base 5; +2 GEX/flow strongly aligned (pinning +41.3M); +1 high IV (Avg IV 54.3%) ; -1 spot 6.9% above MP
Term structure: Front-end vol is elevated and slightly downward sloping past 2–6 weeks (1d ATM 62.5% → 6d 51.2% → 31d ~49.9%) — rich short-dated vols give weekly/near-term edges and 30–45 DTE still attractive
Spot vs MP: Spot $333.97 is above max pain (~$312 across expirations) by ~6.9%; short-dated max pain pins at $312.50 (4/08) and $310.00 (4/10,4/13).
GEX regime: Pinning (GEX +$41.3M) — dealers are long gamma on net which tends to magnet spot toward clustered short strikes
Gamma flip: ~$250.00 — Gamma flip ~ $250 — below that dealers become short gamma; current spot is well above, so dealer pinning behavior dominates near current range
OI concentrations: Call walls $360–$390; put floor $220–$300; near-term large OI at $330 call (4,562), $325 call (2,040), and put OI concentrations at $300 (2,829) and $260 (11,604 overall). GEX concentrations: +$5.0M @330, +$3.0M @335, +$2.4M @332.5, +$2.2M @320, +$1.5M @325.
#1put spread
Sell 320/315 put spread 2026-05-15 (approx 38 DTE)
Aligned with pinning GEX at $320.00 and EM guardrail (1w lower ~ $326.32). High Avg IV (54.3%) and elevated short-dated vols give healthy credit on 30–45 DTE. Selling a 5-wide defined-risk put spread below the current spot captures theta while respecting dealer pin support.
Mgmt: Take profits at 50–65% of max credit; roll down (extend DTE by 30–45d) or widen if short strike is tested and position still below $320; cut losses if mark approaches 60% of max loss or AVGO closes below $320. Close before any unscheduled material news or if GEX flips materially negative.
#2cash-secured put (CSP) / put spread ladder
Sell 325 put 2026-04-24 (17 DTE) or sell 325/320 put spread 2026-04-24 (17 DTE)
Strong OI and GEX magnet at 325 ($1,079,362 GEX concentration; put OI shows activity). Short-dated 17 DTE gives concentrated theta; choose naked CSP only if willing to own shares — otherwise prefer defined-risk 325/320 put spread for about a third of capital at risk. MP sits far below but concentrated flow at 325/330 supports this strike.
Mgmt: For naked 325 put: close or roll out/ down at 50% of notional or if price < $320; for 325/320 spread: take profits at 60% of max credit; roll to later month if short strike tested and fundamentals unchanged; close positions prior to 2026-05-01 if rolling into longer DTE to avoid pin cluster shifts.
#3iron condor (defined-risk)
Sell 325/335 call spread + 300/290 put spread 2026-05-22 (45 DTE) — adjust widths to balance credit
High IV and pinning regime create wide range to collect premium; 45 DTE sits near good theta/vega balance. Use defined-risk wings because of elevated IV and potential for short-term moves. Call side protected by call OI walls further out ($360–$390) and GEX pin near $330–$335 which reduces upside gamma blowout risk.
Mgmt: Take profits at 40–50% of max credit; close/adjust if either short strike is touched (roll that side outward or convert to broken-wing); cut entirely if underlying prints outside 1w EM guardrails ($326.32/$341.62) on close.
#4covered call / buy-write
Buy stock and sell 350 call 2026-05-15 (38 DTE) or sell 345 call 2026-04-24 (17 DTE)
If willing to own AVGO, selling calls at 345/350 collects elevated IV while capped upside is acceptable given strong GEX pin near 330–335. Premiums reflect elevated IV (e.g., 345 call mid ~ $3.70 in chain for 4/24), improving yield on stock basis.
Mgmt: Close calls early at 50% of premium captured if stock rallies toward strike; roll up-and-out if assigned risk is acceptable; if stock drops below $320, consider buyback and reestablish cheaper or shift to put spreads.
#5calendar (vol/day + skew play)
Sell 2026-04-17 (10 DTE) 330 call and buy 2026-05-15 (38 DTE) 330 call (calendar)
Short-dated front-end IV is highest (1d/3d ATM = 62.5%/56.2%). A calendar captures front-end theta bleed while remaining long the longer-dated vol exposure — works with pinning GEX near 330 which is just -1.2% from spot and a natural target.
Mgmt: Close the short leg at 50–70% profit or if spot moves > ±2.5% away from 330; unwind calendar before short expiry if IV collapses or if short leg is breached significantly.
!Max pain short-term cluster at $312.50 (4/08) and $310.00 (4/10–4/13) — while spot is above, these are downside magnets if selling pressure builds.
!Gamma flip ~ $250 — a structural break below this level would flip dealer behavior and accelerate moves; not immediate but keep on watch for large gap-down scenarios.
!Concentrated short-dated unusual call flow into 4/08 strikes (325–335–340 OTM calls) — could compress short-dated skew and create short-squeeze pin behavior into expiry.
!High Avg IV (54.3%) — favorable for sellers but also indicates event/uncertainty; use defined-risk structures when selling into very short-dated expirations.
!If you sell naked puts (CSP), be prepared for assignment — strong put OI clusters at 300/260 indicate potential levels where institutional activity may force large deltas.