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AVGO

Broadcom Inc.Close $417.76EOD only

Max Pain

$415.00

Next expiry May 22, 2026

Expected Move

±$15.48

3.7% from close

Price Gap

-2.76

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.16

Slightly put-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 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

May 20, 2026 close

AVGO Theta Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer theta report is available for May 20, 2026.

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Theta Verdict

Confidence:

7 / 10

base 5; +2 strong pinning regime (GEX +$20.4M); +1 normal IV (49.6%); -1 spot below max pain; +0 no immediate earnings risk

IV Environment

IV Regime

Normal

IV vs VIX

IV 49.6% — Elevated for a large-cap stock, offering rich premium.

Favorable?

Yes

Term structure: Humps at near-term expirations (41-44% for 1-17 DTE), rising to ~49% by June. Backwardation in the front week.

💰IV ~50% provides attractive credit for sellers.

📊Term structure shows high near-term vol, good for short-dated defined-risk plays.

Pin Risk Assessment

Spot vs MP: Spot $309.51 is 3.3% below max pain of $320 for the front week.

GEX regime: Strong Pinning (Total GEX +$20.4M — mean-reverting pressure).

Gamma flip: ~$300.00 — Estimated near $300 based on massive $100 Put OI (16,235) and $250/$260 Put walls. Below this, negative gamma could accelerate moves down.

OI concentrations: Major Put walls at $100 (16,235 OI), $250 (13,968), $220 (13,915), $265 (13,538), $300 (13,200). Call walls at $300 (28,000), $600 (15,471), $390 (15,310), $360 (11,693).

Verdict: Highly Favorable — Strong positive GEX and dense OI clusters create a powerful magnetic effect, supporting range-bound price action ideal for credit strategies.

Premium Opportunities

put spread

Sell $300/$295 Put Spread exp 2026-04-17 (17 DTE)

Sells into the massive $300 Put OI wall (13,200) with strong pinning support. Positioned just above the critical ~$300 gamma flip zone. 17 DTE captures accelerated theta decay in elevated IV.

Credit: $1.10-$1.40

Max loss: $3.90

BE: $298.90

Mgmt: Close at 65% max profit. Exit if price closes below $302.50 (below short strike). Roll only if credit >$0.80 for same strikes further out.

iron condor

Sell $295/$290 Put Spread & $325/$330 Call Spread exp 2026-04-24 (24 DTE)

Capitalizes on the strong pinning regime and defined expected move (±$28.35). Puts anchor below the $300 OI wall; calls anchor below the $330 max pain for May. High IV provides robust credit for a wide, high-probability range.

Credit: $1.60-$2.00

Max loss: $3.40

BE: 293.40 / 331.60

Mgmt: Close at 50% max profit. Manage wings independently: roll tested side for a credit if possible, otherwise close entire position.

cash-secured put

Sell $290 Put exp 2026-05-01 (31 DTE)

For capital-secure sellers comfortable with potential assignment. Strikes below major OI support ($250, $265) and the gamma flip. High IV yields >3% ROI in 31 days. Willing to own stock ~6.3% below current price.

Credit: $8.50-$10.50

Max loss: $281.50

BE: $281.50

Mgmt: Roll down/out for a credit if put is tested (price < $295). Close at 70% profit. No assignment risk if comfortable owning at $290.

call credit spread

Sell $320/$325 Call Spread exp 2026-04-08 (8 DTE)

Spot is below front-week max pain ($320). Sells into a key resistance level with high OI ($320 Call) and elevated near-term IV (41.7% ATM). Quick theta burn with defined risk.

Credit: $0.85-$1.10

Max loss: $4.15

BE: $320.85

Mgmt: Close at 80% max profit (fast decay). Exit immediately if price closes above $318.

Risk Alerts

!Gamma flip estimated near $300 — a close below this level could trigger accelerated selling as dealer hedging flips from stabilizing to amplifying moves.

!Spot is 3.3% below max pain ($320) — while pinning is strong, there is a short-term gravitational pull higher which could test call credit spreads.

!Unusual Put volume at $310, $307.50, $302.50 for 4/01 expiration — monitor for increased downside pressure in the very near term.

!Net premium flow is bullish (+$78.6M, P/C 0.77), indicating institutional buying pressure that could support the pinning thesis but may break it to the upside.

!Earnings next expected 2026-06-03 — no immediate threat, but all positions should be closed or rolled before early May to avoid earnings vol crush on longer-dated plays.

How to Use These Reports

This theta reflects the market close on March 31, 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.