SNAP Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

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.

Read the Flow analysis for SNAP for 2026-03-31. 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.