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SHOP

Shopify Inc.Close $105.01EOD only

Max Pain

$102.00

Next expiry May 22, 2026

Expected Move

±$4.08

3.9% from close

Price Gap

-3.01

Distance to max pain

IV Rank

Low premium

P/C OI

0.45

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

SHOP 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:

6 / 10

base 5; +1.5 large put premium dominance; -0.5 GEX positive/pinning; -0.5 P/C volume neutral

Watch next session: $100-$115 put OI growth; Spot vs. $119 max pain level

Flow Summary

Net premium: -$8.4M bearish

P/C volume ratio: 1.02 — neutral volume, slight put lean

P/C OI ratio: 0.68 — significant call OI dominance

Mixed signals with a bearish lean in premium flow. While open interest is heavily call-skewed, today's premium was dominated by large, far-dated put purchases, suggesting institutional hedging or downside positioning.

Notable Prints

SHOP 4/17 $160 Put

Vol: 705

OI: 147

Vol/OI: 4.8x

IV: 101.4%

Notional: ~$3.05M

Intent: Large directional put purchase or hedge

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

Read-through: Extremely high IV (101%) suggests this is a premium purchase, not a sale. A large, OTM put buy 17 days out is a clear bearish or protective bet.

SHOP 4/17 $155 Put

Vol: 680

OI: 144

Vol/OI: 4.7x

IV: 63.2%

Notional: ~$2.72M

Intent: Directional put purchase (part of a bearish structure)

Dual read: Likely a leg of a put spread with the $160P

Read-through: High volume and notional alongside the $160P suggests a multi-strike bearish put spread, targeting a move below $155 by mid-April.

SHOP 4/2 $117 Call

Vol: 941

OI: 158

Vol/OI: 6.0x

IV: 53.9%

Notional: ~$110k

Intent: Near-term directional or gamma play

Dual read: Bought (bullish breakout) or sold (neutral/range-bound)

Read-through: High volume vs. OI in a near-dated, near-the-money call. Given spot at $118.62 and max pain at $119, this is likely a short-dated bet on a move above $117, possibly a gamma scalp against the pin.

SHOP 4/2 $114 Put

Vol: 218

OI: 129

Vol/OI: 1.7x

IV: 56.0%

Notional: ~$25k

Intent: Near-term downside hedge or bet

Dual read: Protection against a drop below the 2-day expected move low ($115.23)

Read-through: Modest size, but strategically placed just below the near-term expected move. Suggests some traders are positioning for a break below support.

Institutional Positioning

Call additions: Minimal recent call premium. Large legacy OI at $170C and $145C.

Put additions: Significant premium into April $155-$185 puts, particularly $160P.

GEX/DEX consistency: No — Positive GEX suggests pinning, but bearish put flow contradicts. Flow may be anticipating a break of the pin.

OI clusters: Major call walls at $170 (56K OI) and $145 (55K OI). Major put walls at $100 (14.6K OI) and $95 (12.1K OI).

Hedging evidence: Strong evidence in large, high-IV put purchases for April expirations. This is institutional-scale downside protection or directional betting.

Max pain context: Spot ($118.62) is pinned at near-term max pain ($119). The large put flow suggests institutions are hedging against a break lower from this equilibrium.

Signal vs Noise

~Massive OI at $170C and $145C is legacy positioning, not indicative of recent flow.

~The $117C 4/2 activity is likely short-dated gamma trading related to the max pain pin at $119, not a structural bullish bet.

~High volume in deep OTM puts (e.g., $160P) with huge notional is a clear signal, not noise.

Key Conclusions

⚠️Premium flow strongly bearish (-$8.4M net) driven by large OTM put purchases

📌Spot pinned at max pain ($119) with positive GEX, creating a tension with bearish flow

🛡️Institutions adding significant downside protection for April, targeting moves below $155

🧱Key levels: $119 (pin), $115 (near-term support/expected move low), $100 (major put OI wall)

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.