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WMT

Walmart Inc.Close $134.20EOD only

Max Pain

$130.00

Next expiry May 22, 2026

Expected Move

±$6.45

4.8% from close

Price Gap

-4.20

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.11

Slightly put-heavy

Consensus

3/4

Partial coverage

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

WMT 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 mixed flow regime; -0.5 P/C ratio >1.2; +0.5 GEX pinning regime aligned with flow

Watch next session: $124 Put flow for 4/2 expiry; Any call buying to defend the $125 level

Flow Summary

Net premium: +$9.4M (mixed, slightly bullish by value)

P/C volume ratio: 1.28 — put-dominant volume

P/C OI ratio: 1.24 — moderate put lean in positioning

A conflicting picture: positive net premium suggests bullish premium paid, but put volume and open interest dominate, indicating underlying hedging or bearish positioning. The flow is mixed with a defensive tilt.

Notable Prints

WMT 4/2 $124 Put

Vol: 3,059

OI: 1,156

Vol/OI: 2.6x

IV: 24.0%

Notional: ~$379,000 (3059 * $124 * 100)

Intent: Short-term directional hedge or bearish bet

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

Read-through: High volume in a near-dated, near-the-money put suggests traders are actively positioning for a move below $124 before this Friday's expiry. The low IV (24%) suggests this is not a volatility bet, but a price-direction play.

WMT 4/24 $113 Put

Vol: 1,165

OI: 131

Vol/OI: 8.9x

IV: 32.8%

Notional: ~$131,600 (1165 * $113 * 100)

Intent: New downside protection or speculative put buying

Dual read: Bought as a longer-dated hedge (bearish) or sold as part of a spread (neutral/bullish)

Read-through: The high volume-to-OI ratio indicates a new, meaningful position. The $113 strike is well below spot (~9% lower) and aligns with the large OI cluster at $115. This could be a hedge against a breakdown toward the gamma flip zone.

WMT 4/10 $124 Call

Vol: 807

OI: 362

Vol/OI: 2.2x

IV: 25.7%

Notional: ~$100,000 (807 * $124 * 100)

Intent: Short-term call buying to play a bounce or defend a level

Dual read: Bought for a directional move (bullish) or sold against a position (neutral/bearish)

Read-through: This is the most notable call flow. It's a counter-trend play against the dominant put volume, potentially betting on a hold of the $124 level or a move toward the $125 max pain for the 4/10 expiry.

WMT 4/17 $105 Call

Vol: 182

OI: 105

Vol/OI: 1.7x

IV: 54.0%

Notional: ~$19,100 (182 * $105 * 100)

Intent: Lottery ticket or spread leg

Dual read: Bought as a cheap, high-risk/high-reward bet (bullish) or sold as part of a complex structure (neutral)

Read-through: The extremely high IV (54%) for a deep OTM call suggests this is a low-cost, speculative bet. Its small notional value makes it noise in the broader flow, but it indicates some retail or speculative interest in a major upside move.

Institutional Positioning

Call additions: Minimal near-term. Notable OI in $130-$140 calls, but these are likely older, longer-dated positions.

Put additions: Significant OI clusters at $115, $110, $105, and $100 puts. Today's flow adds to near-term ($124P) and mid-term ($113P) downside exposure.

GEX/DEX consistency: Yes — Positive GEX of $13.8M indicates a pinning/mean-reverting regime, which aligns with the mixed, range-bound flow and spot hovering just above max pain.

OI clusters: Major Put Wall: $115 (25,686 OI). Major Call Wall: $135 (20,204 OI). This creates a wide expected range between $115 and $135.

Hedging evidence: Strong evidence of longer-dated, far OTM put hedging (clusters at $105, $100, $90). The $113 put print for 4/24 adds to this defensive posture.

Max pain context: Spot ($124.28) is above near-term max pain ($121 for 3/27, $123 for 4/2). The pinning GEX and flow suggest price may drift toward these levels, supporting a neutral-to-slightly bearish near-term bias.

Signal vs Noise

~The massive net premium from deep OTM calls ($45, $70, $75 strikes) is almost certainly noise—likely the result of large, existing long-dated positions being rolled or adjusted. These are not new directional bets.

~The $105 Call for 4/17 is a lottery ticket due to its tiny notional and extreme IV; it should not be interpreted as a meaningful bullish signal.

~Some of the put volume, especially in near-dated expiries, could be part of covered put writes or collars given the stock's steady, dividend-paying nature, rather than outright bearish bets.

Key Conclusions

⚖️Flow is mixed but leans defensive: Positive net premium conflicts with put-dominant volume and OI.

📌GEX pinning regime suggests range-bound action, with spot likely drawn toward near-term max pain ($121-$123).

🛡️Institutional positioning shows heavy long-dated put hedging, indicating a cautious underlying stance despite the stable price.

👁️Watch the $124-$125 zone: Battle between near-dated put flow ($124P) and call flow ($124C) will dictate short-term direction.

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.