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AVGO

Broadcom Inc.Close $379.75EOD only

Max Pain

$345.00

Next expiry Apr 15, 2026

Expected Move

±$12.94

3.4% from close

Price Gap

-34.75

Distance to max pain

IV Rank

High premium

P/C OI

1.08

Balanced positioning

Consensus

6.5/10

Range bias

Published snapshot: Apr 13, 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 13, 2026 close

AVGO Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.5% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

Avg IV 56.0% vs VIX 19.12 — clearly rich / stock-specific vol premium

Favorable?

Yes

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

💰Avg IV 56.0% is rich vs VIX 19.12 — sellers are paid well for risk

📈Term structure elevated out to 32–66d (ATM ~44–49%) — favors calendar/30–45 DTE spread selling

Pin Risk Assessment

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)

Verdict: Favorable — pinning supports selling premium (puts and wings) because dealer hedging should produce magnetic forces toward the 360–375 range; credit positions benefit from pinning as long as spot remains above short put strikes

Premium Opportunities

put 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.

Credit: $1.80-$2.20

Max loss: $3.20

BE: $363.20

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)

iron 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)

Credit: $2.50-$3.25

Max loss: $2.75

BE: 345.00 / 403.25

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

cash-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.

Credit: $3.45-$4.25

Max loss: Unlimited / share-based (obligation to buy at strike) — effective max loss = (370 - premium) if assigned

BE: $366.55

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

covered 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.

Credit: $3.50-$4.50

Max loss: Downside stock risk (not defined by option) — call cap at strike

BE: Stock basis - premium

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

calendar (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.

Debit: $0.30-$0.80

Max loss: $0.80

BE: Structure dependent (calendar max loss = debit paid)

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

Risk Alerts

!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

Read the Theta analysis for AVGO for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.