Watch next session: $800; $1100
Net premium: +$128.4M bullish
P/C volume ratio: 1.07
P/C OI ratio: 1.20
Net positive premium and positive dealer gamma ($684K) signal bullish bias. Unusual $1100 call and $200 put reflect speculative activity. Mixed flow and high vol suggest caution, but pinning above $800 supports upside.
#1STX 2026-06-26 $1100.00 Call
Intent: Speculative OTM call expiring in 2 days
Dual read: Closing or opening; volume > OI indicates new position
Read-through: High risk, low probability bet
#2STX 2027-01-15 $200.00 Put
Intent: Bearish hedge or long put position
Dual read: Could be short put if OI remains, but volume suggests buying
Read-through: Protection against downside below $200
Call additions: Unusual $1100 call (6/26) with vol/oi 1.9, high IV 97%, speculative.
Put additions: Large $200 put (Jan 2027) vol/oi 1.9, IV 107%, likely institutional downside hedge.
GEX/DEX consistency: Mixed: GEX +$684K and DEX +5.2M shares positive; put volume heavier so net neutral.
OI clusters: Put OI concentrated near $800 (gamma flip), 1,679 contracts 19.5% below spot.
Hedging evidence: Long-dated put at $200 indicates hedging against downside into 2027.
Max pain context: Spot below max pain; gamma pinning suggests upward pull toward equilibrium.
~Signal: $128M net premium inflow and long-dated put buying reflect institutional positioning.
~Noise: Short-dated $1100 call is low-probability speculative flow due to high IV and low OI.