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BE

Bloom Energy CorporationClose $282.31EOD only
Max Pain
$260.00
Next expiry May 22, 2026
Expected Move
±$23.75
8.4% from close
Price Gap
-22.31
Distance to max pain
IV Rank
37
Middle-high premium
P/C OI
1.24
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 20, 2026 close
End-of-day snapshot

This page reflects BE options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 20, 2026 close
BE Earnings Report
Analysis based on market close March 31, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Earnings expected around 4/30, ~30 days out. IV is extremely elevated (113%), making IV crush plays attractive. The stock is pinned below max pain with a strong mean-reverting gamma regime. The primary risk is a massive gap beyond the wide expected move.

Confidence:
6.5 / 10
base 5; +1.5 for extreme IV (113%) and clear earnings kink; -0 for data quality
Most important: Extreme IV (113%) and sharp term structure kink at May 1st expiration confirm earnings premium. Historical EPS beat rate is 100%.
⚠️Extreme IV of 113% implies market pricing in binary event. Position sizing is critical.
📊100% EPS beat rate last 4 quarters, but no price reaction data. Surprise magnitude is significant.
🎯Gamma pinning regime suggests spot may be drawn toward $140 (max pain) ahead of earnings.

Regime Classification

Vol Regime
High (IV 113%)
Gamma Regime
Pinning (GEX +$3.7M — mean-reverting)
Flow Regime
Mixed (net prem $-16.9M, P/C 1.10)
Spot vs MP
Below max pain by 4.6% (spot $135.49 vs MP $142)
Gamma flip: ~$75.00 — Estimated ~$75 based on put OI concentration. Below $135, gamma is positive (dealers buy dips).

Earnings Overview

Next earnings: 2026-04-30 (30 days)explicit

Expected moves:

  • 5/01 (31d): ±$34.25 (25.3%)

IV Setup

Term structure: Sharp kink at 5/01 (109.8% IV) vs 4/24 (99.6%). Steep upward slope into earnings.

Crush estimate: ~30-40 vol pts post-earnings, back to ~70-80% range.

Skew: Net premium flow heavily negative at $140 strike (-$20M), indicating large put selling or call buying pressure. P/C ratio of 1.10 shows slightly more put volume.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: No price move data provided, but EPS surprise magnitude is large (avg +1.75).

Directional bias: Insufficient price data to determine.

Key Levels

1$75 Put OI Wall (14,397)
2$140 Max Pain (4/10)
3$157.5 Call (Unusual Flow)
4EM: $101 - $170

Flow Highlights

Massive $140P flow: Net $-20.4M premium (Put $22.1M vs Call $1.7M)

Likely institutional selling of puts for premium, creating a strong support/resistance level.

Unusual $157.5C 4/17: Vol 10,543 vs OI 107 (98.5x), +$4.3M net premium

Aggressive bullish bet for a move above the expected move upper bound by mid-April.

Strategies

Short Iron Condor (IV Crush)
Sell $101/$105P x Buy $170/$175C 5/01
Credit: $2.50-$3.50
Max loss: $1.50
Max gain: $2.50
BE: Below $103.50 / Above $171.50
Trigger: Enter 5-7 days before earnings (around 4/23)
Capitalizes on extreme IV and expected crush. Wings set just outside 31-day EM bounds for buffer. Uses available strikes.
Outperforms: Stock stays within wide 25.3% EM ($101-$170) and IV crushes >30 pts.
Underperforms: Stock gaps beyond condor wings (>$105 drop or >$170 rally).
Put Calendar Spread (Gamma Pinning Play)
Buy $135P 4/24 (IV 99.6%) / Sell $135P 5/01 (IV 109.8%)
Max loss: Debit paid
Max gain: IV crush on short leg + theta decay
BE: Stock near $135 at May expiration; benefits from IV differential crush.
Trigger: Enter 10-14 days before earnings.
Exploits the 10+ vol point kink in term structure and the pinning gamma regime (spot below max pain, positive GEX).
Outperforms: Stock pins near $135 (below current max pain), and IV crushes sharply on the May leg post-earnings.
Underperforms: Stock gaps far from $135, especially downward, increasing delta risk on long put.
Long Put Butterfly (Defensive, High Conviction Range)
Buy 1x $120P, Sell 2x $110P, Buy 1x $100P 5/01
Max loss: Debit paid (~$2.00 est.)
Max gain: $8.00 (if stock at $110 at expiry)
BE: $108 - $112
Trigger: Enter if IV dips slightly before earnings, or if bearish on guidance.
Defined risk play for a moderate drop, targeting the lower half of the expected move. Aligns with heavy put OI at $120 and $110.
Outperforms: Stock drops to the $108-$112 range post-earnings.
Underperforms: Stock rallies or collapses beyond wings. Time decay hurts if stock doesn't move.

Risk Assessment

!Gap Risk: 25.3% expected move is enormous. A fundamental surprise could cause a gap exceeding 30-40%.
!IV Crush Magnitude: While large crush is likely, if macro volatility (VIX) remains high, crush may be less severe than estimated.
!Liquidity: OI (620k) and volume (63k) are moderate but not elite. Wider spreads possible on non-standard strikes.
!Sizing: Use small position sizes due to extreme implied volatility and wide expected range.

What to Watch

?IV trajectory on May 1st expiration over the next 2 weeks.
?Spot price action relative to $140 max pain and $135 gamma pin.
?Any unusual flow in OTM puts below $100, signaling crash protection buying.
How to Use These Reports
This earnings reflects the market close on March 31, 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.