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WFC

Wells Fargo & CompanyClose $75.81EOD only

Max Pain

$74.00

Next expiry May 22, 2026

Expected Move

±$1.40

1.8% from close

Price Gap

-1.81

Distance to max pain

IV Rank

Low premium

P/C OI

1.60

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

WFC 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:

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.

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.