WFC Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7 / 10

base 5; +1.5 strongly bullish net premium & P/C ratio; +0.5 GEX/flow alignment; -0.5 for IV spike in near-term puts

Watch next session: $86C 4/17 OI growth for directional confirmation; Put flow at $80-$81 for hedging pressure

Flow Summary

Net premium: +$7.6M bullish

P/C volume ratio: 0.61 — strongly call-dominant

P/C OI ratio: 0.97 — nearly balanced positioning

Flow is decisively bullish with significant call premium dominance, but open interest reveals a balanced underlying battlefield. The market is paying for upside exposure while maintaining a large put wall at $75.

Notable Prints

WFC 4/17 $86 Call

Vol: 13,421

OI: 217

Vol/OI: 61.9x

IV: 38.6%

Notional: ~$1.08M

Intent: Fresh directional call buying

Dual read: Bought to open (bullish) or sold/written (neutral-bearish)

Read-through: The massive volume-to-OI ratio and high notional value point to a new, aggressive bullish bet targeting a ~8% move higher by mid-April. The IV of 38.6% is near the average, suggesting this is not a pure volatility play.

WFC 4/10 $72 Put

Vol: 1,598

OI: 102

Vol/OI: 15.7x

IV: 45.5%

Notional: ~$128K

Intent: Out-of-the-money protective put or speculative downside bet

Dual read: Bought for protection (hedge) or sold for premium (neutral)

Read-through: The elevated IV (45.5%) and OTM strike (~9.5% below spot) suggest this is likely a cheap hedge against a sharp downturn, not a core directional short. Its size is meaningful but dwarfed by the bullish call premium.

WFC 4/2 $80 Put

Vol: 1,635

OI: 136

Vol/OI: 12.0x

IV: 30.8%

Notional: ~$131K

Intent: Near-dated hedge or speculative bet against $80

Dual read: Bought as a spot hedge or sold as a cash-secured put

Read-through: With expiration in 2 days and spot at $79.61, this is an at-the-money play. The lower IV suggests it could be a sale (cash-secured put), which would be a neutral-to-bullish income play. However, its presence alongside other near-term puts adds to hedging noise.

WFC 4/10 $78 Put

Vol: 1,790

OI: 222

Vol/OI: 8.1x

IV: 35.5%

Notional: ~$143K

Intent: Hedge near max pain and technical support

Dual read: Protection against a break below $78

Read-through: Strike aligns with the 3/27 max pain ($78) and is just below spot. This cluster of puts at $78-$80 across 4/2 and 4/10 expiries forms a clear hedging zone, defining the near-term risk area for bulls.

Institutional Positioning

Call additions: Aggressive buying in $86C 4/17; premium flow strong at $82.50, $67.50, $86.00 calls

Put additions: Hedging activity concentrated at $78-$80 for April expiries; large OI wall at $75P (25,942 contracts)

GEX/DEX consistency: Yes — Positive GEX (+$32M) aligns with bullish call flow and suggests a pinning/mean-reverting regime near current levels.

OI clusters: Major Call Walls: $90C (40,372), $77.50C (29,244). Major Put Wall: $75P (25,942). These create a likely trading range between $77.50 and $90.

Hedging evidence: Clear evidence of near-term hedging via puts at $78-$80, likely protecting gains or existing long positions given the overarching bullish flow.

Max pain context: Spot ($79.61) is above the nearest max pain ($78 for 3/27). The rising MP trend over future expiries ($78 → $82+) suggests the options market is structurally positioned for a gradual grind higher.

Signal vs Noise

~The $67.50 Call with high net premium is likely a far OTM, low-delta position—possibly a long-dated speculative bet or part of a complex spread. Its notional is large but its strike is ~15% below spot, making it weak as a near-term directional signal.

~The cluster of puts at $78-$80 for 4/2 and 4/10 expiries is likely routine hedging and roll activity given proximity to spot and max pain, not a new bearish initiative.

~High OI at strikes like $90C and $75P represent older, likely stale positioning that defines the range but doesn't reflect today's flow intent.

Key Conclusions

📈Flow is aggressively bullish: Net premium +$7.6M and P/C ratio of 0.61 show clear buying pressure for calls.

⚔️Battle lines are drawn: A large put wall at $75 provides downside support, while call OI clusters at $77.50 and $90 define the range.

🎯Watch the $86C 4/17: The massive 13,421 volume print is the clearest directional signal, targeting an 8% move higher. Its follow-through will be key.

🛡️Hedging is active but contained: Puts at $78-$80 show protection being bought, but the premium spent is dwarfed by call buying, suggesting hedges are secondary to the bullish thesis.

Read the Flow analysis for WFC for 2026-03-31. 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.