Home Options ULTAReports

ULTA

Ulta Beauty, Inc.Close $493.12EOD only

Max Pain

$495.00

Next expiry May 22, 2026

Expected Move

±$12.65

2.6% from close

Price Gap

+1.88

Distance to max pain

IV Rank

Low premium

P/C OI

0.85

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

ULTA 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:

4 / 10

base 3; +1 for net premium bearish; +0 for mixed flow regime; -0 for low volume context

Watch next session: Flow around $400-$410 puts; Any OI buildup at the $525 max pain level

Flow Summary

Net premium: -$2.3M bearish

P/C volume ratio: 0.76 — moderate put lean

P/C OI ratio: 0.81 — moderate put lean

Flow is mixed with a bearish tilt in premium. The market is pinned near max pain ($525) with a high volatility regime, suggesting indecision and potential for a sharp move upon resolution.

Notable Prints

ULTA 4/2 $560 Call

Vol: 502

OI: 151

Vol/OI: 3.3x

IV: 32.5%

Notional: ~$28.1K

Intent: Lottery ticket / OTM speculation

Dual read: Bought (bullish bet) or sold (premium collection)

Read-through: Given the low IV (32.5% vs. avg 51%) and OTM nature, this is likely a low-cost, low-probability directional bet for a sharp move higher by Friday. Not a large institutional position.

Institutional Positioning

Call additions: Minimal. Top OI calls are far OTM ($300, $565, $450).

Put additions: Significant OI at $360 Put (522) and $400 Put (514). The $400 strike also saw high volume (424).

GEX/DEX consistency: Partially. Positive GEX (+$0.4M) suggests pinning, but bearish net premium and put OI concentration conflict.

OI clusters: Major put walls at $360 (522 OI) and $400 (514 OI). Call walls are less defined but at $565 (663 OI).

Hedging evidence: Yes. The large, long-dated OI in deep OTM puts ($360, $400) is classic portfolio hedging/protection, not a near-term directional bet.

Max pain context: Spot ($522.71) is at the nearest max pain ($525 for 3/27). The overall MP trend is falling ($525 to $470), which is a bearish structural signal.

Signal vs Noise

~The $400 Put with 424 volume vs 514 OI is likely part of rolling or adjusting existing long-dated hedge positions, not new bearish speculation.

~The deep OTM call and put flows in the premium list (e.g., $695, $700, $670) are extremely low probability and likely represent tail-risk hedging or structured product flows, not directional views.

~The high volume in the $410 Call (net +$955K premium) is suspiciously bullish against the broader bearish flow. This could be a spread leg (e.g., call credit spread) or a closing trade, not a standalone bullish bet.

Key Conclusions

🎯Market pinned at max pain ($525) with positive Gamma, favoring mean reversion

🛡️Institutional positioning shows heavy long-dated put hedging ($360, $400 strikes)

⚠️Net premium flow is bearish, but overall volume is low—caution on strong directional reads

📉Falling max pain trend from $525 to $470 is a structurally bearish backdrop

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.