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SNOW

Snowflake Inc.Close $166.97EOD only

Max Pain

$155.00

Next expiry May 22, 2026

Expected Move

±$7.90

4.7% from close

Price Gap

-11.97

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.86

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

SNOW 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 / 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.

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.