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AVGO

Broadcom Inc.Close $399.63EOD only

Max Pain

$375.00

Next expiry Apr 22, 2026

Expected Move

±$10.65

2.7% from close

Price Gap

-24.63

Distance to max pain

IV Rank

Low premium

P/C OI

1.17

Slightly put-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 20, 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

Apr 20, 2026 close

AVGO Directional Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Mildly bullish-to-neutral: dealer long-gamma and positive GEX are pinning AVGO into the lower-mid range (~$385–$395) near short-dated max pain; upside exists toward $420+ if market breadth stabilizes but pin pressure limits fast rallies.

Confidence:

8 / 10

High IV, dealer +GEX and DEX long shares, clustered short-dated put OI at $385–$395, spot ~4.5% above midpoint.

Supports: Positive dealer GEX; clustered short-dated put OI (max pain $385–$395); elevated IV sustaining premium.
Conflicts: Mixed flow and spot above MP (~4.5%) leaves gap risk if broad market weakens; VIX adds event tail risk.

📌Dealer +$56M GEX likely pins into $385–$395 short-dated max pain

⚖️High IV vs market keeps premium rich—favors premium sellers if gamma wanes

Regime Classification

Vol Regime

High

High IV vs history; front-end premium elevated, supporting near-term protection and seller interest.

Gamma Regime

Pinning

Pinning regime: meaningful positive GEX concentrated into short-dated puts; estimated gamma flip well below spot (~$300).

Flow Regime

Mixed

Net dealer long-gamma with DEX long-share accumulation; mixed client flow but dealers net supportive of pin.

Spot vs Max Pain

Above

Spot sits ~4.5% above clustered max pain ($385–$395), creating upside friction and pinning toward that band.

Thesis duration: Event-specific — Short-dated put clusters and dealer GEX indicate near-term pin risk through upcoming expiries.

Price Range Forecast

Next 2 days

$393.35$411.00

Expect consolidation and pinning into $385–$395; intraday spikes above may meet resistance but likely revert.

Next 1 week

$384.30$420.05

If broad market steadies, upside to ~$420; otherwise remain tethered to $385–$395 cluster.

Next 2 weeks

$374.37$429.97

Extended move to $430+ possible if IV decays and dealers reduce pinning.

Key Levels

Max pain pins: $385 (2026-04-22); $370 (2026-04-24); $395 (2026-04-27)

EM guardrails: 2d $393.35/$411.00; 1w $384.30/$420.05

Support: $385.00 · $374.37

Resistance: $429.97

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 12,938 (25.4% below spot)

Structural: 2d guardrails $385.00/$395.00; 1w $384.30/$420.05; structural support $374.37; resistance $429.97; near-term max pains $385 (4/22), $370 (4/24), $395 (4/27).

Dealer Positioning (GEX/DEX)

GEX: $+56.3M

DEX: +48.1M shares

Gamma flip: ~$300 (Approx — based on put OI concentration of 12,938 (25.4% below spot))

NTM gamma: Dealer GEX +$56.3M, DEX +48.1M shares; net long-gamma supporting pinning; gamma flip estimated near $300 (put OI concentrated ~25% below spot).

IV Analysis

IV vs VIX: AVGO IV rich vs VIX; elevated stock volatility makes selling premium attractive but risky vs gap moves.

Term structure: Front-month IV elevated with kinks at 4/22–4/27 expiries matching max-pain clusters; term-structure eases into longer expiries.

Skew: Put-heavy skew below spot; tactical: defined-risk short premium (credit spreads) in nearest expiries while hedging gap risk.

Flow Analysis

Net premium: Very large net premium (~$80.86M) with PC OI skew toward puts (PC OI ratio 1.19); flow reads bearish/put-hedge heavy rather than bullish.

Directional prints: 42.7 put 395 OTM 2026-04-22 — Huge same-day 395P (vol 2891, vol/oi 12.9) — aggressive short-dated put buying or block sells; leans downside hedge/assignment risk. 39.3 call 420 OTM 2026-04-27 — Large 4/27 420C (vol 4774, vol/oi 11.6) — directional call accumulation or dealer sell gamma; bullish near-term exposure. 38.4 call 402.5 OTM 2026-04-22 — Same-day 402.5C (vol 3134, vol/oi 11.2) — concentrated short-dated call flow consistent with pinning/hedge adjustments.

Unusual: 52 put 370 OTM 2026-04-22 — Very large 370P block (vol 5900, OI 712) but tiny print price — likely hedge rolls or near-zero bid trades. 43.6 put 420 ITM 2026-05-15 — May 420P sizable trade (vol 576, vol/oi 5.7) with high notional (last 27.62) — structured downside protection or synthetic.

Risks & Catalysts

!Broad market selloff (SPY/QQQ weakness) overcoming dealer pinning

!IV spike from company-specific or macro news creating downside gaps

!Gamma flip if dealers hedge away long-gamma quickly, removing pin support

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-06-18 $380.00/$360.00 put spread Why now: Collect premium against dealer pinning; limited risk if broad market sells through support.	Gamma/IV spike around macro or company news can widen losses
Iron condor	Moderate	Sell 2026-06-18 $380.00/$370.00 put wing and $450.00/$460.00 call wing Why now: High net premium environment and put-heavy flow supports selling premium in defined wings.	Large IV move or dealer gamma flip causing sharp move through wings
Call diagonal	Moderate-Strong	Sell 2026-06-18 $410.00 call / buy 2026-07-17 $430.00 call Why now: May capture elevated near-term IV and dealer pinning; back-month retains upside to 420+.	Short leg reprice if IV collapses or stock gaps up hard
Long call	Moderate	Buy 2026-07-17 $410.00 call Why now: Own asymmetry if market breadth improves and pin pressure eases.	Premium loss if pinning persists or market weakens
Short strangle	Conditional	Sell 2026-06-18 $380.00 put + sell $450.00 call Why now: Max premium now; capitalizes on put-heavy flow and dealer pinning while keeping tails unmanaged.	Tail risk from IV spike or broad market selloff causing outsized loss

Top Plays

Defined-risk iron condor

Sell 2026-06-18 $380.00/$370.00 put wing and $450.00/$460.00 call wing

Sell 6/18 380/370 put wing and 450/460 call wing to harvest elevated premium while limiting tail risk.

Why this play: Best risk-adjusted way to sell premium given large put-heavy premium and dealer pinning; small max loss and collects balanced credit.

Credit: $5.36-$6.55

Max loss: $3.45

BE: 373.45 / 456.55

Mgmt: Close or roll if spot nears either wing (≈370 or 450) or if IV collapses; tighten wings before earnings if gamma increases.

Traders wanting income with capped downside and limited margin.

Put credit spread

Sell 2026-06-18 $380.00/$360.00 put spread

Sell 6/18 380/360 put spread to collect premium betting pin holds into lower-mid range.

Why this play: Higher yield vs. iron condor while expressing mild bullish-to-neutral thesis and pin support; limited defined risk.

Credit: $6.23-$7.62

Max loss: $12.38

BE: $372.38

Mgmt: Trim/close if price breaks below 385 invalidation or market breadth deteriorates; consider rolling wider/down if assigned risk rises.

Income traders comfortable with directional put exposure and assignment risk.

Call diagonal

Sell 2026-06-18 $410.00 call / buy 2026-07-17 $430.00 call

Sell 6/18 410 call and buy 7/17 430 call to monetize near-term pinning while retaining upside optionality.

Why this play: Directional upside exposure with limited near-term risk; captures elevated short-term IV and back-month upside to 420+.

Credit: $2.16-$2.64

Max loss: $0.01

BE: Path-dependent

Mgmt: Manage sales if rally accelerates past 410; harvest premium or roll if IV mean-reverts.

Traders seeking asymmetric upside with low cash at risk.

Watchlist Triggers

Entry Triggers

IFIF AVGO stays 385–395 for 3 trading sessions AND 20d IV percentile ≥40 AND offered credit for iron condor ≥$5.36 → THEN enter s2 iron condor: sell 6/18 380/370 put wing and 450/460 call wing at mid/offer within $5.36–$6.55 credit

IFIF AVGO pins ~385–395 AND spot >385 AND RSI(14) <60 AND offered credit for put spread ≥$6.23 → THEN enter s1 put credit spread: sell 6/18 380/360 put spread at mid/offer within $6.23–$7.62 credit

IFIF AVGO shows upside momentum: close >400 for 3 sessions AND 10d MA slope >0 AND call diagonal debit ≤$2.64 → THEN enter s3 call diagonal: sell 6/18 410 call / buy 7/17 430 call at mid within $2.16–$2.64 debit

Adjustment Triggers

ADJIF price ≤385 OR daily close <374.37 OR SPX declines >3% in a session → THEN tighten/close put-side: buy back short puts or roll down 1–2 strikes or close iron condor; cut risk immediately

ADJIF rally accelerates: spot ≥410 for 2 sessions OR 20d IV percentile drops below 25% → THEN buy back short calls on iron condor and call diagonal or roll up+out to reduce gamma; take profits per target

Exit Triggers

EXITIF price ≥450 OR any short wing is touched (put wing ≤ strike or call wing ≥ strike) OR max predefined loss hit → THEN exit/close affected wings on iron condor, close put spreads, or unwind call diagonal; realize P/L

Tactical Summary

Mildly bullish-to-neutral into earnings: sell defined premium while pinned 385–395 using measurable IV/credit and technical triggers. Use call diagonal to participate if sustained upside (>400). Defend under 385/374 and trim short calls above 410; exit when short wings are touched or price reaches 450.

How to Use These Reports

This directional reflects the market close on April 21, 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.