Flow Recap | March 10, 2026

Welcome to AhamFlow — a daily options flow analysis newsletter. Each day, I break down notable institutional activity in the options market to help you understand what large players are positioning for.

Markets drifted lower in a choppy session on Tuesday as investors balanced war de-escalation hopes against reports of Iran deploying mines near the Strait of Hormuz. The S&P 500 fell 0.21% to 6,781.49. The Dow slipped 34 points (-0.07%) to 47,706.50. The Nasdaq was essentially flat at -0.04%.

The VIX retreated to 24.93 (-2.24%), continuing its pullback from Friday's 29.26 peak but still elevated. Oil dropped nearly 10% as Trump's "war is very complete" comments from Monday continued to deflate the crude rally — WTI fell to approximately $85.

Two major catalysts loom: Oracle reports earnings tonight after the close, and CPI data drops tomorrow morning. The market is holding its breath.

Oracle reported after Tuesday's close and beat across the board: adjusted EPS of $1.79 vs $1.70 expected, revenue of $17.19B vs $16.91B expected, and cloud revenue surged 44% to $8.9B. Remaining Performance Obligations hit $553B, up 325% year-over-year. The stock jumped as much as 10% in extended trading.

AhamFlow has been tracking ORCL flow accumulation for over a week — here's the full trail:

Today's ORCL flow was the most two-sided we've seen: $875K bullish vs $630K bearish. This is a notable change from the purely bullish accumulation of prior sessions.

Bullish positioning: $177K in $160C April, $293K in $160C January 2027 (2 fills), $88K in $195C July (6.5x Vol/OI — new positioning), and $155K in deep ITM $100C March.

Bearish positioning: $249K in $340P December 2027 (deep ITM LEAPS put), $212K in $160P March across 3 fills (near the money with 9 DTE), $90K in $150P March, and $78K in $130P January 2027.

The bulls who accumulated over the past week were vindicated tonight. The bearish flow that emerged today may have been hedging by the same players — locking in profits or protecting positions through the print.

Dark pool signal: ORCL saw $9.2M in dark pool volume across 39 prints today at approximately $162.49 per share. This was the heaviest single-day ORCL dark pool activity we've tracked — and the dark pool prints at $162.49 were significantly above the $149.40 closing price, suggesting earlier institutional accumulation at higher levels.

Tuesday's flow showed 160 bullish signals versus 90 bearish, with bullish premium of $30.5M vs $12.0M bearish — a strong 2.5:1 bullish lean.

TSLA $510C May 2026 — $3.35M across 5 fills, up to 14.9x Vol/OI

The day's largest single-name bullish positioning. Five fills at the same $510 strike with Vol/OI ratios of 9-15x — almost entirely new positioning. At a $510 strike with TSLA near $399, these are 28% out-of-the-money calls with 65 days to expiry. Additional TSLA bullish flow at $400C January 2027 ($769K across 3 fills). Total TSLA bullish premium: $4.6M vs $555K bearish.

NVDA — 41 fills, $7M total, heavily two-sided

NVDA saw the most fills of any name but was net bearish: $2.2M bullish vs $4.8M bearish. The bearish side was dominated by $3.4M in $340P December 2027 across 20 fills. Bullish highlights: $966K in deep ITM $40C June (stock replacement), $394K in $91C December, and $1.2M in $180C September (from Monday). The tug-of-war between long-term bulls and near-term hedgers continues.

SNDK — $410C December 2028, $2.5M total

Three fills of LEAPS call accumulation totaling $1.8M at the $410 strike, plus additional fills at $410C. With SNDK at $620, the $410 calls are deep in-the-money. Sandisk remains one of the most consistently accumulated names in the flow data this month.

VRT (Vertiv) — $280C June 2026, $1.3M

A single large fill on the electrical equipment/data center infrastructure company. With VRT at $269, this is a slightly OTM call with 99 days to expiry. Vertiv benefits from the data center buildout theme.

LMT (Lockheed Martin) — $320C and $860C, $1.22M total across 5 fills

Defense sector flow: $266K in $320C March (deep ITM, 7x Vol/OI), $448K in $860C March (deep ITM), and $398K in $860C January 2027 LEAPS (4-6x Vol/OI). The Iran conflict continues to drive defense positioning.

META — $1.1M total, all bullish across 4 fills

$501K in $655C March (near the money with stock at $653) and $448K in $700C June. Continued bullish accumulation following yesterday's $4.2M day.

NVDA $340P December 2027 — $3.4M across 20 fills

The largest bearish flow of the day. Twenty fills at the $340 strike, led by a single $1.8M fill, with the remaining 19 fills ranging from $63K to $283K. A deep in-the-money LEAPS put (stock at $184, strike at $340) representing sustained long-term hedge or bearish thesis positioning.

DAL (Delta Air Lines) — $67.50P May 2026, $2.87M across 16 fills

Heavy near-term put buying on the airline with the stock at $59. These are in-the-money puts — the Iran conflict and surging jet fuel costs continue to pressure airlines. The two largest fills alone totaled $1.48M, with 14 additional fills showing sustained accumulation over several minutes.

AVGO (Broadcom) — $370P April 10, $353K, 60.8x Vol/OI

The highest Vol/OI signal of the day. Almost entirely new positioning on AVGO puts ahead of next week's earnings. With the stock at $342, this is an OTM put — a bearish bet or earnings hedge.

GOOG/GOOGL — $424K bearish vs $604K bullish

Mixed but the bearish side included a notable $192K in $345P April on GOOG. Google flow has been increasingly two-sided.

Note: Unusual options activity can reflect hedging, spread trades, or institutional strategies that may not be directionally motivated. A single flow signal should not be interpreted as a definitive indicator of future price movement.

ORCL dominated dark pool activity today: $9.2M across 39 separate prints (56,643 shares) at approximately $162.49 per share. This is by far the heaviest single-name dark pool day we've tracked for Oracle — and comes on earnings day.

MCHI (China Large-Cap ETF): $26M in a single massive block of 443,018 shares at $58.70. This is the largest single dark pool print in today's data.

MU: $4.1M across 18 prints (10,082 shares) at $407. MU pre-earnings dark pool accumulation has now been consistent for a full week.

NVDA: $3.9M across 15 prints (21,042 shares). Continued systematic accumulation.

SNDK: $4M across 17 prints (6,402 shares) at $590-$625.

TSLA: $2.7M across 14 prints (6,873 shares) at approximately $400.

IBIT (Bitcoin ETF): $3.8M in a single block (95,648 shares at $39.64). Bitcoin-related institutional flow as BTC climbed back above $70K.

Key signals carrying forward from yesterday's data:

Persistent hedging: NVDA $160P April — now 17 consecutive days of OI increases. SPY $660P March 13 — 8 days. HYG $75P April — 9 days. XLF $47.50P March — 5 days. These multi-day hedges remain in place despite the VIX retreat.

Bullish accumulation: GDX $90C May — 4 days ($48M prior premium). XLF $52C March/September — up to 13 days. AAL $13C April — 7 days.

February CPI drops tomorrow at 8:30 AM ET. After the hot PPI two weeks ago and Friday's -92K NFP shock, this is the single most important data point for determining whether the Fed can cut rates or whether stagflation fears are justified.

The flow data shows institutions are positioned for both outcomes — heavy index put hedges suggest downside protection is in place, while concentrated single-name bullish bets (TSLA, META, SNDK, MU) suggest some players are positioned for a relief rally.

AhamFlow analyzes publicly available options flow data to identify notable institutional positioning. The goal is to provide context on what large market participants appear to be doing — not to tell you what to do.

Daily flow alerts are shared on X/Twitter at @AhamFlow.

— The AhamFlow Team

DISCLAIMER: AhamFlow is published by Babu Ventures LLC (d/b/a FinPub) for informational and educational purposes only. Nothing contained in this newsletter constitutes investment advice, a recommendation, or a solicitation to buy or sell any securities or other financial instruments. Options trading involves significant risk of loss and is not suitable for all investors. You should consult with a qualified financial advisor before making any investment decisions. The information presented is based on publicly available data and the author's analysis, which may contain errors or omissions. Past performance is not indicative of future results. The author may hold positions in securities mentioned in this newsletter. By reading this newsletter, you acknowledge that you are solely responsible for your own investment decisions.