VST Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

4.5 / 10

base 5; -0.5 for mixed flow/negative GEX alignment; -0 for moderate volume

Watch next session: $150 strike for gamma flip; Net premium flow at $125 and $155 strikes

Flow Summary

Net premium: -$195K bearish

P/C volume ratio: 0.88 — neutral/slightly put-leaning

P/C OI ratio: 1.29 — put-leaning positioning

Mixed flow with a bearish tilt. Negative net premium and put-heavy OI suggest underlying skepticism, but volume flow is not decisively one-sided. The market is positioned for downside but not aggressively trading it yet.

Notable Prints

VST 5/15/26 $110 Put

Vol: 1,009

OI: 351

Vol/OI: 2.9x

IV: 69.3%

Notional: ~$111K

Intent: Long-dated downside protection or speculative put buying

Dual read: Bought (bearish) or sold for premium (neutral/bullish)

Read-through: High IV suggests premium paid. Given the deep OTM strike and elevated IV, this is likely a cheap, long-dated hedge against a significant drop, not a near-term directional bet.

VST 4/10/26 $175 Call

Vol: 272

OI: 116

Vol/OI: 2.3x

IV: 53.2%

Notional: ~$48K

Intent: Short-term, OTM call purchase

Dual read: Bought (bullish breakout bet) or sold (covered call/overwrite)

Read-through: Low notional and OTM strike make this a low-conviction, lottery-ticket style bet on a ~16% move higher in 10 days. More noise than a clear institutional signal.

Institutional Positioning

Call additions: Minimal. Some premium at $155 and $160 calls, but dwarfed by put premium elsewhere.

Put additions: Significant premium at deep OTM strikes ($125, $152.50, $215, $290). This is defensive/hedging flow, not near-term directional.

GEX/DEX consistency: Yes — Negative GEX (-$10M) aligns with bearish flow bias, indicating gamma is amplifying moves.

OI clusters: Major put walls at $150 (8.5K OI) and $110 (8.4K OI). Call wall at $190 (6.4K OI).

Hedging evidence: Strong evidence. Large premium flows into deep OTM puts ($125, $215, $290) are classic institutional hedging patterns, not spot bets.

Max pain context: Spot ($150.33) is 3% below near-term max pain ($155), creating a mild gravitational pull higher, but overall MP trend is falling.

Signal vs Noise

~The $110 Put print (5/15) is likely a long-dated hedge, not a signal for an imminent move to $110.

~Large premium flows at strikes like $290 and $215 are almost certainly part of multi-leg hedging strategies (e.g., collars, put spreads) and not direct directional views.

~The $175 Call print is small notional and could easily be a covered call write against existing stock, generating income.

Key Conclusions

⚠️Negative GEX regime: Gamma is amplifying price moves, increasing volatility risk.

🛡️Institutions are heavily hedged via OTM puts, indicating underlying caution.

🎯Watch $150 strike: Major put OI cluster and estimated gamma flip level. A break could accelerate moves.

📉Spot below max pain with falling MP trend suggests resistance to a sustained rally.

Read the Flow analysis for VST. 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.