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VST

Vistra Corp.Close $144.00EOD only

Max Pain

$141.00

Next expiry May 22, 2026

Expected Move

±$4.86

3.4% from close

Price Gap

-3.00

Distance to max pain

IV Rank

Low premium

P/C OI

0.83

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

VST 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:

4.5 / 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.

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.