Home Options BACReports

BAC

Bank of America CorporationClose $50.70EOD only

Max Pain

$50.50

Next expiry May 22, 2026

Expected Move

±$1.03

2.0% from close

Price Gap

-0.20

Distance to max pain

IV Rank

Low premium

P/C OI

1.26

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects BAC options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

BAC Directional Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Outlook

Bullish-to-neutral: spot above model MP with dealer GEX positive and pin risk into low/mid $50s; expect consolidation $52–$56 absent new catalysts.

Confidence:

8 / 10

Pre-computed 8.0 driven by positive GEX, spot > MP, concentrated put OI and guardrails.

Supports: Positive dealer GEX, DEX net long, spot above MP, 1w guardrails $52.42/$55.39
Conflicts: Gamma flip well below spot (~$47) creates asymmetric downside; mixed flow limits breakout

📌Dealer GEX sizable -> pin risk into low/mid $50s

⚖️Spot ~5–6% above MP; consolidation likeliest between $52–$56

⚠️Gamma flip ≈ $47 — material downside trigger if breached

Regime Classification

Vol Regime

Normal

IV ~ in-line with VIX (normal); no extreme richness.

Gamma Regime

Pinning

Pinning regime — sizable positive dealer GEX concentrated around short-dated strikes near $51–$52.

Flow Regime

Mixed

Mixed-to-neutral flow; premium selling modest, directional flow limited.

Spot vs Max Pain

Above

Spot above model MP; market likely to oscillate around MP with resistance near upper guardrail.

Thesis duration: Multi-week — Sustained dealer GEX, concentrated put OI and guardrails indicate multi-week consolidation/pinning.

Price Range Forecast

Next 1 week

$52.42$55.39

1w guardrails $52.42/$55.39; max-pain ~$51–$52 anchoring downside

Next 2 weeks

$51.85$55.96

Dealer GEX supports pin; gamma flip ~ $47 is key downside trigger

Key Levels

Max pain pins: $51 (2026-04-17); $52 (2026-04-24); $51 (2026-05-01)

EM guardrails: 1w $52.42/$55.39

Support: $51.85 · $51.00 · $50.00

Resistance: $55.00 · $55.96 · $57.50

Gamma flip: ~$47.00 — Approx — based on put OI concentration of 51,769 (12.8% below spot)

Structural: Max pain ~ $52; 1w guardrails $52.42 / $55.39; support ~51.0/50.0; resistance ~55.0/57.5; gamma flip ≈ $47.

Dealer Positioning (GEX/DEX)

GEX: $+456.7M

DEX: +73.3M shares

Gamma flip: ~$47 (Approx — based on put OI concentration of 51,769 (12.8% below spot))

NTM gamma: Dealer GEX ≈ +$456.7M notional; DEX net ≈ +$73.3M notional; NTM gamma flip ≈ $47 (put OI concentrated near $51–$52).

IV Analysis

IV vs VIX: Ticker IV in line with VIX (normal); no pronounced richness vs market—enables directional options selectively.

Term structure: Flat-to-slightly elevated near-term IV with kinks at weekly expiries where put OI concentrates.

Skew: Put-heavy skew into $51–$52 suggests opportunities for selling defined-risk structures or buying nearer-term calls against depressed call skew.

Flow Analysis

Net premium: +$6.31M; call-heavy by volume but slight put bias in OI (P/C vol 0.828, OI 1.095).

Directional prints: 27.4 put 50 OTM 2026-05-15 — Very large May15 50 put block (41,417 vol, 22,336 OI) — likely directional put buying or large roll; bearish pressure. 21.9 put 53 OTM 2026-04-24 — Apr24 53 put (15,718 vol, 5,956 OI) — sizable short-dated put demand; leans bearish/pinning near support. 21.6 call 56 OTM 2026-04-24 — Apr24 56 call (10,159 vol, 2,357 OI, vol/OI 4.3) — large call buying or sell-to-open; offsets put flow, bullish skew.

Unusual: 27.4 put 50 OTM 2026-05-15 — Extremely large volume vs OI — primary unusual flow, directional bearish. put 54 ITM 2026-04-17 — Apr17 54 puts showed elevated volume vs typical intraday levels; IV unconfirmed in source so treat sentiment cautiously. 21.6 call 56 OTM 2026-04-24 — High vol/OI call print — notable one-sided call activity.

Risks & Catalysts

!Large sell flow or firm-specific news driving price below gamma flip (~$47) → sharp downside

!Broad-market VIX spike steepening IV and breaking pin

!Unexpected liquidity impairment or dealer hedge unwind

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-05-08 $52.00/$49.00 put spread Why now: Market neutral-to-bullish, dealer GEX supportive and pin risk into low/mid $50s; sell premium against downside pivot near $47.	Tail risk from firm-specific sell flow or VIX spike driving below gamma flip (~$47).
Long call	Moderate	Buy 2026-05-08 $56.00 call Why now: Asymmetric upside with limited debit; IV moderate and call flows active supporting calls.	Premium decay if stock grinds sideways; IV rise on market stress.
Call calendar	Moderate-Strong	Sell 2026-05-01 $55.00 call / buy 2026-06-18 $55.00 call Why now: Near-term IV richer and dealer GEX supports upside cap; calendar profits from time decay if spot holds under short strikes.	Unexpected rally through short-dated strike or front-month IV drop hurting short leg.
Bull call spread	Moderate	Buy 2026-05-22 $55.00/$58.00 call spread Why now: Cheaper than outright long call, captures moderate rally while limiting capital at risk.	Large buy flow or volatility surge could widen debit; capped upside if rally exceeds short strike.

Top Plays

Sell May $52/$49 put spread

Sell 2026-05-08 $52.00/$49.00 put spread

Short put credit to monetize time decay and positive GEX; skew cushions selling into pin range.

Why this play: Highest edge for neutral-to-bull thesis: collects premium into expected $52–56 consolidation and benefits from dealer GEX; defined risk below pivot.

Credit: $0.40-$0.48

Max loss: $2.52

BE: $51.52

Mgmt: Take full credit; trim or close if price trades ≤51.85 or if a large adverse flow/VIX spike occurs; consider reducing size into fast declines.

Income-oriented traders who accept defined downside and want higher probability of profit.

Buy May22 $55/$58 bull call spread

Buy 2026-05-22 $55.00/$58.00 call spread

Vertical limits debit, profits if spot climbs into upper consolidation band before expiry.

Why this play: Defines risk while capturing a moderate rally toward the $55–58 ceiling; cheaper than outright calls.

Debit: $0.77-$0.94

Max loss: $0.94

BE: $55.94

Mgmt: Take profits as spot approaches short strike; cut if spot closes below 51.85 or IV spikes against you.

Directional traders seeking upside with capped loss and decent reward.

May short / Jun long $55 call calendar

Sell 2026-05-01 $55.00 call / buy 2026-06-18 $55.00 call

Short nearer-term call against longer call to collect decay and benefit from stable or modestly higher volatility later.

Why this play: Exploits front-month IV richness and time decay if spot holds under $55; plays neutral-to-slight-bull with vega exposure.

Debit: $0.98-$1.20

Max loss: $1.20

BE: Path-dependent

Mgmt: Manage by rolling short call lower or closing if spot >>55 or if IV collapses; watch earnings and big flow events.

Traders who expect sideways action into expiries and can manage vega risk.

Watchlist Triggers

Entry Triggers

IFIF BAC trades 52.00–55.00 and consolidates (daily range <2% for 3 sessions) → THEN sell 5 May 08 52/49 put credit spreads (short 5 @52, long 5 @49) targeting net credit $0.40–$0.70 per spread; max risk per spread = $300; initial position risk = $1,500

IFIF BAC breaks above 55.00 with daily close >55.00 and RSI rising → THEN buy 5 May22 55/58 bull call spreads (debit) at $0.60–$1.20 each; max debit risk = $600 total

IFIF BAC remains <55.00 and front-month IV ≥10% richer than next month → THEN initiate a 10-contract May short / Jun long 55 call calendar (sell 10 May 55, buy 10 Jun 55) when calendar net debit is $0.50–$1.50; cap initial notional = premium paid

Adjustment Triggers

ADJIF BAC trades ≤51.85 or position shows unrealized loss ≥30% of defined max loss, or front-month IV spikes ≥40% intraday → THEN for put-credit: close 100% of spread if stock ≤51.85 or loss ≥30% of max ($90/spread) or roll to next month defensively; for bull-call: cut at 30% adverse P&L or sell to salvage intrinsic >=50% of debit; for calendar: close short-month leg if IV spike >40% or loss ≥30% of premium paid; if multiple triggers hit, reduce sizes by 50% immediately and exit remaining if loss ≥50% of initial notional

Tactical Summary

Bullish-to-neutral multi-week plan: primary income leg = 5x May 52/49 put-credit (target $0.40–$0.70, max risk $1,500). Trade breakout above 55 with 5x May22 55/58 bull-call (max debit $600). Use 10x calendar to collect decay when front IV richer by ≥10%. Defend strictly: close/roll put-credit at ≤51.85 or 30% of max loss, cut directional longs at 30% loss, and close calendars on IV spikes ≥40%; reduce sizes 50% on multi-trigger events.

How to Use These Reports

This directional reflects the market close on April 17, 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.