Near-term options signal: moderately bullish, but more likely a controlled/range-bound advance than an unrestricted breakout.
Snowflake (SNOW)
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closed at US$325.43 on 2026-10-24 , up 3.65%. The options market is leaning constructive into the 2026-10-30 weekly expiry :
Call demand is leading: the chain call/put ratio is 1.88 , while the unusually active contracts include US$320 and US$330 calls expiring 2026-10-30. This is more informative than the 0.53 put/call figure cited, which may reflect a different timing or measure.
Positive gamma favors consolidation rather than a volatility spiral: net GEX is positive at spot, with a zero-gamma level near US$316.94 — 2.61% below the close. Holding above that area generally supports dealer hedging that dampens swings.
US$330 is the near-term pivot: max pain is US$330 , only 1.40% above spot. It can act as a plausible expiry-week magnet, not a guaranteed destination.
US$340 is the first material upside friction point: it is the main call-GEX wall, about 4.48% above spot. A sustained move through it would be more constructive; otherwise, call-related hedging may slow the advance.
Volatility is elevated in absolute terms but not unusually stretched: 30-day IV is 58.12% , versus IV/HV of 1.06 and an IV percentile of 42.63% . The chain’s expected move is US$27.19 , or 8.35% of spot. In other words, the market is pricing meaningful movement, but not an extreme volatility premium relative to its own recent history.
Practical read: The positioning supports a near-term bias toward US$330 , with a potential test of US$340 if call demand persists. Below roughly US$317 , the positive-gamma backdrop weakens, which could allow downside moves to become less contained.
Key caveat: Some large trades are multi-leg or hedging structures, so call-heavy volume alone is not proof of outright bullish conviction. Also, the largest put-GEX and put open-interest concentration is at US$335 , showing substantial two-sided positioning around the low-to-mid US$330s rather than a clean one-way bet.
Snowflake
325.43
11.47
+11.47(3.65%)
Post-market:
324.51
-0.9200
-0.28%
19:59 EDT
Information is for reference only and does not constitute investment
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