XOM Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

4.5 / 10

base 5; +1 for large put flow near-term; -1 for mixed net premium; -0.5 for spot above max pain with pinning GEX

Watch next session: $160-$162.50 put activity; Spot's interaction with $167.50 level

Flow Summary

Net premium: +$17.9M (mixed, call-skewed by deep OTM)

P/C volume ratio: 0.84 — slight put lean in volume

P/C OI ratio: 0.66 — significant call lean in positioning

Flow shows a defensive tilt near-term with significant put buying at $160-$162.50, while longer-term positioning remains heavily call-biased. The market is wrestling with a pinning force (positive GEX) against a spot price that is elevated relative to key expiration pain points.

Notable Prints

XOM 4/2 $160 Put

Vol: 10,689

OI: 2,205

Vol/OI: 4.8x

IV: 35.1%

Notional: ~$1.7M (est. premium ~$1.5M)

Intent: Directional put buying / protective hedge

Dual read: Bought to open (bearish) or sold to close (bullish unwind)

Read-through: Given the volume/OI ratio and proximity to the $167.50 max pain for 4/2, this is likely new bearish positioning targeting a move below $160. It's the largest single-strike volume print in the data.

XOM 4/2 $157.50 Put

Vol: 5,819

OI: 818

Vol/OI: 7.1x

IV: 37.3%

Notional: ~$0.9M (est. premium ~$0.8M)

Intent: Fresh directional put buying

Dual read: Almost certainly bought to open given the high vol/OI ratio.

Read-through: This is a new, aggressive bet for a move below $157.50 by Friday. It complements the $160P flow, building a bearish cluster just below spot.

XOM 4/10 $160 Put

Vol: 4,187

OI: 1,342

Vol/OI: 3.1x

IV: 33.8%

Notional: ~$0.67M (est. premium ~$0.6M)

Intent: Hedge or bearish roll from 4/2 expiration

Dual read: Could be rolling out the 4/2 $160P position or new hedging.

Read-through: Extends the bearish/bearish-hedge thesis beyond the weekly expiration, suggesting concern isn't just a Friday pin event.

XOM 4/2 $162.50 Call

Vol: 2,878

OI: 490

Vol/OI: 5.9x

IV: 35.7%

Notional: ~$0.46M (est. premium ~$0.4M)

Intent: Short-dated bullish bet or call spread leg

Dual read: Bought (bullish breakout) or sold (covered call/neutral).

Read-through: Given the dominant put flow at lower strikes, this could be part of a put spread (selling the $162.50C to finance puts) or a standalone bet for a quick rebound. Its size is overshadowed by the put activity.

XOM 10/16 $195 Call

Vol: 459

OI: 136

Vol/OI: 3.4x

IV: 31.1%

Notional: ~$0.07M (est. premium ~$0.07M)

Intent: Long-dated, OTM call buying (LEAPS)

Dual read: Bought to open for long-term bullish exposure.

Read-through: A small but notable bet on a significant rally (+15%) over the next ~6.5 months. Represents the longer-term bullish sentiment that contrasts with near-term defensive flow.

Institutional Positioning

Call additions: Minimal near-term. Long-dated OTM calls ($195 Oct '26) seeing interest.

Put additions: Concentrated at $157.50-$162.50 for April expirations (2nd and 10th).

GEX/DEX consistency: Partially. Positive GEX ($103M) suggests pinning support, but the aggressive put flow is betting against that force.

OI clusters: Major Call Walls: $180 (40.6K OI), $165 (21.9K), $200 (18.4K). Major Put Walls: $125 (16.6K), $140 (13.5K).

Hedging evidence: Yes. The volume in $160-$162.50 puts, especially near-term, is classic protective hedging for a long equity position against a pullback.

Max pain context: Spot ($169.66) is well above near-term max pain ($160 for 3/27, $167.50 for 4/2). This creates a gravitational pull lower, which the put flow is betting on.

Signal vs Noise

~Massive net premium from $65-$90 calls is almost certainly noise — these are deep, deep OTM legacy positions or index/ETF-related, not directional bets on XOM.

~The $170 strike shows high two-way premium flow ($3.5M calls vs $1.75M puts), indicative of heavy trading at-the-money, likely including dealer hedging and spread activity, not a clear directional signal.

~Some of the near-term put flow could be traders selling puts (cash-secured or covered) against the $160 max pain level, which would be neutral/bullish, not bearish. The high vol/OI ratios, however, lean toward buying.

Key Conclusions

🛡️Defensive positioning dominates near-term flow with large put blocks at $160-$162.50.

🧲Spot sits above max pain with positive GEX, creating a pinning force lower toward $167.50-$160.

📅Long-dated OI remains heavily call-biased, indicating the bearish flow is likely tactical/hedging, not a structural shift.

Read the Flow analysis for XOM. 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.