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AVGO

Broadcom Inc.Close $402.17EOD only
Max Pain
$385.00
Next expiry Apr 22, 2026
Expected Move
±$8.82
2.2% from close
Price Gap
-17.17
Distance to max pain
IV Rank
24
Low premium
P/C OI
1.19
Slightly put-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Apr 21, 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 21, 2026 close
AVGO Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell mid-to-back-month iron condors or defined-risk put-credit spreads with strict hedges; avoid naked 0–2d premium selling
Invalidation: Spot moves >3% away from $390/$400 max-pain band with sustained volume and rising term IVs
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 8.4% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
ATM IV ~47 vs VIX 18.92 — equity IV rich vs index; 0–2d spikes distort near-term pricing.
Favorable?
No

Term structure: Very steep 0–5d put skew, then flattens mid-term; average IV ~56 driven by short-dated put demand.

⚠️0–2d put IV extreme (puts 108–111) — elevated tail/gamma risk
📌GEX +$91M and concentrated max-pain $390–$400 support pinning near spot
🛑Do not sell 0–2d premium unhedged; if selling, require strict size limits and protective puts or defined-risk structures

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+91.2M)

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 12,985 (29.0% below spot)

OI concentrations: Put OI concentrated ~29% below spot; max-pain cluster $390/$375/$400 in near expiries.

Verdict: High pin risk near $390–$400 for next expiries. Trade guidance: avoid near-dated put selling; if short, cap position, use protective long puts or convert to defined-risk spreads.

Premium Opportunities

#1
Put diagonal
Sell 2026-05-29 $390.00 put / buy 2026-06-18 $350.00 put
Short 5/29 $390 put + long 6/18 $350 put; limited risk, captures theta with tail hedge
Credit: $2.16-$2.64
Max loss: $0.01
BE: Path-dependent
Mgmt: Keep size small, trim if spot drops >3% or term IVs rise; roll into further-dated protection if needed
#2
Call diagonal
Sell 2026-05-29 $435.00 call / buy 2026-06-18 $500.00 call
Sell 5/29 $435 call / buy 6/18 $500 call to collect front-month premium with capped risk
Credit: $7.76-$9.49
Max loss: $0.01
BE: Path-dependent
Mgmt: Close or roll if spot moves >3% outside 390–400 band or front IV spikes
#3
PMCC / LEAPS diagonal
Buy 2026-10-16 $400.00 call + sell 2026-06-18 $500.00 call
Buy 10/16 $400 call, sell 6/18 $500 call to finance long-term upside participation
Debit: $55.35-$67.65
Max loss: $67.65
BE: Path-dependent
Mgmt: Monitor assignment risk into short expiry; size conservatively and hedge if volatility jumps

Risk Alerts

!Near-dated put IV >100 implies outsized gamma and fast repricing risk
!Do not sell 0–2d premium unhedged; require protective puts or defined-risk structures and strict size limits
!Spot move >3% invalidates pin thesis and raises short-dated seller losses
How to Use These Reports
This theta reflects the market close on April 22, 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.