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AVGO

Broadcom Inc.Close $414.57EOD only

Max Pain

$417.50

Next expiry May 22, 2026

Expected Move

±$8.05

1.9% from close

Price Gap

+2.93

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.15

Slightly put-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

AVGO Theta Report

Analysis based on market close April 6, 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 April 6, 2026. A newer theta report is available for May 20, 2026.

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Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 50.0% — elevated vs typical large cap, but normal for AVGO

Favorable?

Yes

Term structure: Humped near-term: 47.5% (2d), 49.2% (4d), then drops sharply to 42.3% (7d) — dislocation of 6.9 vol points between 4d and 7d

📊IV term structure dislocation: 4d IV 49.2% vs 7d IV 42.3% (6.9-point gap)

💰High near-term IV provides rich premium for short calendar sellers

Pin Risk Assessment

Spot vs MP: Above by 1.4% (spot $314.43 vs near-term MP $310-$315)

GEX regime: Pinning (GEX +$277K)

Gamma flip: ~$250.00 — Below $250, negative gamma accelerates moves

OI concentrations: Call walls $320 (1,891 OI), $330 (1,827 OI); Put clusters $315 (752 OI), $305 (540 OI), $295 (507 OI)

Verdict: Favorable — positive GEX and OI clusters create strong pinning near current spot, supporting defined-risk spreads

Premium Opportunities

calendar spread

Sell $315 call 2026-04-10 (4d) / Buy $315 call 2026-04-13 (7d) — short calendar

Exploits IV dislocation: sell high IV (49.2% at 4d) vs buy lower IV (42.3% at 7d). $315 is near max pain and spot, with high OI (752 puts, 149 calls) enhancing pinning. Theta decay accelerates in short leg.

Credit: $0.40-$0.70

Max loss: Unlimited (if stock rallies sharply)

BE: Complex; profit from IV decay of short leg vs long leg

Mgmt: Close at 50% of max credit; exit if spot moves >±2% from $315; avoid holding short leg into expiration

calendar spread

Sell $320 call 2026-04-08 (2d) / Buy $320 call 2026-04-13 (7d) — short calendar

Largest GEX pin magnet at $320 (+$2.4M) with 1,891 OI calls; IV differential: 45.6% (2d) vs 42.3% (7d). Strong pinning increases probability of success.

Credit: $0.30-$0.60

Max loss: Unlimited (if stock rallies sharply)

BE: Complex; profit from IV decay of short leg vs long leg

Mgmt: Close at 60% profit; exit if spot breaches $322.50 (next GEX level); roll long leg if needed

put spread

Sell $305/$300 put spread 2026-04-17 (11 DTE)

Pinning regime supports; $305 is key put OI cluster (-3% from spot) within 1w EM lower bound $300.38; IV 46.7% provides decent premium.

Credit: $0.60-$0.80

Max loss: $4.20

BE: $304.40

Mgmt: Close at 65% profit; exit if spot closes below $300.38 (1w EM lower bound)

iron condor

Sell $305/$300P x $330/$335C 2026-04-24 (18 DTE)

Wide range within 2w EM bounds ($289.28-$339.58); positive GEX pinning; call side targets $330 OI cluster (+5% from spot).

Credit: $1.20-$1.50

Max loss: $3.50

BE: 298.70/331.30

Mgmt: Close at 50% profit; roll untested side if spot approaches either short strike; exit if spot breaches EM bounds

Risk Alerts

!Gamma flip at $250 — below this level, negative gamma accelerates downtrends; exit all credit positions on close below $250

!Earnings on 2026-06-03 (8 weeks out) — close or roll positions before announcement to avoid IV crush

!Large put OI at $250 (14,068 contracts) creates structural support but break below could trigger accelerated selling

!Call OI walls at $360-$390 far above spot but represent long-term resistance

!Unusual activity in $315 calls (1,436 volume, 9.6x OI) suggests institutional interest near spot; monitor for breakout

!Short calendar spreads have undefined risk if stock gaps beyond strikes; use strict stop-losses

How to Use These Reports

This theta reflects the market close on April 6, 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.