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BAC

Bank of America CorporationClose $61.95EOD only
Max Pain
$60.00
Next expiry Aug 7, 2026
Expected Move
±$1.30
2.1% from close
Price Gap
-1.95
Distance to max pain
IV Rank
4
Low premium
P/C OI
1.11
Slightly put-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: Jul 31, 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
Jul 31, 2026 close
BAC Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 18, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Bull Put Spreads
Invalidation: Break below $47 gamma flip or spot closes below max pain $52
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.0% from MP; +1 VIX 16

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 33.4% vs VIX 16.4 — elevated
Favorable?
No

Term structure: Front expiration (0 DTE) extreme skew: Put IV 200%, Call 78%; later expirations contango

⚠️Front-month IV skew extreme — defined-risk spreads only
📈Dealer gamma long $141.9M supports pinning

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+141.9M)

Gamma flip: ~$47.00 — Approx — based on put OI concentration of 104,983 (16.4% below spot)

OI concentrations: Max pain $52 (6/18), $55 (6/26); put floor $35-$50; 104,983 OI at $47 (16.4% below spot)

Verdict: Pinning likely at $52 today; gamma flip at $47 is key downside risk

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $50.00/$45.00 put spread
Sell 50 put, buy 45 put for credit. Max profit above $50.
Credit: $0.14-$0.17
Max loss: $4.83
BE: $49.83
Mgmt: Exit if spot below $50 or gamma flip signals.
#2
Covered call
Buy shares + sell 2026-07-17 $55.00 call
Buy 100 shares, sell 55 call for net credit. Profit if BAC stays below $55.
Credit: $2.25-$2.75
Max loss: Stock downside to $0 less call premium
BE: $53.45
Mgmt: Roll call if stock nears $55 before earnings.

Risk Alerts

!Extreme IV skew on front expiration
!Gamma flip level at $47
!Spot 7% above max pain — potential reversal
How to Use These Reports
This theta reflects the market close on June 18, 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.