SNDK Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

5 / 10

base 5; +0.5 spot above MP but heavy near-spot put flow; -0.5 mixed net premium signals; +0.0 high IV regime persists

Watch next session: $700 strike action for 4/10 expiry; Whether $600/$650 put volume expands further; Spot's ability to hold above the $690-$700 GEX support zone

Flow Summary

Net premium: +$131.4M bullish

P/C volume ratio: 1.28 — put-dominant volume

P/C OI ratio: 0.97 — nearly balanced

A clear divergence: net premium is strongly bullish on paper, but volume and near-spot flow tell a defensive story. The high put/call volume ratio (1.28) and concentrated put buying at key strikes below spot indicate hedging or bearish bets are dominating today's activity, despite the premium skew from far OTM calls.

Notable Prints

SNDK 4/10 $600 Put

Vol: 2,527

OI: 473

Vol/OI: 5.3x

IV: 97.9%

Notional: ~$1.5M

Intent: Fresh directional put buying or protective hedge

Dual read: Bought to open (bearish) vs. sold to open (bullish/neutral)

Read-through: This is the highest-volume single-strike print today. Buying puts ~14% below spot in a 100% IV regime is expensive, signaling strong conviction for a move lower or urgent protection. It anchors a new defensive line well below current price.

SNDK 4/10 $650 Put

Vol: 1,782

OI: 521

Vol/OI: 3.4x

IV: 92.9%

Notional: ~$1.2M

Intent: Downside protection or bearish bet

Dual read: Bought (bearish) vs. sold (bullish/neutral)

Read-through: Follows the $600P flow, establishing a ladder of put defenses. This strike is ~7.4% below spot and aligns with the 4/10 expected move lower bound ($631). This is institutional-scale positioning for a pullback to the mid-$600s.

SNDK 4/10 $425 Put

Vol: 1,149

OI: 161

Vol/OI: 7.1x

IV: 124.6%

Notional: ~$0.5M

Intent: Far OTM protective put or spread leg

Dual read: Bought (catastrophic hedge) vs. sold (bullish/neutral)

Read-through: Extremely high IV (124.6%) for a put ~39% below spot. This is likely a cheap, tail-risk hedge within a larger portfolio or part of a put spread (buying $425P, selling lower strike). Its size suggests it's not a primary directional bet but confirms a defensive posture.

SNDK 4/10 $700 Put

Vol: 965

OI: 172

Vol/OI: 5.6x

IV: 84.0%

Notional: ~$0.7M

Intent: Near-the-money protective put

Dual read: Bought (defensive) vs. sold (bullish conviction)

Read-through: Buying puts at the money is pure insurance. Given the high volume vs. OI and the strike's alignment with spot, this is likely institutions hedging existing long exposure against an immediate drop. It directly counters the bullish premium flow at the same strike.

SNDK 4/10 $685 Call

Vol: 804

OI: 127

Vol/OI: 6.3x

IV: 86.4%

Notional: ~$0.6M

Intent: Covered call write or bullish bet

Dual read: Sold to open (neutral/bearish income) vs. bought to open (bullish breakout)

Read-through: The most significant near-spot call flow. Given the overarching put bias and high IV, this is more likely a covered call write (selling calls against stock) to generate premium than a directional long call purchase. It caps upside near $685.

Institutional Positioning

Call additions: Minimal near-spot. Far OTM calls ($700, $950 for 4/10) see volume but are low-delta. The $685C is the notable near-spot activity, likely a write.

Put additions: Concentrated ladder from $700 down to $600 for the 4/10 expiry. This is a clear, multi-strike defensive buildup, with the $600P and $650P as anchors.

GEX/DEX consistency: Partial. Positive GEX (+$6.4M) suggests pinning support near spot, which aligns with spot holding above max pain. However, the aggressive put flow is a contradictory, bearish positioning signal that could overwhelm the GEX support.

OI clusters: Legacy $250P (13.8K) remains an outlier. Near-term: $580C (6.5K) is a resistance wall, $700C (3.3K) at spot. New put OI is building at $600 and $650.

Hedging evidence: Strong evidence. The multi-strike put ladder ($700, $690, $650, $600) for 4/10, bought at high IV, is textbook institutional hedging for a long equity book. The $425P tail-risk buy further supports this.

Max pain context: Spot ($701.59) is now ABOVE the nearest max pain ($648 for 3/27, $625 for 4/2). This is a change from prior report. However, the put flow suggests institutions are not convinced by this move and are hedging against a reversion back toward the max pain cluster ($625-$650).

Signal vs Noise

~The massive net bullish premium is driven by far OTM calls (e.g., $700C, $950C) and deep OTM calls ($80C, $90C). These are likely lottery tickets, spread legs, or legacy positions, not near-term directional signals.

~The enormous $250 Put OI (13,761) is a legacy position, likely from structured products or long-dated hedging, and is not part of current flow.

~High IV (~100%) across the curve inflates premium values, making raw net premium a misleading indicator. Focus on volume and strike location.

Key Conclusions

🛡️Institutions are building a layered put hedge from $700 down to $600 for 4/10, signaling defense despite spot being above max pain.

⚡Flow divergence: bullish net premium (noise) vs. bearish volume/activity (signal). The put/call volume ratio of 1.28 reveals the true sentiment.

🧲Spot is in a tug-of-war: positive GEX supports pinning near $700, but heavy put flow targets a pullback toward the $625-$650 max pain zone.

Read the Flow analysis for SNDK. 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.