thetaOwl

ASML

ASML Holding N.V. - New York ReClose $1550.13EOD only
Max Pain
$1482.50
Next expiry May 22, 2026
Expected Move
±$59.25
3.8% from close
Price Gap
-67.63
Distance to max pain
IV Rank
26
Middle-high premium
P/C OI
1.33
Slightly put-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: May 20, 2026 close
End-of-day snapshot

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

Published Snapshot
May 20, 2026 close
ASML Earnings Report
Analysis based on market close April 2, 2026

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

You are viewing an older report from April 2, 2026. A newer earnings report is available for April 6, 2026.

View latest report

Earnings Verdict

Earnings confirmed for 4/15, with IV sharply elevated in the 4/17 expiration (60.7%). The high IV, historical tendency to beat EPS, and elevated expected move favor premium-selling strategies. However, the pro-cyclical gamma regime and spot below max pain increase directional risk. Best strategy is a defined-risk iron condor to capture IV crush while managing gap exposure.

Confidence:
6.5 / 10
base 5; +1 high IV (58%) and clear term structure kink; +0.5 historical data shows consistent EPS beats; +0.5 earnings date now explicit; -0.5 gamma trending (pro-cyclical) increases gap risk
Most important: Earnings date is now explicit (4/15), confirming the IV kink at the 4/17 expiration. Spot is below near-term max pain, and gamma is trending, increasing the risk of an accelerated move.
📅Earnings date confirmed for 4/15, aligning with IV kink at 4/17 expiration.
⚠️Gamma regime is more negative (GEX -$4.4M vs -$2.4M). Risk of an accelerated move has increased, particularly to the downside.
📊Historical EPS beat rate is 100% over last 3 quarters, with an average surprise of +6.0%.

Regime Classification

Vol Regime
High (IV 58%)
Gamma Regime
Trending (GEX $-4.4M — pro-cyclical)
Flow Regime
Mixed (net prem $28.2M, P/C 1.54)
Spot vs MP
Below max pain by 2.4% (spot $1317.23 vs MP $1350)
Gamma flip: ~$1245.00Below ~$1245, negative GEX suggests dealers amplify downside moves.

Earnings Overview

Next earnings: 2026-04-15 (13 days)explicit

Expected moves:

  • 4/17 (15d): ±$133.40 (10.1%) [$1183.83 - $1450.63]

IV Setup

Term structure: Sharp kink at 4/17 expiration (60.7%) vs 48.5% on 4/10 and 58.8% on 4/24. Confirms earnings event.

Crush estimate: ~10-12 vol pts post-earnings, back to ~50% range.

Skew: P/C OI ratio of 1.40 and P/C Volume ratio of 1.54 show put bias. Top premium flow is heavily call-biased at low strikes ($340, $770), suggesting institutional/hedge flow.

Historical Context

Beat rate: 100% (3/3 quarters with EPS data)

Avg move vs expected: Insufficient price move data, but 3-quarter EPS surprise avg: +6.0%.

Directional bias: Mixed: 2 gaps up, 1 gap down on last report.

Key Levels

1$1245 (Gamma Flip / Major Put OI)
2$1400 (Call OI Wall)
3$1350 (Near-term Max Pain)
4EM Bounds: $1180 - $1450

Flow Highlights

Heavy $1310P, $1305P, $1315P buying in 4/02 expiration (2-2.5x volume/OI)

Near-term downside protection or speculation ahead of earnings week, but IV is low (12-17%).

Large $790P 4/24 block (527 vol, IV 103.2%)

Extreme OTM put purchase, likely a cheap tail hedge or part of a complex strategy, not a direct earnings bet.

Massive net call premium at ultra-low strikes ($340, $770).

Likely non-directional institutional flow (e.g., collar rolls, financing trades). Disregard for directional signal.

Strategies

Iron Condor (Defined Risk)
Sell $1200/$1180 Put Spread x Sell $1440/$1460 Call Spread 4/17
Credit: $9.00-$11.00
Max loss: $11.00
Max gain: $10.00
BE: 1191.0 / 1449.0
Trigger: Enter 2-4 days before earnings if IV on 4/17 expiration > 58%.
Defined-risk premium capture. Strikes are inside the expected move bounds, offering a higher probability of success. Aligns with spot below max pain and historical EPS beat rate, suggesting potential for a neutral-to-positive reaction.
Outperforms: Stock stays between $1200 and $1440 (within ~9% of spot).
Underperforms: Move exceeds ~9% in either direction, breaching short strikes.
Short Strangle (Premium Sale)
Sell $1180 PUT / Sell $1450 CALL 4/17
Credit: $45.00-$55.00
Max loss: Unlimited
Max gain: $50.00
BE: 1135.0 / 1495.0 (approx)
Trigger: Enter 3-5 days before earnings if IV > 60% and spot is stable.
Higher premium capture than the iron condor, but undefined risk. Justified by high IV and the expectation of a contained move. Requires careful risk management due to the trending gamma regime.
Outperforms: Stock stays within a wide range (~$1150-$1480), IV crushes post-earnings.
Underperforms: Gap exceeds EM by >20% ($110 or ~8.5%).
Put Ratio Spread (Cautiously Bullish)
Buy 1x $1240 PUT / Sell 2x $1200 PUT 4/17
Credit: $8.00-$12.00
Max loss: $32.00
Max gain: $12.00
BE: 1168.0
Trigger: Enter if spot shows strength above $1300 and IV remains elevated.
A credit spread that profits from a neutral-to-bullish outcome and IV crush. It provides a buffer down to $1200, near the gamma flip and major put OI level. Aligns with historical EPS beat tendency and spot below max pain suggesting potential for a rally towards it.
Outperforms: Stock is flat to up post-earnings, or has a limited drop (stays above $1200).
Underperforms: Stock gaps down below $1168, with max loss below $1200.

Risk Assessment

!Gap Risk: Elevated. 10.1% EM is significant. Pro-cyclical gamma (GEX -$4.4M, increased from -$2.4M) means any directional move could be amplified by dealer hedging, increasing gap potential, especially to the downside.
!IV Crush: Significant. Expect IV to drop from ~61% to ~50% post-event, punishing long premium strategies and rewarding short premium.
!Liquidity: Good. High OI at key strikes ($1245P, $1400C), ample strikes available. Top premium flow is concentrated in low-dollar strikes, which is atypical but not a liquidity concern for near-ATM earnings plays.
!Sizing: Size short premium strategies small (1-2% risk capital). The increased negative GEX and trending gamma regime warrant extra caution against runaway moves.

What to Watch

?IV trajectory in the 4/17 expiration over the next week — stability or further spikes improve short premium entry.
?Spot price action relative to the $1245 gamma flip level and $1350 max pain. A break below $1245 could trigger accelerated selling.
?Any unusual OTM call or put activity in the 4/17 expiration for clues on institutional positioning ahead of earnings.
How to Use These Reports
This earnings reflects the market close on April 2, 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.