base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.5% from MP; +0.5 VIX 19
Term structure: Near-term skew: very low spot/0d (24.9%) but elevated 2–7d (40.3–41.3%) and steady 32d (~44.0%); front-week is higher than same-day but term is elevated across the curve — good for selling wings and spreads at 30–45 DTE
Spot vs MP: Spot $379.75 is above Max Pain $360 (2026-04-13) — spot is 5.5% above nearest MP and MP trend is falling
GEX regime: Pinning (GEX +$75.6M) — strong positive GEX implies dealer pinning toward concentrated strikes
Gamma flip: ~$300.00 — Gamma flip is ~ $300 — well below spot; dealers have positive gamma above that level and will act as a pin magnet in the 350–380 area
OI concentrations: Call walls at $390 and $400 (significant OI); Put walls concentrated at $300 and a cluster around $350–$360; near-term GEX magnets at $375 (+$2.4M), $370 (+$889K), $365 (+$343K), $360 (+$337K)
#1put spread
Sell 365/360 put spread exp 2026-05-15 (32 DTE)
High IV and strong pinning (GEX magnets at 365–375) make selling downside verticals attractive; 365 short is within the near-term put cluster but above structural put floor, giving a decent cushion.
Mgmt: Take profit at 60–65% of max credit; roll down-and-out if AVGO trades within ~1.5–2.5% of the short strike ($360–361) or if daily close < $365; cut losses if price closes below $362.70 (1w EM lower guardrail)
#2iron condor
Sell 350/345 put x 400/405 call exp 2026-05-15 (32 DTE)
Wide 5-point wings capture elevated term IV across tails; put side sits at a location with existing put OI cluster (350) and call wing sits just beyond heavy call OI at 400 — collect rich wing premium while the pinning regime compresses range to ~350–409 (expected move)
Mgmt: Take profit at 50% of max credit; close the condor if spot trades to within 2% of either short strike (test of $350 or $400), or tighten wings/roll if IV jumps >6 vol points; cut losses if either short strike is decisively broken on a daily close and cannot be rolled for an improved credit
#3cash-secured put (CSP)
Sell 370 put exp 2026-04-24 (11 DTE)
Short-dated put market shows heavy flow at 370 and 375 with elevated IV and unusual activity; 11 DTE collects strong theta while pinning pressure and dealer hedging make a move below 370 less likely in the near term.
Mgmt: Take profit at 50–60% of premium by 4–6 DTE; roll down 1–2 strikes and out 1–2 weeks if tested (e.g., roll 370 to 365/360 put spread) or close if daily close < $362.70
#4covered call (income)
Sell 395 call exp 2026-05-15 (32 DTE) against stock
For holders, 395 call sits near upper EM/1w upper guardrail (396.80) and beyond the large call-OI wall at 390/400; collects elevated IV premium while leaving upside to ~+4% before assignment risk.
Mgmt: Buy back at 70% of max profit or if AVGO trades above 392–395 within two trading days; if assigned, be willing to re-establish covered call at higher strike
#5calendar (directional-neutral income)
Sell front-week 2026-04-24 375 call and buy 2026-05-15 375 call (30–32 DTE long) — short-dated call calendar at 375
Front-week IV elevated but near-term gamma is large; 375 is a GEX magnet (+$2.4M) and heavy flow; selling the near-dated call and buying longer dated call captures theta while being long vega modestly — favorable given elevated term IV and pinning at 375.
Mgmt: Take profit on the calendar if front-week decays >70% of short premium or if underlying moves >2.5% away from 375; close/roll if front-week short is threatened and skew compresses making calendar unprofitable
!Max Pain trend is falling (short-dated MPs: $360 → $345 → $330) — avoid large naked short puts far below current pin cluster because MP drift signals downside bias over longer expirations
!Gamma flip ~$300 is far below spot — if a large directional event pushes price toward that regime, dealer dynamics can unwind and accelerate moves; respect stop levels (e.g., $362.70) for credits
!Unusual near-term activity: heavy volume in Apr-13/15 short-dated puts ($355, $370, $375) — indicates aggressive dealer/institutional flows; don't naked-sell through these expirations without hedges
!IV profile: Avg IV 56.0% is rich but front-day IV can be low (0d ATM 24.9%) and term structure can reprice quickly — monitor IV moves, and avoid selling large wing risk into a sudden vol spike
!Earnings on 2026-06-03 (outside two-week window) — no immediate earnings risk this week, but close positions or avoid opening multi-week naked positions crossing the earnings date