thetaOwl

BX

Blackstone Inc.Close $116.83EOD only
Max Pain
$121.00
Next expiry May 22, 2026
Expected Move
±$3.27
2.8% from close
Price Gap
+4.17
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.46
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 20, 2026 close
End-of-day snapshot

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

Published Snapshot
May 20, 2026 close
BX Earnings Report
Analysis based on market close March 31, 2026

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

Earnings Verdict

Earnings expected around 4/23 (inferred from IV kink). IV is elevated at ~48-52% for near-term expirations, setting up a classic IV crush play. The stock has a strong history of beating EPS estimates, but the pinning gamma regime and mixed flow suggest a contained move is likely. Selling premium via defined-risk strategies is favored.

Confidence:
6.5 / 10
base 5; +1 strong historical beat rate; +0.5 elevated IV; -0.5 gamma pinning near spot; -0.5 mixed flow regime
Most important: IV term structure shows a clear kink at 4/24 and 5/01 expirations (48.6% and 51.8%), strongly suggesting earnings are scheduled for late April.
📅Earnings date not explicit but strongly inferred for week of 4/23 via IV term structure kink.
📊100% EPS beat rate over last 4 quarters. Market expects a beat; guidance will be key.
⚖️Conflicting signals: Strong historical beats (bullish) vs. Pinning Gamma & Put-heavy OI (containing). Favors range-bound, premium-selling strategies.

Regime Classification

Vol Regime
High (IV 50%)
Gamma Regime
Pinning (GEX +$0.9M — mean-reverting)
Flow Regime
Mixed (net prem $-7.2M, P/C 1.14)
Spot vs MP
Above max pain by 3.6% (spot $114.99 vs MP $111)
Gamma flip: ~$100.00Gamma flip estimated at ~$100 based on put OI concentration. Spot well above, but pinning regime suggests resistance to large moves.

Earnings Overview

Next earnings: 2026-04-23 (23 days)inferred (IV kink at 4/24 & 5/01, EPS est for 4/23)

Expected moves:

  • 4/24 (24d): ±$10.88 (9.5%)
  • 5/01 (31d): ±$13.03 (11.3%)

IV Setup

Term structure: Pronounced kink at 4/24 (48.6%) and 5/01 (51.8%) vs. 43.7% on 4/10. Elevated IV extends into May.

Crush estimate: ~15-20 vol pts post-earnings, back to ~35% range.

Skew: P/C OI ratio of 1.60 shows significant put positioning, but P/C volume ratio of 1.14 is more balanced. Top premium flow is mixed, with large net put buying at $185 and $120, but call buying at $110 and $105.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Cannot calculate precisely without historical expected move data, but consistent positive EPS surprises suggest upside bias.

Directional bias: Strong positive EPS surprise history (last four quarters).

Key Levels

1$111 (near-term max pain)
2$110 (major call flow strike)
3$100 (largest put OI wall)
4EM 4/24: $104 - $126

Flow Highlights

Massive net put flow at $185 (-$2.99M) and $120 (-$1.45M). Large net call flow at $110 (+$1.36M) and $105 (+$0.76M).

Institutional hedging for downside tail risk (far OTM puts) paired with bullish bets closer to spot. Suggests a view of limited downside near-term but protection for larger market events.

Unusual call activity: BX260717C135 (Vol 282 vs OI 146).

Long-dated upside call buying, potentially a leveraged bet on a post-earnings breakout extending into summer.

Strategies

Short Iron Condor (Premium Sale)
Sell $104/$100 Put spread x Sell $126/$130 Call spread, 5/01 expiration.
Credit: $1.50-$2.00
Max loss: $3.50
Max gain: $1.75
BE: Puts: $102.25, Calls: $127.75
Trigger: Enter 5-7 days before inferred earnings date (mid-April).
Capitalizes on elevated IV and historical tendency to beat estimates without massive price breaks. Strikes placed just outside the 4/24 expected move ($104-$126) for a buffer. Uses 5/01 expiration to capture full IV crush.
Outperforms: Stock stays within a ~±10% range ($102-$128). IV crushes post-earnings.
Underperforms: Stock gaps beyond short strikes ($100 or $126).
Put Calendar Spread (Directional/Volatility)
Buy $115 Put 5/01 (long), Sell $115 Put 4/24 (short).
Max loss: Debit paid
Max gain: IV crush on short leg + theta decay differential
BE: Stock near $115 at 4/24 expiry with IV crush.
Trigger: Enter 1-2 weeks before earnings as IV ramps into 4/24 expiry.
Exploits the sharp IV kink between 4/24 and 5/01 expirations. Benefits from pinning gamma regime and maximizes IV crush on the front-month short option. Neutral-to-slightly bearish bias given spot above max pain.
Outperforms: Stock pins near $115 (at short strike) through earnings, and IV crushes sharply on the 4/24 leg.
Underperforms: Stock moves sharply away from $115, especially downward, increasing value of short put.
Long Straddle (Volatility/Event Play)
Buy $115 Straddle, 5/01 expiration.
Max loss: Debit paid (~$13.03 based on EM)
Max gain: Unlimited
BE: $101.97 / $128.03
Trigger: Enter only if IV on 5/01 expiry dips below 50% before earnings.
A pure volatility bet. Justified by the strong historical beat rate which could trigger a larger-than-expected guidance-driven move. High cost of entry makes this a lower-probability, high-payout play.
Outperforms: Actual post-earnings move exceeds the 11.3% implied move (breakeven).
Underperforms: Stock moves less than ~11.3% and IV crushes post-event.

Risk Assessment

!Gap Risk: The 5/01 expected move is ±$13.03 (11.3%). A surprise on guidance (not just EPS) could drive a move beyond this range.
!IV Crush: Estimated 15-20 vol point drop post-earnings. Long premium strategies need a very large price move to overcome this.
!Liquidity: Options are liquid with 76 active strikes, but volume (19,256) is moderate. Sizing should be adjusted accordingly.
!Pinning Risk: Gamma regime is 'pinning' and spot is above max pain. This increases the probability of a muted move, favoring premium sellers.

What to Watch

?IV trajectory on the 4/24 and 5/01 expirations as the inferred date approaches.
?Spot price action relative to the $111 max pain and $110 call flow level.
?Any unusual flow in the $100-$110 put zone or $125-$135 call zone.
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.