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UBER

Uber Technologies, Inc.Close $74.60EOD only

Max Pain

$75.00

Next expiry May 22, 2026

Expected Move

±$1.87

2.5% from close

Price Gap

+0.40

Distance to max pain

IV Rank

Low premium

P/C OI

1.18

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

UBER Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

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).

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.