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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 Theta 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.

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.7% from MP; +1 VIX 17

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV ~31% vs VIX 17% — equity-specific IV elevated vs market

Favorable?

Term structure: Very steep short-dated put skew (1–4w) and mildly elevated mid-dated curve

⚠️Short-dated put skew and OI cluster at $51–$52 — avoid selling 1–4w puts here

📌Max-pain clustering at $51–$52 across near expiries — high pin risk

🚨Assignment, overnight-gap and margin exposure are material risks for short-dated sellers

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+456.7M)

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

OI concentrations: Put OI concentrated ~51,769 (~12.8% below spot); max-pain at $51/$52 across weeklies

Verdict: High pinning risk at $51–$52 next 2–3 expiries; elevates assignment and sticky-price risk — not suitable for short-dated naked put selling

Premium Opportunities

PMCC / LEAPS diagonal

Buy 2026-09-18 $55.00 call + sell 2026-06-18 $60.00 call

Own long 9/18 $55 call and sell 6/18 $60 call to collect near-term premium while limiting downside vs stock ownership.

Debit: $2.60-$3.17

Max loss: $3.17

BE: Path-dependent

Mgmt: Roll short calls after earnings if IV collapses; cut if spot <51.85 or VIX spikes >25.

Call diagonal

Sell 2026-06-18 $57.50 call / buy 2026-07-17 $60.00 call

Sell 6/18 $57.50 / buy 7/17 $60 to collect short-dated premium with some upside cover across earnings.

Credit: $0.09-$0.10

Max loss: $0.01

BE: Path-dependent

Mgmt: Manage if spot >55 (invalidate) or spot <51.85; consider rolling short leg wider or later-dated long.

Call diagonal

Sell 2026-05-29 $57.00 call / buy 2026-09-18 $55.00 call

Sell 5/29 $57 / buy 9/18 $55 to monetize skew while keeping long-duration upside.

Debit: $2.35-$2.87

Max loss: $2.87

BE: Path-dependent

Mgmt: Close or roll short leg before pin risk windows; cut if spot <51.85 or IV regime shifts.

Risk Alerts

!Accelerated move below $50 undermines thesis

!VIX spike >25 or dealer de-grossing reduces premium cushion

!Assignment risk for short-dated sellers at $51–$52

!Overnight gap risk can produce large losses versus collected premium

!Margin/capital strain if underlying pins near strike causing concentrated short positions

How to Use These Reports

This theta 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.