UBER Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7 / 10

base 5; +1.5 bearish flow regime (net prem $-6.9M, P/C 1.21); +0.5 negative GEX ($-33.5M) pro-cyclical; +0.5 spot below max pain; -0.5 low total volume for day

Watch next session: Spot reaction around $70 strike (large OI); Net premium direction for next session; Any large call buying to defend $73-$74 area

Flow Summary

Net premium: -$6.9M bearish

P/C volume ratio: 1.21 — put-dominant

P/C OI ratio: 1.38 — moderate put lean in positioning

Flow is bearish with negative net premium and put/call volume ratio >1. The negative Gamma Exposure (GEX) of -$33.5M indicates a pro-cyclical regime where moves can accelerate, currently favoring downside. Spot is trading below the nearest max pain ($74), adding to the bearish pressure.

Notable Prints

UBER 4/10/26 $73 Put

Vol: 2,582

OI: 468

Vol/OI: 5.5x

IV: 35.5%

Notional: ~$187,000 (2,582 * $72.5 avg premium est.)

Intent: Directional bearish bet or hedge against a drop below $73.

Dual read: Bought to open (bearish) or sold to close (bullish). High vol/OI suggests new positioning.

Read-through: Most significant single print of the day. Targets a move below $73 within 10 days, aligning with the bearish flow regime. The $73 strike is also a key level in the 4/17 expiry unusual activity.

UBER 5/15/26 $95 Put

Vol: 505

OI: 101

Vol/OI: 5.0x

IV: 77.7%

Notional: ~$1.2M (505 * ~$2,400 avg premium est.)

Intent: Tail-risk hedge or speculative far OTM bearish bet.

Dual read: Likely bought to open given extreme IV (77.7%) and high vol/OI. High premium paid indicates a volatility/event hedge.

Read-through: Despite small contract count, the high notional value is meaningful. This is a costly hedge, possibly against a significant downside event or earnings volatility (earnings est. 5/6).

UBER 4/17/26 $73 Put

Vol: 948

OI: 260

Vol/OI: 3.6x

IV: 34.8%

Notional: ~$69,000 (948 * $73 avg premium est.)

Intent: Bearish positioning for a move below $73 over 17 days.

Dual read: Bought to open, reinforcing the $73 level as a near-term bearish target.

Read-through: Concentrated activity at the $73 strike across multiple expiries (4/10, 4/17) suggests institutions are focusing on this as a key breakdown level.

UBER 4/10/26 $71 Put

Vol: 1,350

OI: 713

Vol/OI: 1.9x

IV: 35.7%

Notional: ~$48,500 (1,350 * $36 avg premium est.)

Intent: Near-the-money bearish flow or delta hedge.

Dual read: Could be a roll from a closer expiry or fresh hedging with spot at $71.93.

Read-through: High volume at the money suggests active hedging or speculation for an immediate move below $71.

Institutional Positioning

Call additions: Minimal. Top premium flow is overwhelmingly negative, dominated by put buying at strikes $77.50 and above.

Put additions: Significant OI in deep puts ($55, $60, $62) suggests legacy hedging. New flow targets $71-$73 breakdown.

GEX/DEX consistency: Yes — negative GEX (-$33.5M) aligns with bearish flow and put-dominant activity, creating a pro-cyclical environment for downside.

OI clusters: Major put walls at $55 (29K OI), $60 (42K+ OI combined), and $62 (14K OI). Call wall at $80 (14K OI).

Hedging evidence: Strong evidence of hedging: large OI in deep puts ($55, $60) and new put flow at $71-$73. The $95 Put purchase is a clear tail-risk hedge.

Max pain context: Spot ($71.93) is below nearest max pain ($74 on 3/27). The overall MP trend is falling ($74 → $68), suggesting gravity is pulling strikes lower over time.

Signal vs Noise

~The $110 strike showing massive negative net premium (-$1.65M) is likely a single, large far OTM put purchase (tail hedge) or part of a complex spread, not a direct near-term directional signal.

~High OI in the $130 Call (10,094) is likely noise from a past speculative bet or part of a leveraged position, given minimal volume.

~Some of the put volume at strikes like $71 could be delta hedging by market makers given negative GEX, amplifying the bearish flow read but not purely directional.

Key Conclusions

🐻Flow regime is bearish: negative net premium, put/call >1, and spot below max pain.

⚡Negative GEX (-$33.5M) creates a pro-cyclical, trending environment where moves can accelerate—currently favoring downside.

🎯Institutional focus is on the $73 strike as a key breakdown level, with unusual activity across multiple April expiries.

🛡️Significant tail-risk hedging evident in the expensive $95 Put purchase, possibly pre-earnings (est. 5/6).

Read the Flow analysis for UBER. 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.