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BAC

Bank of America CorporationClose $53.51EOD only
Max Pain
$51.00
Next expiry Apr 17, 2026
Expected Move
±$0.70
1.3% from close
Price Gap
-2.51
Distance to max pain
IV Rank
84
High premium
P/C OI
1.09
Balanced positioning
Consensus
4/4
Partial coverage
Published snapshot: Apr 16, 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
Apr 16, 2026 close
BAC Earnings Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High-confidence pinning setup: net GEX and concentrated short-dated put deltas create maximum pain around $51–$52 despite larger longer-dated put OI at $53–$54; front-week dynamics dominate.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.7% from MP; +1 VIX 17
Most important: Front-week GEX and short-dated put delta concentration drive pinning near $51–$52, overriding longer-dated OI.
📌Front-week GEX and short-dated puts concentrate pin risk at $51–$52.
⚠️Elevated weekly IV; expect moderate post-event crush for 4/24 expiries.

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$47.00 — Approx — based on put OI concentration of 51,769 (12.8% below spot)

Earnings Overview

Next earnings: 2026-07-14 (88 days)explicit

Expected moves:

  • 2026-04-24 (7d): ±$1.48 (2.8%)
  • 2026-05-01 (14d): ±$2.05 (3.8%)
  • 2026-05-08 (21d): ±$2.41 (4.5%)

IV Setup

Term structure: Front-week IV markedly elevated vs multiweek; near-term skew steep with weeklys rich.

Crush estimate: Moderate (~8–14%) crush for 4/24 weeklys; front-week expiries most impacted.

Skew: Put-skew concentrated into $50–$54 band for weeklies; longer-dated puts thicker at $53–$54.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Historically muted moves vs model; realized moves often below expected on similar setups.

Directional bias: Slight bullish tilt from consistent beats, but primary effect is range/pinning into expiries.

Key Levels

1$47.00 gamma flip
2EM guardrails: 1w $52.42/$55.39
3Max pain pins: $51 (2026-04-17); $52 (2026-04-24); $51 (2026-05-01)

Flow Highlights

Heavy short-dated put flow and gamma exposure clustered into 4/24 strikes around $51–$52.

Short-dated deltas/GEX create immediate pin pressure at $51–$52 despite larger multiweek OI slightly higher.

Larger multiweek put OI sits at $53–$54 and call OI wall near $58.

Longer-dated OI can limit longer-term moves but doesn't negate front-week pin driven by weekly flows.

Strategies

Multi‑week OTM strangle
Buy 2026-07-17 $50.00 put + buy $60.00 call
Debit: $1.68-$2.06
Max loss: $2.06
Max gain: Unlimited
BE: 47.94 / 62.06
Trigger: Close into sustained breach of $51–$52 or after realized vol materializes; trim/roll call or put if one wing shows trend.
Lower-cost way to capture tail moves beyond front-week pin; cheaper vega exposure given steep near-term skew.
Outperforms: Buy 7/17 $50 put + $60 call to benefit if a post-earnings leg breaks pinning or a surprise drives a directional move while limiting premium at risk.
Underperforms: Insufficient realized move reduces long-strangle edge.
Multi‑week ATM straddle
Buy 2026-07-17 $55.00 put + buy $55.00 call
Debit: $4.82-$5.90
Max loss: $5.90
Max gain: Unlimited
BE: 49.10 / 60.90
Trigger: Manage gamma risk into front-week expiries; exit or hedge into IV crush window or if premium decay outpaces movement.
Wider capture of realized vol and drift if stock re-prices; higher cost but symmetric exposure.
Outperforms: Buy 7/17 $55 straddle to profit from larger-than-expected move or sustained repricing away from pin.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!Gamma pinning can amplify small spot moves into concentrated strikes
!IV crush may produce losses for directional short-dated trades
!Spot ~5.7% above MP increases risk of unwind if spot slips below $51

What to Watch

?Spot action vs $51/$52 front-week max pain levels
?Front-week IV and delta/GEX shifts into 4/24
?Large block prints or rapid increases in short-dated put OI around $51–$54

Read the Earnings analysis for BAC for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.