ISRG was call-heavy before earnings and still dumped nearly 10% after hours. Options flow doesn't tell the whole story

Looked at this one closely. $ISRG closed up over 3% at $402, session high touched $405. Options tally showed 16,177 calls vs 10,649 puts, so on the surface it looked bullish going into the print.

Then after hours it slid all the way down to around $358. That's nearly 10% below the regular close. Overnight it was sitting around $362.

The call-heavy flow meant nothing. Spreads, hedges, existing positions, all of it can make the raw call/put ratio look way more directional than it actually is. Been burned before trusting surface-level flow reads.

The better move was checking implied volatility, delta, and volume against open interest in the nearest expiration cycle on the moomoo options screener. That comparison actually shows where the real risk is concentrated, not just which side has more contracts.

So the question isn't "more calls than puts = bullish," it's "are those calls actually expressing directional bets or just covering something." Anyone else been caught offsides by misleading flow data lately?