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BAC

Bank of America CorporationClose $58.19EOD only

Max Pain

$56.00

Next expiry Jun 26, 2026

Expected Move

±$0.61

1.1% from close

Price Gap

-2.19

Distance to max pain

IV Rank

Low premium

P/C OI

1.11

Slightly put-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: Jun 25, 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

Jun 25, 2026 close

BAC Directional Report

Analysis based on market close June 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias driven by strong dealer gamma pinning and bullish flow, with spot above max pain. Market context negative but BAC resilience expected near $57. Range-bound until expiration.

Confidence:

9 / 10

Base 5, +2 GEX/flow alignment, +1 positive gamma pinning, +0.5 spot 1.5% from MP, +0.5 VIX 18 - total 9.0.

Supports: Bullish flow, positive GEX, spot above MP, max pain $57 pinning, EM guardrails define range.
Conflicts: Gamma flip at $50 (13.6% below spot), negative broader market (SPY -0.72%, QQQ -1.38%).

📈Positive GEX +$230M supports pinning near max pain $57.

⚠️Gamma flip at $50 is a key downside structural risk.

🎯Max pain $57 on 06/26 expiry acts as a magnet.

Regime Classification

Vol Regime

Normal

Normal IV relative to typical range; VIX at 18.41 provides moderate environment.

Gamma Regime

Pinning

Large positive GEX of +$230.5M indicates strong pinning; flip at $50 from heavy put OI.

Flow Regime

Bullish

Bullish net premium flow with skewed put-call ratio toward calls.

Spot vs Max Pain

Above

Spot above max pain $57 and 1.5% above it, supporting upward bias and pinning.

Thesis duration: Event-specific — Proximity to 06/26 expiration and concentrated max pain at $57 make this event-driven.

Price Range Forecast

Next 1 week

$56.65$59.11

Supported by positive gamma and flow in range $56.65-$59.11.

Next 2 weeks

$56.08$59.69

Broader range $56.08-$59.69 with resistance at upper end.

Key Levels

Max pain pins: $57 (2026-06-26); $57 (2026-07-02); $55 (2026-07-10)

EM guardrails: 1w $56.65/$59.11

Support: $57.00 · $56.08

Resistance: $59.69 · $60.00

Gamma flip: ~$50.00 — Approx — based on put OI concentration of 51,353 (13.6% below spot)

Structural: Max pain pins: $57 (06/26, 07/02), $55 (07/10). EM guardrails 1w $56.65/$59.11. Support $57.00, $56.08. Resistance $59.69, $60.00. Gamma flip ~$50.

Dealer Positioning (GEX/DEX)

GEX: $+230.5M

DEX: +60.0M shares

Gamma flip: ~$50 (Approx — based on put OI concentration of 51,353 (13.6% below spot))

NTM gamma: GEX +$230.5M, DEX +60.0M shares. Gamma flip at ~$50 based on put OI concentration.

IV Analysis

IV vs VIX: BAC IV aligns with VIX at 18.41; not rich or cheap relative to index.

Term structure: Contango with event kinks near monthly expiration, front-end elevated by expiration.

Skew: Skew is balanced; no clear vol opportunity given pinning and low uncertainty.

Flow Analysis

Net premium: Net call premium $16.8M with P/C vol ratio 0.71 indicates strong bullish flow.

Directional prints: 19 call 58 OTM 2026-07-02 — Vol 8058 vs OI 2813 (2.9x), likely bought calls; aggressive bullish positioning near ATM. 18.7 call 59 OTM 2026-07-02 — Vol 7921 vs OI 3023 (2.6x), bought calls; directional upside exposure.

Unusual: 71.8 put 51.5 OTM 2026-07-02 — Vol/OI 14.8 on OTM put; could be hedging or bearish speculation; unusually high IV. 59.3 call 39 ITM 2027-01-15 — Vol/OI 11.2 on deep ITM call; likely buy-write or synthetic long; high IV suggests volatility play. 22.1 call 63 OTM 2026-07-10 — Vol/OI 6.7 on OTM call; speculative bullish bet at low cost.

Risks & Catalysts

!Downside break below support $56.08 could accelerate losses.

!Gamma flip at $50 may trigger sharp selling if spot declines.

!Failure to hold above max pain $57 weakens bullish thesis.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-07-17 $55.00/$52.50 put spread Why now: Strong bullish flow and dealer gamma pinning near $57; downside capped by support.	Downside break below $56 could trigger losses.
Bull call spread	Moderate	Buy 2026-07-17 $60.00/$62.50 call spread Why now: Aggressive call flow and OI at $58 and $60 suggest upside target; limited risk below.	Time decay if stock stays flat; cap on upside above $60.

Top Plays

Put Credit Spread

Sell 2026-07-17 $55.00/$52.50 put spread

Sell $55/$52.50 put spread to collect premium while downside protected by support.

Why this play: Conservative income play aligned with bullish bias and support near $55. Outperforms due to lower risk in range-bound market.

Credit: $0.27-$0.33

Max loss: $2.17

BE: $54.67

Mgmt: Exit at 50% max gain or if spot breaches $57 invalidation.

Income-focused traders expecting limited downside.

Bull Call Spread

Buy 2026-07-17 $60.00/$62.50 call spread

Buy $60/$62.50 call spread targeting breakout above max pain.

Why this play: Leverages aggressive call flow and upside potential, but higher risk if spot fails to rally.

Debit: $0.41-$0.51

Max loss: $0.51

BE: $60.51

Mgmt: Monitor IV expansion; close if spot stays below $57 or at expiration near max value.

Traders seeking asymmetrical upside with defined risk.

Watchlist Triggers

Entry Triggers

IFIf spot holds above $57 support with bullish momentum → Sell 2026-07-17 $55/$52.5 put spread at 0.30 credit

IFIf spot breaks above $59.69 resistance with volume → Buy 2026-07-17 $60/$62.5 call spread at 0.46 debit

Exit Triggers

EXITIf spot closes below $57 invalidation level → Exit both put credit and bull call spreads

Tactical Summary

Range-bound bullish play for BAC until 07/17 expiration. Enter PCS on support hold, BCS on resistance break. Exit if $57 fails. Focus on defined risk and invalidation.

How to Use These Reports

This directional reflects the market close on June 26, 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.