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AVGO

Broadcom Inc.Close $479.23EOD only

Max Pain

$437.50

Next expiry Jun 5, 2026

Expected Move

±$42.77

8.9% from close

Price Gap

-41.73

Distance to max pain

IV Rank

100

High premium

P/C OI

1.10

Slightly put-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: Jun 3, 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 3, 2026 close

AVGO Directional Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish near June 5 expiry: negative gamma (-$6.5M) and spot 6.9% below max pain ($450) suggest drift to lower pin ~$385-400, despite bullish flow.

Confidence:

4 / 10

Base 5; -1 GEX/flow contradict; -1 spot vs MP; +1 VIX 15; net 4

Supports: Bullish flow, DEX +53.1M shares, high vol premium.
Conflicts: Negative gamma, spot below MP, VIX low vs high vol.

📉Negative gamma (-$6.5M) accelerates downside moves.

⚖️Spot $419 vs MP $450 (6.9% below) favors pin down.

📊Flow bullish but offset by high vol.

Regime Classification

Vol Regime

High

High vol: IV elevated vs typical range, near expiry event premium.

Gamma Regime

Trending

Negative gamma -$6.5M, flip ~$300 (deep put OI), trending.

Flow Regime

Bullish

Bullish net premium flow, offsetting some downside.

Spot vs Max Pain

Below

Spot $419, 6.9% below max pain $450 (June 5), bias to below.

Thesis duration: Event-specific — June 5 expiry next day; event-driven vol and gamma dynamics.

Price Range Forecast

Next 2 days

$407.14$430.69

Range 407-431; negative gamma pushes toward 407.

Next 1 week

$397.29$440.54

Range 397-441; post-expiry gamma neutralizes.

Next 2 weeks

$385.54$452.29

Range 386-452; resistance $450 caps.

Key Levels

Max pain pins: $450 (2026-06-05); $440 (2026-06-08); $435 (2026-06-10)

EM guardrails: 2d $407.14/$430.69; 1w $397.29/$440.54

Support: $385.54

Resistance: $450.00 · $452.29

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 13,771 (28.4% below spot)

Structural: Max pain $450 (June 5), gamma flip ~$300, support $385.54, resistance $450/$452.29.

Dealer Positioning (GEX/DEX)

GEX: $-6.5M

DEX: +53.1M shares

Gamma flip: ~$300 (Approx — based on put OI concentration of 13,771 (28.4% below spot))

NTM gamma: GEX -$6.5M (negative) implies dealer hedge on downside; DEX +53.1M shares shows bullish delta but gamma flip risk.

IV Analysis

IV vs VIX: IV rich vs VIX 15; high vol reflects event risk.

Term structure: Backwardated near expiry (June 5) due to event premium; longer tenors lower.

Skew: Put skew elevated; selling OTM puts (e.g., $400) if spot holds $385.

Flow Analysis

Net premium: Bullish net premium $356.6M, P/C vol 0.58, OI 1.10 suggests active call buying with put hedging.

Directional prints: 50.8 call 425 OTM 2026-06-05 — Vol 17802, OI 858, vol/OI 20.8. Likely bought for upside bet on near-term move. 45.9 call 420 OTM 2026-06-08 — Vol 5859, OI 274, vol/OI 21.4. Aggressive call buying targeting 420+ by 6/8. 51.7 call 427.5 OTM 2026-06-12 — Vol 2032, OI 102, vol/OI 19.9. Out-of-the-money call, bullish sentiment.

Unusual: 51.2 call 412.5 ITM 2026-06-05 — Vol/OI 72.4, extremely high. Likely bought, strong upside conviction. 54.5 call 410 ITM 2026-06-05 — Vol/OI 28.0, high. Aggressive buying of ITM call for directional exposure. 45.5 call 425 OTM 2026-06-08 — Vol/OI 23.8, high. Unusual volume in weekly OTM call, bullish anticipation.

Risks & Catalysts

!Earnings/news gap before expiry could amplify gamma squeeze.

!Gamma flip at $300 possible on black swan.

!Bullish flow wrong-footed if spot breaks $385.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-06-18 $400.00/$380.00 put spread Why now: Negative gamma and spot below max pain suggest pin lower; bear put spread limits cost.	Upside risk if spot rallies above short put strike; time decay works against spread.
Long put	Moderate-Weak	Buy 2026-06-18 $400.00 put Why now: High put volume and negative gamma support downside; long put offers convexity.	Time decay if spot doesn't move; volatility crush could hurt.
Put diagonal	Moderate	Sell 2026-06-18 $400.00 put / buy 2026-07-17 $380.00 put Why now: Near-term puts have elevated IV; calendar benefits from decay while maintaining bearish skew.	If spot rallies above short put strike, short leg could lose; requires patience.

Top Plays

Bear Put Spread 400/380

Buy 2026-06-18 $400.00/$380.00 put spread

Purchase of $400 put, sale of $380 put for defined downside risk.

Why this play: Best aligns with negative gamma and lower pin bias, limited cost.

Debit: $4.30-$5.25

Max loss: $5.25

BE: $394.75

Mgmt: Exit at expiration or if spot breaks $450 invalidation.

Traders seeking capped risk with bearish conviction.

Long Put $400

Buy 2026-06-18 $400.00 put

Outright put purchase for leveraged downside.

Why this play: Direct bearish play with convexity, but higher premium risk.

Debit: $7.16-$8.75

Max loss: $8.75

BE: $391.25

Mgmt: Set stop at 1.5x premium or spot above $450.

Aggressive traders anticipating sharp decline.

Put Diagonal Calendar

Sell 2026-06-18 $400.00 put / buy 2026-07-17 $380.00 put

Sell front-month $400 put, buy back-month $380 put.

Why this play: Captures near-term decay while maintaining bearish skew.

Debit: $2.18-$2.67

Max loss: $2.67

BE: Path-dependent

Mgmt: Roll if spot approaches $385.54 invalidation.

Traders expecting gradual decline with time decay benefit.

Watchlist Triggers

Entry Triggers

IFIF spot drops below $390 with bearish momentum and stays above $385.54 → THEN buy 2026-06-18 $400.00/$380.00 bear put spread near $4.30-$5.25

IFIF spot breaks below support $385.54 → THEN buy 2026-06-18 $400.00 put near $7.16-$8.75

Exit Triggers

EXITIF spot rallies above resistance $450 → THEN close bear put spread and long put positions

Tactical Summary

Bearish bias via negative gamma and spot 6.9% below max pain $450. Key support $385.54, resistance $450/$452.29. Favor bear put spread 400/380 (rank 1) or long put $400 (rank 2) for downside. Exit if spot reclaims $450.

How to Use These Reports

This directional reflects the market close on June 4, 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.