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ASML

ASML Holding N.V. - New York ReClose $1592.00EOD only
Max Pain
$1495.00
Next expiry May 22, 2026
Expected Move
±$34.95
2.2% from close
Price Gap
-97.00
Distance to max pain
IV Rank
32
Middle-high premium
P/C OI
1.31
Slightly put-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: May 21, 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 21, 2026 close
ASML Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short Volatility
Invalidation: Spot breaks below $1400 gamma flip
Confidence:
4 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.3% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV 54.7% vs VIX 16.7 — elevated
Favorable?
Yes

Term structure: 0 DTE ATM IV 7.9% spikes to 44% at 7DTE; contango flattens after

📊Put skew steep; high put/call OI 1.32 signals hedging
🔔GEX +$13.7M, pinning to $1550 max pain

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+13.7M)

Gamma flip: ~$1400.00 — Approx — based on put OI concentration of 3,279 (14.3% below spot)

OI concentrations: Max pain $1550 (0dte), $1470 (7dte), $1460 (14dte). Put floor $1150-$1500.

Verdict: Spot $1690 above max pain but gamma pinning may pull price toward $1550

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $1520.00/$1360.00 put wing and $1880.00/$2100.00 call wing
Sells out-of-the-money options on both sides to profit from volatility contraction post-earnings.
Credit: $68.89-$84.20
Max loss: $135.80
BE: 1435.80 / 1964.20
Mgmt: Close if spot breaches $1520 or $1880 before expiry. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.
#2
Put credit spread
Sell 2026-06-26 $1600.00/$1465.00 put spread
Sells put spread to collect premium on bullish view, limiting loss if trend reverses.
Credit: $42.52-$51.98
Max loss: $83.02
BE: $1548.02
Mgmt: Exit if spot drops near $1585 invalidation level. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Open interest below 25.

Risk Alerts

!High put/call OI ratio (1.32) suggests downside protection buildup
!0 DTE IV collapse — watch for expiration volatility
!Spot above resistance $1697.55 — potential rejection
How to Use These Reports
This theta reflects the market close on May 22, 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.