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AVGO

Broadcom Inc.Close $406.54EOD only

Max Pain

$372.50

Next expiry Apr 20, 2026

Expected Move

±$21.47

5.3% from close

Price Gap

-34.04

Distance to max pain

IV Rank

100

High premium

P/C OI

1.13

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 17, 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 17, 2026 close

AVGO Theta Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.8% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

High IV vs VIX (avg IV ~53; VIX ~18.9) with front-end skewed puts

Favorable?

Yes

Term structure: Near-term IV depressed ATM on 4/20 but 2–11d elevated puts; 1–4d put skew steepening

📌Pinning centered at $385 with MP sequence $385→$375→$365

⚠️High avg IV supports premium capture but asymmetric short-put tail (put IV > call IV)

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+61.7M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 13,181 (27.4% below spot)

OI concentrations: Put OI concentration ~13.2k contracts 27% below spot; max-pain pins at $385/$375/$365; call OI wall $450

Verdict: Elevated pin risk short-term at $385; roll/hedge required if spot slips below 368 support or flows reverse

Premium Opportunities

Put credit spread

Sell 2026-05-15 $380.00/$340.00 put spread

Sell 7–14d ATM-OTM put spread sized to risk budget; edge = elevated short-dated IV skew + positive time decay.

Credit: $6.24-$7.62

Max loss: $32.38

BE: $372.38

Mgmt: If underlying falls >3% (≈1.5× expected move) or spread mark >50% of max loss, hedge/roll down one strike; take full profit at 30–40% of max gain

Iron condor

Sell 2026-06-18 $370.00/$300.00 put wing and $440.00/$520.00 call wing

Sell balanced 8–12d iron condor outside expected move; edge = high IV and post-earnings vol collapse; typical max gain 30–40% of width, max loss = width minus premium.

Credit: $23.69-$28.96

Max loss: $51.04

BE: 341.04 / 468.96

Mgmt: Close if move >2.5× expected move or short-side wing delta >0.30; widen or roll wings if put/call leg P/L < -50% of max loss or IV rises >20 pts

Covered call

Buy shares + sell 2026-06-18 $440.00 call

Buy underlying, sell 7–14d OTM call 0.6–0.8 delta; edge = collect elevated call premium while retaining some upside; scenario: keep premium if expiring OTM, capped upside if ITM.

Credit: $14.90-$18.21

Max loss: Stock downside to $0 less call premium

BE: $381.42

Mgmt: If stock rallies to short call strike, roll up+out for credit; if stock drops >8% from entry or IV spikes >25 pts, buy back call and re-evaluate exposure

Risk Alerts

!Spot breach of 368 support / >5% drop

!Rapid IV expansion (>+25% / >~70 avg) — hedge or roll

!Dealer flow flip (GEX turns negative)

How to Use These Reports

This theta reflects the market close on April 20, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.