SNOW Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7 / 10

base 5; +2.5 massive net premium to puts; +1.0 GEX/flow aligned; -1.5 P/C volume ratio call-dominant

Watch next session: $155 Put (4/10) for defensive positioning; Any call flow >$180 to challenge bearish OI walls

Flow Summary

Net premium: -$32.6M bearish

P/C volume ratio: 0.57 — call-dominant volume

P/C OI ratio: 0.92 — near-parity OI with slight put lean

A stark divergence: high call volume (P/C 0.57) is overwhelmed by massive, concentrated put premium (-$32.6M net). This signals large, bearish bets on specific downside strikes ($200-$260) outweighing more numerous but smaller bullish trades. The negative GEX regime supports a pro-cyclical move lower.

Notable Prints

SNOW 5/15/26 $260 Put

Vol: 750

OI: 100

Vol/OI: 7.5x

IV: 56.6%

Notional: ~$8.4M (premium)

Intent: Fresh, large-scale downside protection or directional bet.

Dual read: Bought (bearish) or sold (bullish/volatility short). Premium flow data strongly suggests buying.

Read-through: This is the single largest premium contributor (-$8.3M net). A deep OTM put purchase this size is a major hedge or bearish bet on a significant drop (>70% from spot).

SNOW 5/15/26 $230 Put

Vol: 1,112

OI: 170

Vol/OI: 6.5x

IV: 54.8%

Notional: ~$8.9M (premium)

Intent: Large bearish positioning or hedging.

Dual read: Bought (bearish) or sold (bullish). High volume vs. OI and massive negative net premium point to buying.

Read-through: Second largest premium flow (-$8.8M net). Combined with the $260P, this shows institutional focus on May 15 expiry for major downside bets, creating a bearish wall in the $230-$260 zone.

SNOW 4/17/26 $200 Put

Vol: 2,060

OI: 436

Vol/OI: 4.7x

IV: 95.8%

Notional: ~$9.9M (premium)

Intent: Directional bearish bet or aggressive hedge for April expiry.

Dual read: Extremely high IV (95.8%) suggests this could be a volatility play, but the massive negative premium flow (-$9.5M net) is overwhelmingly bearish.

Read-through: The largest single-strike net premium flow. The high IV indicates fear/hedging demand for a ~$50 drop within 17 days. This is a critical level for near-term bearish momentum.

SNOW 4/10/26 $180 Call

Vol: 1,039

OI: 302

Vol/OI: 3.4x

IV: 50.5%

Notional: ~$418K (premium)

Intent: Near-term bullish speculation or spread leg.

Dual read: Bought (bullish breakout bet) or sold (covered call/neutral).

Read-through: Represents the bullish counter-flow. A bet on a ~20% rally in 10 days. Its premium is dwarfed by the put flows, making it a secondary signal within a bearish regime.

SNOW 5/15/26 $185 Call

Vol: 1,328

OI: 613

Vol/OI: 2.2x

IV: 51.5%

Notional: ~$664K (premium)

Intent: Longer-dated bullish recovery bet.

Dual read: Likely bought calls targeting a rebound toward the $180-$200 OI cluster by mid-May.

Read-through: Part of the call volume creating the low P/C ratio. Suggests some players are positioning for a recovery after potential near-term weakness, targeting levels where significant put OI resides.

Institutional Positioning

Call additions: $170-$185 calls in Apr/May, but with relatively small premium impact.

Put additions: Massive additions at $200 (Apr), $230, $260 (May) puts. This is the dominant positioning signal.

GEX/DEX consistency: Yes — negative GEX (-$9.2M) aligns perfectly with heavy put premium flow, suggesting dealers are short gamma and will amplify downward moves.

OI clusters: Major put OI at $135 (8.8K), $140 (7.6K), $150 (3.9K). Major call OI far OTM at $200 (4.3K), $220 (4.2K), $250 (4.1K).

Hedging evidence: Overwhelming. The deep OTM put purchases ($200-$260) are classic institutional portfolio hedging or tail-risk bets.

Max pain context: Spot ($150.82) is 8.6% below nearest max pain ($165). This suggests price is drifting away from the option market's 'pin,' with negative GEX and put flow pulling it lower toward the large $135-$140 put OI cluster.

Signal vs Noise

~High call volume (low P/C ratio) is noise relative to premium direction. Many small bullish bets are being swamped by a few large bearish ones.

~The $90 Call with +$1.26M net premium is likely a far OTM lottery ticket or part of a complex spread, not a meaningful directional signal.

~Some of the near-dated call flow (e.g., $167.50C 4/10) could be short-dated speculation or delta-hedging activity, not structural bullish positioning.

Key Conclusions

⚠️Premium Flow Divergence: High call volume is a distraction; massive put premium (-$32.6M) dictates the bearish bias.

📉Negative GEX Alignment: Dealers are short gamma, likely to sell into weakness, accelerating any downtrend.

🛡️Institutional Hedging Rampant: Large, deep OTM put buys at $200, $230, $260 signal major downside protection is being placed.

🎯Price Magnet: Spot is being pulled between near-term max pain ($165) and the large put OI support wall at $135-$140.

Read the Flow analysis for SNOW 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.