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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 2, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 2, 2026. A newer theta report is available for April 17, 2026.

View latest report

Theta Verdict

Confidence:

7 / 10

base 5; +1 pinning regime; +1 normal IV; +0.5 bullish flow; -0.5 spot above MP trend

IV Environment

IV Regime

Normal

IV vs VIX

IV 32.6% — Normal regime for BAC

Favorable?

Yes

Term structure: Humped at 4/17 (36.5%), elevated through May, normalizing by June

💰32.6% IV provides decent premium for a large cap bank

📊IV hump at 4/17 and May expirations offers richer premium

Pin Risk Assessment

Spot vs MP: Above by 2.9% (spot $49.38 vs MP $48)

GEX regime: Strong Pinning (GEX +$266.2M)

Gamma flip: ~$35.00 — Massive put OI at $35 creates strong support; below $35, dealers amplify moves down

OI concentrations: Call wall $55 (67K OI), Put walls $35 (55K), $47 (52K), $40 (45K), $45 (44K), $50 (41K)

Verdict: Favorable — Strong positive GEX and dense OI create magnetic pinning effect. Spot above max pain suggests slight upward bias.

Premium Opportunities

put spread

Sell $47/$45 put spread 2026-05-01 (29 DTE)

Strong OI support at $47 (52K OI) and $45 (44K OI). 29 DTE captures theta decay while avoiding near-term earnings (4/15). Credit represents ~30% of max risk. Spot comfortably above short strike.

Credit: $0.45-$0.55

Max loss: $1.55

BE: $46.55

Mgmt: Close at 65% profit ($0.29 credit remaining). Roll if spot approaches $47.50. Exit on close below $46.

iron condor

Sell $47/$45P x $52/$54C 2026-05-15 (43 DTE)

Wide expected move ($4.29) provides buffer. Pinning regime supports range-bound action. Strikes align with major OI: $47 put wall and $52.50 call wall. High IV in May expiration (31.4%) provides decent premium.

Credit: $0.90-$1.10

Max loss: $1.10

BE: 46.10/52.90

Mgmt: Close at 50% profit. Manage wings independently: roll tested side out 1 strike. Exit if spot breaches either short strike.

cash-secured put

Sell $45 put 2026-06-18 (77 DTE)

For capital-secure sellers. $45 has massive OI support (44K). 77 DTE provides time cushion and decent annualized return (~14-17%). Willing to own BAC at $45 (8.9% below spot).

Credit: $1.40-$1.70

Max loss: $43.30

BE: $43.60

Mgmt: Roll down/out at 21 DTE if tested. Close at 70% profit. Consider assignment if spot below $45 at expiration.

call credit spread

Sell $51/$53 call spread 2026-04-17 (15 DTE)

High IV in 4/17 expiration (36.5%) provides rich premium. $51 is above expected move high ($52.31). Unusual activity in $51.50 calls suggests potential resistance. Defined risk with earnings approaching.

Credit: $0.35-$0.45

Max loss: $1.65

BE: $51.35

Mgmt: Close at 60% profit. Exit if spot closes above $50.50. DO NOT HOLD THROUGH EARNINGS ON 4/15.

Risk Alerts

!Earnings expected 2026-04-15 — Close all short gamma positions before announcement

!Gamma flip at $35 — Below this level, downside acceleration risk increases dramatically

!Bullish flow (net prem +$4.0M, P/C 0.73) suggests underlying momentum — be cautious with call credits

!Spot ($49.38) is above max pain ($48) — slight upward bias but may gravitate toward pain

!Unusual activity in 4/10 $50.50 and $51.50 calls — monitor for breakout above $50.50

!Massive $35 put OI (55,775) represents institutional put writing — monitor for any unwinding

How to Use These Reports

This theta reflects the market close on April 2, 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.