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AVGO

Broadcom Inc.Close $371.55EOD only

Max Pain

$330.00

Next expiry Apr 13, 2026

Expected Move

±$8.62

2.3% from close

Price Gap

-41.55

Distance to max pain

IV Rank

High premium

P/C OI

1.12

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 10, 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 10, 2026 close

AVGO Theta Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned (Pinning & bullish flow); +1 GEX positive (+$58.8M); -1 spot 16.1% above MP

IV Environment

IV Regime

High

IV vs VIX

IV 54.7% vs VIX N/A — rich (high realized/expected vol on AVGO relative to typical large-cap)

Favorable?

Yes

Term structure: Front-week skew elevated (3d ATM 37.6%) with a bump into 10–14d (ATM 52.2% @10d then 45% area at 2–5w). Rich short-dated and mid-dated vols create selling opportunities in the 21–42d window.

💰Avg IV 54.7% is elevated — option sellers collect rich premium (use defined risk spreads 30–45 DTE).

📈Term structure shows a local hump at 10d (52.2%) — consider 21–42d sales to capture elevated theta without the shortest-dated pin churn.

Pin Risk Assessment

Spot vs MP: Above by 16.1% (spot $371.55 vs max pain $320 on 2026-04-10)

GEX regime: Pinning (GEX +$58.8M, dealer positioning long-gamma/pinning)

Gamma flip: ~$300.00 — Below ~$300 dealers flip to negative gamma amplification; current spot is well above the flip so dealer flows are currently pinning toward near-term call walls.

OI concentrations: Call OI concentration around $360-$365 (calls OI 1,353 @360 and 1,457 @365; flow shows heavy call buying at $370/$400/$380), put OI concentration at $300 (13,147) and structural put floor $220-$300.

Verdict: Favorable — strong positive GEX and call OI near $360-$365 create a pin magnet supporting short-put / bull-put spread sellers; call-heavy flow means be mindful of upside tail risk

Premium Opportunities

put spread (bull put)

Sell 350/340 put spread 2026-05-15 (35 DTE)

Pinning GEX (+$58.8M) and concentrated call walls at $360-$365 create downside support in the near term; IV is high (avg 54.7%) and 35 DTE sits inside favorable term structure (May15 ATM 45.8%). Selling a defined-risk 10-point put spread collects elevated premium while staying a reasonable distance from the $362.92 2d guardrail.

Credit: $1.00-$1.60

Max loss: $8.40

BE: $349.00

Mgmt: Take profits at 50–75% of max credit collected; roll down-and-out (extend DTE by 30–45d) if price tests short strike and spread >50% max loss; cut losses and close if underlying closes below $342 (about 1% below the lower expected 14d bound) or if IV spikes >10 vol points intraday.

cash-secured put (CSP)

Sell 350 put 2026-05-15 (35 DTE) cash-secured

Higher absolute credit from elevated IV; 350 is ~5.7% below spot and within strong near-term dealer pin area (365/360 magnets above). Good for conservative premium sellers comfortable being assigned stock at a discount while collecting >$2.20/share.

Credit: $2.20-$2.80

Max loss: $347.80

BE: $347.80

Mgmt: Close for 50–70% of max profit; if price drifts to within 1% of strike (close <351), consider rolling down ~10–15 points and out 30–45d; cut and buy back if price closes below $342 or IV jumps sharply while market breadth turns negative.

call credit spread (bear call)

Sell 390/400 call spread 2026-05-15 (35 DTE)

Up-side protection from dealer pinning near $360-$365; substantial call flow at $370/$380/$400 means tails can get sticky, but selling a defined-risk 10-point call spread at ~390/400 uses elevated IV to collect decent premium while limiting risk.

Credit: $1.10-$1.60

Max loss: $8.40

BE: $391.10

Mgmt: Close at 50% of max profit; if AVGO rallies through the short 390 strike with momentum, roll up-and-out 10–20 points and 30–45d; cut losses if underlying closes above $400 or if IV spikes >8 vol points on big buy flow.

iron condor

Sell 360/350 put spread + 400/410 call spread 2026-05-15 (35 DTE)

Collects elevated two-sided premium with defined risk. Use the put side to play dealer pinning/support near 360–365 and the call side to monetize high call IV out near 400–410. 35 DTE selects a sweet spot in term structure where theta is meaningful.

Credit: $2.50-$3.40

Max loss: $6.60

BE: 357.50 / 402.50

Mgmt: Take profits at 40–60% of max credit; tighten or close if price tests either short strike (close/roll if short strike touched); reduce position size if one wing is attacked and the other remains far from short strike.

calendar (diagonal) — defined directional edge

Sell 2026-04-20 weekly 365 call and buy 2026-05-15 365 call (short-weekly diagonal, 10d vs 35d)

Short front-week premium where ATM IV compresses (3d ATM 37.6%) vs longer-dated 35d vol, capturing theta and benefiting from pinning near 365. Use small size given weekly gamma churn and heavy flow into calls around 365–370.

Max loss: debit paid

Mgmt: Keep small size; close short leg before expiry if stock rallies; target 50–70% of time-decay captured as exit; avoid holding through any sudden flow events or daily large call prints.

Risk Alerts

!Max pain values trending lower (multi-expiry MP falling from $320 → $310) — structural downside bias exists longer-term; avoid oversized one-way exposure.

!Heavy call flow at $370 / $380 / $400 (Top premium flow) — if institutions continue aggressive call buying, upside gap risk increases and can hurt naked put sellers.

!Positive GEX +$58.8M means dealers are pinning now, but a fast move could flip gamma dynamics; gamma flip estimated ~$300 — below that, dealers amplify moves.

!Unusual activity: concentrated weekly puts/calls around $370 (notably AVGO260417P00370000 PUT $370 exp 4/17 and big call flows) — monitor prints; short-week positions carry pin/assignment risk.

!No upcoming earnings within two weeks (next est 2026-06-03) — earnings not immediate, but avoid selling naked through any scheduled corporate events or dividend ex-dates (none provided).

Read the Theta analysis for AVGO for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.