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SNAP

Snap Inc.Close $5.62EOD only

Max Pain

$5.50

Next expiry May 22, 2026

Expected Move

±$0.26

4.6% from close

Price Gap

-0.12

Distance to max pain

IV Rank

Low premium

P/C OI

0.34

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

SNAP 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:

7.5 / 10

base 5; +2 strong net premium & P/C ratio; +1 GEX/flow alignment; -0.5 high IV regime

Watch next session: $5.00 Call OI growth (Apr 2 & Apr 10); Any defensive put flow at $4.50 or below

Flow Summary

Net premium: +$6.1M bullish

P/C volume ratio: 0.15 — extremely call-dominant

P/C OI ratio: 0.29 — structural call lean

Aggressive call buying dominates the tape, with net premium heavily skewed bullish. The flow is concentrated in near-term, at-the-money to slightly out-of-the-money calls, suggesting a strong directional bet on an imminent move higher.

Notable Prints

SNAP 4/2 $5.00 Call

Vol: 37,307

OI: 21,929

Vol/OI: 1.7x

IV: 59.4%

Notional: ~$2.1M

Intent: Fresh directional call buying for immediate upside

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

Read-through: Massive volume in the weekly $5C, expiring in 2 days, is a high-conviction bet on a >8.7% move higher from spot. The premium paid suggests buyers expect a breakout.

SNAP 4/24 $5.50 Call

Vol: 17,953

OI: 1,657

Vol/OI: 10.8x

IV: 61.3%

Notional: ~$243K

Intent: New directional call buying for a breakout

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

Read-through: A 20% OTM call with a 10x volume/OI spike is a clear, leveraged bet on a significant move higher over the next ~3 weeks. The low OI confirms this is a new position, not a roll.

SNAP 6/18 $6.00 Call

Vol: 19,521

OI: 11,615

Vol/OI: 1.7x

IV: 76.0%

Notional: ~$1.2M

Intent: Directional call buying for a sustained move

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

Read-through: Significant volume in a 30% OTM call expiring in 79 days. This is a longer-dated, higher-conviction bet on a substantial rally, potentially targeting the large OI cluster at the $6 strike.

SNAP 5/15 $6.00 Call

Vol: 8,806

OI: 3,781

Vol/OI: 2.3x

IV: 85.2%

Notional: ~$1.2M

Intent: Directional call buying

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

Read-through: Another large print targeting the $6 strike, this time in the May monthly. Reinforces the $6 level as a key target for bullish flow across multiple expirations.

SNAP 4/2 $5.00 Put

Vol: 4,900

OI: 1,307

Vol/OI: 3.8x

IV: 51.6%

Notional: ~$205K

Intent: Likely a hedge or short put (bullish)

Dual read: Sold for premium (bullish) or protective buy (bearish)

Read-through: The most notable put flow, but its premium is dwarfed by the call flow at the same strike. This is more likely a short put (bullish) or a hedge for call buyers, not a primary bearish bet.

Institutional Positioning

Call additions: Heavy additions at $5.00 (Apr 2, Apr 10), $5.50 (Apr 24), and $6.00 (May 15, Jun 18).

Put additions: Minimal. Small protective flow at $5.00 (May 1) and $4.50.

GEX/DEX consistency: Yes — strongly aligned. Positive GEX of +$69.9M indicates net long gamma from dealers, which supports a mean-reverting/pinning regime. This complements the bullish call flow.

OI clusters: Major call OI at $5.00 (68K), $6.00 (74K), $7.00 (58K), and $10.00 (81K). These create upside magnets, especially $5 and $6. Put OI is concentrated at $7.00 (54K), which is far OTM and not a near-term threat.

Hedging evidence: Very little. The put/call OI ratio of 0.29 shows a structural lack of put hedging. The small put flow seen is likely short-dated and tactical.

Max pain context: Spot ($4.60) is well above near-term max pain ($4.00-$4.50), which is bullish. The rising max pain trend from $4 to $7 over longer expirations aligns with the bullish call positioning targeting those higher strikes.

Signal vs Noise

~The $1.00 Call (Apr 24) with 1125% IV is a deep ITM, low-dollar contract. This is likely a cheap stock replacement or financing leg of a complex trade, not a directional signal.

~Large OI in far OTM calls ($10, $13, $15, $25) is legacy positioning from past rallies or long-dated lottery tickets. The low volume there today confirms they are not part of the current active flow.

~The $7.00 Put with high OI (53.5K) but negligible volume (3) is an old, likely worthless position and not indicative of current sentiment.

Key Conclusions

🚀Extreme call dominance (P/C 0.15) with +$6.1M net premium signals high-conviction bullish positioning.

🎯Flow targets $5.00 immediately and $6.00-$7.00 in the coming months, aligning with major OI clusters.

📌Positive GEX (+$69.9M) supports a pinning/mean-reverting regime, which favors consolidation near current levels before a potential breakout toward call strikes.

⚠️High IV (86%) and leveraged OTM call buying increase risk of a sharp pullback if the bullish move fails to materialize quickly.

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.