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AVGO

Broadcom Inc.Close $481.57EOD only
Max Pain
$420.00
Next expiry Jun 5, 2026
Expected Move
±$43.30
9.0% from close
Price Gap
-61.57
Distance to max pain
IV Rank
100
High premium
P/C OI
1.12
Slightly put-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Jun 2, 2026 close
End-of-day snapshot

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

Published Snapshot
Jun 2, 2026 close
AVGO Directional Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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You are viewing an older report from April 17, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Bullish bias: dealers net-long gamma and sustained bullish flow are pinning AVGO into the upper end of tactical ranges, favoring continuation toward resistance ~420–430 if market breadth holds; downside limited by dealer pinning and support ~392.

Confidence:
8 / 10
Base score supported by large positive GEX, dealer long delta and bullish flow; trimmed slightly by spot distance above MP and elevated IV.
Supports: Positive dealer GEX, net long dealer delta, bullish option flow, pinning to higher max-pain levels.
Conflicts: Spot materially above major max-pain cluster; high IV can compress or reprice on negative news.
📌Dealers +83.6M GEX and +56.1M shares delta are pinning price into 420–430 zone
⚠️Spot ~16–17% above concentrated max-pain puts (~$360 gamma flip) — gap risk if flow reverses
📈IV elevated vs VIX—term-kinks around near expiries

Regime Classification

Vol Regime
High
High IV vs historical for AVGO — options priced rich relative to realized; near-term expiries elevated.
Gamma Regime
Pinning
Pinning regime: large positive GEX and concentrated short-dated put OI below spot keeping dealers long gamma and hedged toward higher prices.
Flow Regime
Bullish
Net bullish premium flow — dealers selling premium and positioning to support upside pin.
Spot vs Max Pain
Above
Spot sits above multiple max-pain pins (348–372) and inside upper guardrail; price currently biased higher and likely pinned into resistance band.
Thesis duration: Event-specific — Short-dated expiries and concentrated OI clusters across next expiries drive near-term pinning and biased continuation.

Price Range Forecast

Next 2 days
$385.07$428.01
Dealer GEX pinning toward upper 2d guardrail ~428
Next 1 week
$382.86$430.23
Continuation likely if breadth holds; watch 382–430 range
Next 2 weeks
$392.24$420.84
Mean-reversion risk increases; support ~392, resistance ~420

Key Levels

Max pain pins: $348 (2026-04-17); $372 (2026-04-20); $368 (2026-04-22)
EM guardrails: 2d $385.07/$428.01; 1w $382.86/$430.23
Support: $392.24
Resistance: $420.84
Gamma flip: ~$290.00 — Approx — based on put OI concentration of 13,147 (28.7% below spot)
Structural: 2d guardrails 385.07/428.01; 1w 382.86/430.23; support ~392.24; resistance ~420.84; gamma flip ≈ $360 (put OI concentration).

Dealer Positioning (GEX/DEX)

GEX: $+83.6M

DEX: +56.1M shares

Gamma flip: ~$290 (Approx — based on put OI concentration of 13,147 (28.7% below spot))

NTM gamma: +83.6M GEX net long; +56.1M shares delta long; gamma flip ≈ $360 (puts concentrated ~16–17% below spot).

IV Analysis

IV vs VIX: AVGO IV is rich versus VIX and sector peers, indicating elevated option demand and higher hedging costs — favors premium sellers but increases tail risk for buyers.

Term structure: Steep near-term term-structure with kinks around upcoming expiries where OI clusters, implying event-led repricing risk.

Skew: Put concentration below spot creates skew; actionable to sell short-dated premium against expected pinning, but risky if flow reverses.

Flow Analysis

Net premium: Net premium large and positive, call-skewed (P/C vol 0.68); put OI modestly elevated (OI ratio 1.13).

Directional prints: 13.3 put 400 OTM 2026-04-17 — Large same-day 400 put block (vol/oi 25.9). Could be aggressive buy of puts or dealer sell; label uncertain. Request trade timestamp, sweep/contra info to infer execution side. 37.7 call 420 OTM 2026-04-24 — High-volume 4/24 420 calls—consistent with directional call buying or opening call spreads. Execution-side unclear; time/sweep/contra would clarify. 43.8 call 395 ITM 2026-05-08 — Large 5/8 395 calls with elevated IV. Likely leveraged bullish exposure but exact intent (buy, spread, or replacement) is uncertain without contra/timestamp data.

Unusual: 50.5 put 365 OTM 2026-04-20 — Short-dated 365 puts with extreme IV and vol/oi 16.2—unusual sizing; could be hedge or aggressive buying. Need trade-level details to adjudicate. 51.8 call 345 ITM 2026-05-08 — 5/8 345 calls show outsized premium (last 61.37) and atypical size—possible stock-replacement or block buy, but execution-side not confirmed; request sweep/contra/time info.

Risks & Catalysts

!Market breadth reversal erodes dealer pinning and triggers rapid unwind
!Negative corporate/sector news spikes IV and breaks pin; gap to gamma-flip (~$360) exposes large hedging moves
!High IV can compress quickly, creating sharp repricing and liquidity stress

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-06-18 $420.00/$470.00 call spread
Why now: Dealers net-long gamma, sustained bullish flow and call-skew make a defined-risk call spread efficient into/through earnings; use expiration after 2026-06-03 to capture post-earnings follow-through.
Earnings-driven IV spike or market-breadth reversal can gap/flip liquidity and rapidly compress or widen spreads.
Put credit spreadModerate
Sell 2026-06-18 $380.00/$330.00 put spread
Why now: Neutral-to-bullish defined-risk premium sale that benefits from range pinning into earnings. Next earnings expected before 2026-06-18, so 2026-06-18 expirations occur after earnings.
Gap below put wing or IV spike on bad news
Cash-secured putModerate-Weak
Sell 2026-06-18 $380.00 cash-secured put
Why now: Bullish bias with willingness to own AVGO around dealer support ~392–400. Next earnings expected before 2026-06-18, so 2026-06-18 expirations occur after earnings.
Assigned into widened gap or rapid IV compression
Bullish risk reversalConditional
Buy 2026-06-18 $440.00 call / sell 2026-06-18 $350.00 put
Why now: Skewed trade that benefits from strong upside continuation while providing financing via put sale. Next earnings expected before 2026-06-18, so 2026-06-18 expirations occur after earnings.
Large put assignment or IV jump on negative surprise

Top Plays

#1
Buy 6/18 420/470 call spread
Buy 2026-06-18 $420.00/$470.00 call spread
Long-dated call spread captures upside toward 420–430 resistance with capped cost and limited downside if pinning holds.
Why this play: Defined-risk way to express bullish continuation into/after earnings while leveraging dealer net-long gamma and call skew.
Debit: $13.68-$16.72
Max loss: $16.72
BE: $436.72
Mgmt: Enter near mid/low of entry_range; trim into sharp IV compression or sell calls if price nears resistance; cut if price breaks below 392.
Traders wanting directional upside with limited risk around earnings.
#2
Sell 6/18 380/330 put credit spread
Sell 2026-06-18 $380.00/$330.00 put spread
Defined-risk short put spread profits if price stays above ~380, capitalizing on pinning and time decay.
Why this play: Collect premium from range-pinning; favorable if breadth keeps AVGO above dealer support into earnings.
Credit: $11.09-$13.56
Max loss: $36.44
BE: $366.44
Mgmt: Initiate near offered credit; roll/down or close if price trades below 392 or if market breadth deteriorates.
Income-oriented traders comfortable with defined but asymmetric downside.
#3
6/18 440C / 350P risk reversal
Buy 2026-06-18 $440.00 call / sell 2026-06-18 $350.00 put
Long call upside with put financing expresses conviction in continuation while increasing assignment/large-loss risk on downside gap.
Why this play: Asymmetric bullish exposure financed by put sale; highest upside but material tail risk if pin breaks.
Debit: $8.10-$9.90
Max loss: $350.00
BE: $350.00
Mgmt: Monitor IV and breadth; hedge or unwind put leg if negative news or breach of 392 occurs; scale into calls on confirmed follow-through.
Aggressive directional traders seeking leveraged upside and willing to accept assignment risk.

Watchlist Triggers

Entry Triggers
IFIF AVGO trades ≥420 and 5-day AD% (advances-minus-declines as % of issues) >0 and 5-day avg volume ≥50% of ADV → THEN buy 2026-06-18 call spread: long 420 / short 470, target fill ≤ mid-price of 13.68–16.72; trim 25% on IV collapse ≥20% or target price in 420–430; cut all if AVGO closes <392 on daily basis.
IFIF AVGO is ≥392 and <420 and 5-day AD% between 0 and +3% with 5-day avg volume ≥40% ADV → THEN sell 2026-06-18 put credit spread: short 380 / long 330, take credit within 11.09–13.56; close or roll wider if AVGO closes <392 or 5-day AD% drops below 0%.
IFIF AVGO trades ≥430 and 5-day AD% >+3% and 5-day avg volume ≥60% ADV → THEN enter bullish risk reversal: buy 2026-06-18 440C and sell 2026-06-18 350P (buy call, sell put), target net debit ≤9.9 or net credit ≥8.1 depending on quotes; if assigned on short 350P, buy stock and hedge by selling the 440C or buying protective calls.
Adjustment Triggers
ADJIF AVGO breaks and closes below 392 or 5-day AD% falls below 0% → THEN close or materially hedge all bullish and short-put exposure (close call spreads, buy protective puts, or convert short puts to collars); consider moving to flat if AVGO closes <360.

Tactical Summary

Bullish bias while AVGO >392; confirmation zone ≥420–430 with volume and AD% thresholds. Primary downside invalidation at daily close <392; deeper gamma-flip/structural risk below ~360.
How to Use These Reports
This directional reflects the market close on April 17, 2026.
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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.

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