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AVGO

Broadcom Inc.Close $380.78EOD only

Max Pain

$360.00

Next expiry Apr 15, 2026

Expected Move

±$11.59

3.0% from close

Price Gap

-20.78

Distance to max pain

IV Rank

High premium

P/C OI

1.09

Balanced positioning

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 14, 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 14, 2026 close

AVGO Theta Report

Analysis based on market close April 14, 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 (GEX +$71.5M); +1 GEX pinning; -1 spot 5.8% above MP; +0.5 VIX 18.36

IV Environment

IV Regime

High

IV vs VIX

Avg IV 54.4% vs VIX 18.36 — IV is materially rich relative to indices; near-term ATM IVs ~42-45%

Favorable?

Yes

Term structure: Short-dated ATM IVs sit ~36-43% (1d–2w) with mid-term 30–94d ATM ~45-48% — a rich front and elevated tail (good for selling premium across expiries).

💰High Avg IV 54.4% gives edge to sellers; short to mid-term IV in the 40s provides good credit for 30–45 DTE

📈VIX only 18.36 — shows systemic vol is calm while AVGO-specific IV is rich (dispersion opportunity)

Pin Risk Assessment

Spot vs MP: Above by 5.8% (spot $380.78 vs nearby max pain $360 on 4/15 and 4/20; MP trend is falling)

GEX regime: Pinning (GEX +$71.5M) — dealers positioned to pin around concentrated strikes

Gamma flip: ~$300.00 — Gamma flip near ~$300 — well below spot; dealer hedging becomes amplifying only if price heads deep below $300

OI concentrations: Call walls at $390 (15,069 OI) and $400 (10,383 OI); large put OI clusters at $300 (13,257 OI) and $250 (12,672 OI). Near-term GEX magnets at $390 (+$13.4M), $380 (+$4.8M), $400 (+$4.7M), $370 (+$3.1M), $360 (+$2.6M).

Verdict: Favorable — strong positive GEX and multiple near-spot pin magnets (370–390) support selling defined-risk premium (put spreads / iron condors). Credit positions benefit from dealer pinning unless price breaks below EM guardrails.

Premium Opportunities

put spread

Sell 365/360 put spread 2026-05-15 (31 DTE)

30–45 DTE window, elevated IV and strong dealer pinning around 370–360 make short put spread attractive. 365 short sits inside the near-term EM band ($364.93–$396.63) and well above the gamma flip; put OI is heavier much lower (300), so downside is structurally supported.

Credit: $0.60-$0.90

Max loss: $4.40

BE: 364.40

Mgmt: Take profits at 60–70% of max credit; roll down and widen if price approaches short strike with <14 DTE (e.g., roll to 360/355 or roll to next month if credit neutral); cut losses at ~50% of max loss or if there is a decisive close below $364.93 (1-week EM lower bound).

iron condor

Sell 370/385C and 355/350P 2026-05-15 (31 DTE)

Wide iron condor captures rich call and put vol; short 370 call sits at a GEX magnet (370) and short 355 put sits inside dealer pin range but still ~25 points below spot — structure benefits from positive GEX pinning and falling MP trend (which keeps puts cheap relative to calls). Use defined-risk wings to limit tail exposure.

Credit: $1.00-$1.60

Max loss: $8.40

BE: Put-side ~349.40 / Call-side ~386.60

Mgmt: Close one wing at 50% of max profit; if either short strike touched intraday, consider buying back that wing and leaving the other side; roll the tested wing outward by ~1 strike for a net debit if volatility increases; cut losses if both short strikes are breached or price sustains outside the 1-week EM band ($364.93–$396.63).

cash-secured put (naked put)

Sell 370 put 2026-05-15 (31 DTE) — cash-secured

Short 370 put takes advantage of pin magnet at 370 and dealer GEX support; if assigned, the position results in owning AVGO at a purchase price below current spot adjusted for collected premium. Use only if comfortable owning shares.

Credit: $2.50-$4.20

Max loss: Unlimited to downside (but effectively spot - strike less premium) 370 - credit

BE: Approximately 365.80–367.50 (depending on received credit)

Mgmt: Close at 50–65% profit; roll down to 360/355 put spread if price drops toward 370 to convert to defined-risk; do not hold through a close below $364.93 without adjusting; avoid naked puts within 2 trading days of concentrated weekly pin expirations.

covered call

Sell 400 call 2026-05-15 (31 DTE) against long stock

Large call OI and heavy institutional flow into $400 strikes (net premium flow >$21M at $400) make calls rich; selling a 400C on a covered position yields attractive yield while leaving upside optionality. Suitable for bullish-to-neutral holders who want to harvest IV premium.

Credit: $1.00-$2.00

Max loss: Downside stock risk less collected premium

BE: Stock cost basis - collected premium

Mgmt: Buy back at 50% of max premium or if stock rallies towards $392-$396 (upper 2d/1w EM bounds); consider rolling out-and-up if assigned risk is acceptable and IV stays elevated.

short-dated defined-risk put spread (weekly)

Sell 375/370 put spread 2026-04-17 (3 DTE, weekly) — defined-risk only

High near-term IV and pinning behavior (max pain and GEX magnets on 4/15–4/17) allow selling very short-duration defined-risk spreads that capture fast theta. Use weekly defined-risk spreads only because of event risk concentrated around near-term expirations.

Credit: $1.80-$3.20

Max loss: $3.20

BE: Short strike breakeven ~373.20–373.80

Mgmt: Take profits aggressively (70%+) into expiry; close if tested intraday or price breaches the 2-day EM lower bound $369.19; avoid rolling into other weeklies without additional credit and clear directional read.

Risk Alerts

!Max pain short-term is $360 (4/15 and 4/20) and MP trend is down — selling naked puts too far below may still be at risk if MP moves lower.

!Large institutional call flow centered at $400 (net premium flow ~$21.49M) could buoy upside and steepen skew; if flow reverses, call-side risk (rapid gap higher) can hurt short calls.

!GEX is strongly positive (+$71.5M) — generally pinning but can flip to strong moves if hedging blows out or dealers hedge unwind; monitor rapid increases in DEX/flow.

!Several unusual put trades concentrated around 350–375 expirations (notably heavy volume at 350 and 375 weeklies) — short-dated put activity could compress/expand IV unexpectedly around those strikes.

!Earnings not until 2026-06-03 (outside 2 weeks) — no immediate earnings risk, but avoid initiating multi-month naked positions that straddle the June print without a plan.

Read the Theta analysis for AVGO for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.