thetaOwl
HomeOptionsAMATReports

AMAT

Applied Materials, Inc.Close $527.48EOD only
Max Pain
$515.00
Next expiry Aug 7, 2026
Expected Move
±$19.30
3.7% from close
Price Gap
-12.48
Distance to max pain
IV Rank
23
Low premium
P/C OI
1.32
Slightly put-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Aug 6, 2026 close
End-of-day snapshot

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

Published Snapshot
Aug 6, 2026 close
AMAT Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from June 23, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Wait
Invalidation: Spot breaks below $550 or above $623
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.5% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 85.5% vs VIX 19.5: ~4.4x
Favorable?
Yes

Term structure: Front-end elevated (89.5% at 3d), backwardation to ~70% for longer tenors.

📊IV far above VIX; high premium selling opportunity

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+6.1M)

Gamma flip: ~$430.00 — Approx — based on put OI concentration of 1,673 (26.6% below spot)

OI concentrations: Put floor $300-$430; call wall $650-$800; max pain $550 (Jun26), $525 (Jul2,10)

Verdict: Pinning risk near $550; gamma flip at $430 supports downside protection.

Premium Opportunities

#1
Short strangle
Sell 2026-07-17 $510.00 put + sell $700.00 call
Sell put and call OTM to collect rich premium from elevated IV.
Credit: $25.67-$31.38
Max loss: Unlimited
BE: 478.62 / 731.38
Mgmt: Monitor spot near $580-$610; adjust strikes to maintain delta neutrality; close before earnings.
#2
Call diagonal
Sell 2026-07-17 $650.00 call / buy 2026-08-21 $620.00 call
Sell near-term call, buy longer-term call for net credit with upside protection.
Debit: $32.42-$39.63
Max loss: $39.63
BE: Path-dependent
Mgmt: Exit near-term leg before earnings; roll back-month if spot rises above $650.

Risk Alerts

!Spot 6.5% above max pain
!Dealers net long gamma
!High put skew suggests tail risk
How to Use These Reports
This theta reflects the market close on June 23, 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.