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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 Theta Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Avoid short-dated put-selling near $51–$52; consider hedged or longer-dated structures
Invalidation: Spot > $55 with IV collapse and OI unwind, or sustained VIX < 12 making skew irrelevant
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?
No

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

#1
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.
#2
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.
#3
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

Read the Theta 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.