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BLK

BlackRock, Inc.Close $1051.57EOD only

Max Pain

$1070.00

Next expiry May 22, 2026

Expected Move

±$11.25

1.1% from close

Price Gap

+18.43

Distance to max pain

IV Rank

Low premium

P/C OI

1.36

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

BLK Theta Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Confidence:

3.5 / 10

base 4; +1 high IV; -1 trending GEX; -0.5 low liquidity

IV Environment

IV Regime

High

IV vs VIX

IV 40.5% — elevated for a large-cap financial

Favorable?

Yes

Term structure: Humped at 4/17 (42.4%), then declines

💰IV >40% provides attractive premium for sellers

⚠️Term structure hump at 4/17 suggests near-term event risk

Pin Risk Assessment

Spot vs MP: At max pain ($960 vs $961.71 spot)

GEX regime: Trending (GEX -$87K, pro-cyclical)

Gamma flip: ~$390.00 — Gamma flip far below at ~$390. Above this, negative GEX suggests dealers amplify moves.

OI concentrations: Put wall at $390 (734 OI), Call wall at $1150 (1035 OI). Near-term: $970 Call (414 OI), $940 Put (350 OI).

Verdict: Unfavorable — trending GEX and low OI near spot reduce pinning support for credit positions.

Premium Opportunities

put spread

Sell $940/$920 put spread 5/15 (45 DTE)

Sells elevated IV (38.4%) 45 DTE. Short strike aligns with OI support ($940) and is below the 45-day expected move low ($863.06). Wide $20 spread mitigates low-liquidity slippage.

Credit: $3.50-$4.50

Max loss: $16.50

BE: $936.50

Mgmt: Close at 65% profit. Exit if spot closes below $940. Assume wide bid-ask; use limit orders.

covered call

Sell $1020 covered call 5/15 (45 DTE) against 100 shares

For existing shareholders. Strike is above the 45-day expected move high ($1060.36) and near a call OI concentration. Collects high time premium from elevated IV.

Credit: $28.00-$35.00

Max loss: Unlimited above $1020

BE: $933.71

Mgmt: Consider rolling up and out if tested. Close call at 80% profit to re-sell.

cash-secured put

Sell $920 put 5/15 (45 DTE)

Simplest premium capture in high IV. Strike is 4.3% below spot and well below near-term max pain. Provides a ~2% return on capital secured in 45 days.

Credit: $18.00-$23.00

Max loss: $902.00

BE: $902.00

Mgmt: Roll down/out if put tested. Close at 75% profit. Be prepared to take assignment at $920.

call credit spread

Sell $1020/$1040 call spread 5/15 (45 DTE) — ILLUSTRATIVE

Defined-risk bearish/neutral play above expected move. Low OI at these strikes reduces pin risk, but liquidity is a major concern.

Credit: $4.00-$6.00

Max loss: $16.00

BE: $1024.00

Mgmt: ILLUSTRATIVE ONLY due to low OI. Close at 50% profit. Exit if spot closes above $1015.

Risk Alerts

!Earnings estimated 4/10 or 4/14 — DO NOT sell naked premium through earnings. Close or roll positions before announcement.

!Low liquidity (30k total OI) — bid-ask spreads will be wide. All credit estimates are theoretical; use limit orders.

!Trending GEX regime (GEX -$87K) — dealers amplify price moves, increasing risk of sharp breaks through support/resistance.

!Unusual Put activity: 500 volume on 4/10 $660 Puts (IV 127.6%). May indicate tail-risk hedging; be wary of extreme downside moves.

!IV Term Structure hump at 4/17 (42.4%) — suggests heightened near-term uncertainty, possibly related to earnings.

!Max Pain trend is falling ($960 → $950) over longer expirations, indicating a slight bearish drift in option positioning.

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.