income, not new bearish bets.

~The $115 call volume is negligible in notional value and is typical lottery-ticket noise in a high-IV name.

Key Conclusions

⚠️Major bearish signal from 5,000-lot Dec $70 put purchase. This is a high-conviction, long-dated bet for significant downside.

📌Spot pinned at max pain ($82) with positive GEX, creating a near-term tug-of-war between pinning forces and bearish flow.

🛡️Institutions are adding near-term ($80) and long-term ($70) downside protection, indicating defensive positioning despite the pin.

🧱Key technical levels: $87.50 call wall (resistance), $80 put cluster/gamma flip (critical support). Break of $80 confirms bearish flow.

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.