BE
Bloom Energy CorporationClose $282.31EOD onlyMax 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 Theta Report
Analysis based on market close March 31, 2026
Historical consensus-supported lens with full content, report chain context, and metric rail.
Theta Verdict
Attractiveness8.5 / 10
Sizing: Moderate to Aggressive (defined risk only)
Primary: Sell put spreads or iron condors anchored to major OI strikes
Invalidation: Close below $75 gamma flip or above $165 call wall
Confidence:
7 / 10
base 5; +2 extremely high IV; +1 strong pinning regime; +1 spot below max pain; -2 extreme volatility and wide expected moves
IV Environment
IV Regime
Extremely High
IV vs VIX
IV 113% — Extremely elevated. No direct VIX comparison provided, but IV >100% indicates massive premium opportunity.
Favorable?
Yes
Term structure: Humps at May expirations (~112%), elevated across all tenors >100%
💰IV >100% across curve — exceptional credit received
⚠️High IV = high expected move. Use defined risk.
Pin Risk Assessment
Spot vs MP: Below max pain by 4.6% ($135.49 vs $142)
GEX regime: Strong Pinning (GEX +$3.7M)
Gamma flip: ~$75.00 — Massive put OI at $75 creates a strong gamma flip level far below. Above $75, positive GEX supports mean reversion/pinning.
OI concentrations: Call walls: $165 (28.7K), $260 (24.8K), $200 (16.5K). Put walls: $75 (14.4K), $80 (14.0K), $120 (6.8K).
Verdict: Very Favorable — Strong positive GEX and spot below max pain suggest magnetic pull higher, supporting credit put sales. Massive OI concentrations provide clear boundaries.
Premium Opportunities
#1
put spread
Sell $120/$115 Put Spread 2026-05-15 (45 DTE)
High IV provides rich credit. Short strike ($120) aligns with a major put OI wall (6,832) and is 11.4% below spot, outside the 31% 45-day expected move. Positive GEX and spot below max pain support a pinning/mean reversion thesis. Defined risk manages tail risk.
Credit: $1.20-$1.60
Max loss: $3.80
BE: $118.80
Mgmt: Close at 65% max profit (~$0.78 credit remaining). Roll down/out if spot breaches $125. Exit entire position if spot closes below $115 (long strike).
#2
iron condor
Sell $120/$115P x $165/$170C Iron Condor 2026-05-15 (45 DTE)
Capitalizes on high IV across both sides. Anchors put wing to the $120 OI wall and call wing to the massive $165 call wall (28,696 OI). Provides a wide $45 range between short strikes, well within the 45-day expected move (±$41.95). Positive GEX favors range-bound action.
Credit: $1.80-$2.30
Max loss: $3.20
BE: 117.20 / 167.80
Mgmt: Close at 50% max profit. Manage wings independently: roll tested side outward for credit. Exit entire position if spot breaches either short strike by more than $2.
#3
calendar spread
Sell $140 Put 2026-04-10 / Buy $140 Put 2026-05-15 (Diagonal Calendar)
Exploits the steep IV term structure (94.6% IV in April vs 111.8% in May). Sells the higher-IV, longer-dated option and buys the lower-IV, shorter-dated one. The $140 strike has massive net put premium flow (-$20.4M), indicating it's an overpriced put. Earnings (4/30) are after the short leg expires, avoiding event risk.
Credit: $3.50-$4.50
BE: Complex — profits from IV/theta decay differential and spot staying above $140.
Mgmt: Close short leg at 80% profit or 3 days to expiration. Roll short leg out in time if challenged. The long leg defines max risk (difference in strikes minus net credit).
#4
cash-secured put
Sell $110 Put 2026-06-18 (79 DTE)
For capital-secure sellers comfortable with assignment. $110 strike is 18.8% below spot, below the major $120 put wall, and has significant OI (6,137). IV of 106.6% provides enormous premium, offering a 10.9-13.6% return on capital in 79 days. The $75 gamma flip and positive GEX provide a strong buffer.
Credit: $12.00-$15.00
Max loss: $98.00
BE: $98.00
Mgmt: Roll down/out for a credit if spot approaches $115. Be prepared to take assignment at $110 if necessary. Close at 70% profit.
Risk Alerts
!Earnings estimated 2026-04-30 — CLOSE or ROLL all short premium positions before this announcement. Never hold naked shorts through earnings with IV this high.
!Extreme Volatility: 45-day expected move is ±31% ($93.54 - $177.44). All positions must be defined risk or have strikes set outside this range.
!Gamma Flip at ~$75 — A break below this level (far OTM) could lead to accelerated selling pressure as dealer hedging flips. This is a major risk trigger.
!Massive Call OI at $165 & $260 — These act as strong ceilings. A breakout above $165 could be explosive due to negative gamma above, threatening call credit spreads.
!Net Premium Flow Negative at Key Strikes ($140 put) — Indicates heavy put buying, a bearish flow signal. Be cautious with naked put sales at these strikes.
!Unusual Activity in $157.50 Apr Calls — 10,543 volume vs 107 OI suggests a large directional bet. Monitor for upward momentum.
How to Use These Reports
This theta 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.