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AVGO

Broadcom Inc.Close $399.63EOD only
Max Pain
$375.00
Next expiry Apr 22, 2026
Expected Move
±$10.65
2.7% from close
Price Gap
-24.63
Distance to max pain
IV Rank
20
Low premium
P/C OI
1.17
Slightly put-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Apr 20, 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 20, 2026 close
AVGO Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Avoid short-dated short-premium; prefer hedged, longer-dated defined-risk structures
Invalidation: Close below $374 or sustained IV spike >+20 pts from current levels; concentrated directional buying into pin strikes
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.5% from MP; +0.5 VIX 20

IV Environment

IV Regime
High
IV vs VIX
ATM IV ~46–50% vs VIX 19.5 — elevated across short tenors; pronounced short‑date put skew
Favorable?
No

Term structure: Very steep front-week put skew (1–3d); mid-term IV elevated and flattens after ~2–4w

⚠️Short‑dated put IV (41–45% ATM with puts >> calls) increases tail risk for naked short premium
📌GEX +56M and clustered max‑pain near $385–$395 raise pin potential into near expiries

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+56.3M)

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 12,938 (25.4% below spot)

OI concentrations: Put OI concentrated ~25% below spot; max‑pain cluster $385/$370/$395; gamma flip ~300

Verdict: High pin risk in $385–$395 band driven by OI and positive GEX

Premium Opportunities

#1
Call diagonal
Sell 2026-05-29 $420.00 call / buy 2026-06-18 $460.00 call
Sell near-term elevated IV calls to harvest theta; finance with longer-dated call that reduces assignment and limits upside risk into earnings.
Credit: $2.41-$2.94
Max loss: $0.01
BE: Path-dependent
Mgmt: Close or roll if stock closes above $415, or if IV spikes >+20 pts; trim short leg 7–3 days before earnings.
#2
Put diagonal
Sell 2026-05-29 $385.00 put / buy 2026-06-18 $350.00 put
Collect theta from short-dated puts; back-month protection reduces assignment risk into earnings and cushions gap moves.
Credit: $2.97-$3.63
Max loss: $0.01
BE: Path-dependent
Mgmt: Buy back or roll if stock nears $385 or gap risk increases; avoid adding into major macro or pre-earnings event.

Risk Alerts

!Gap down through $374 negates thesis and will spike IV and gamma exposure
!Any earnings or major macro within 7 days (company print, Fed event) will widen IV—avoid short‑dated sells until event passes
How to Use These Reports
This theta reflects the market close on April 21, 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.