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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

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 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:

5.5 / 10

base 5; +1 high IV; +0.5 pinning regime; -1 moderate liquidity

IV Environment

IV Regime

High

IV vs VIX

IV 50.2% — Elevated volatility environment

Favorable?

Yes

Term structure: Humped at 5/08 (55.4%), elevated across curve

💰Rich IV (50%+) favors premium sellers

⚠️Term structure hump at 38 DTE suggests near-term uncertainty

Pin Risk Assessment

Spot vs MP: Above max pain by 3.6% (spot $114.99 vs MP $111)

GEX regime: Pinning (GEX +$0.9M — mean-reverting)

Gamma flip: ~$100.00 — Below $100, dealers amplify moves downward

OI concentrations: Major put walls at $100 (12.6K OI), $85 (8.3K OI), $95 (5.5K OI)

Verdict: Favorable — positive GEX and OI concentrations support pinning near current levels

Premium Opportunities

put spread

Sell $105/$100 put spread 5/01 (31 DTE)

High IV (51.8%) at this expiry. Short strike aligns with $105 OI support and is 8.7% below spot. Well above gamma flip at $100. Expected move is ±$13.03, giving cushion.

Credit: $1.15-$1.45

Max loss: $3.55

BE: $103.55

Mgmt: Close at 65% profit (~$0.95 credit). Exit if BX closes below $103. Roll down/out if $105 tested. Max loss at $100.

cash-secured put

Sell $110 put 4/17 (17 DTE)

High IV (44.2%) and strong OI support at $110 (3.7K OI). Strike is 4.3% below spot, above max pain ($111) and well above gamma flip. Premium represents 2.8% return on capital in 17 days.

Credit: $2.80-$3.20

Max loss: $107.20

BE: $107.20

Mgmt: Close at 70% profit (~$2.24 credit). Roll down/out if tested. Accept assignment below $107.20 if willing to own shares.

iron condor

Sell $105/$100P x $130/$135C 5/01 (31 DTE)

Captures high IV hump at 31 DTE. Wide range ($105-$130) within expected move (±$13.03). Call side uses $130 OI resistance; put side uses $105 OI support. Positive GEX supports range-bound price action.

Credit: $1.60-$2.00

Max loss: $3.40

BE: 103.40/131.40

Mgmt: Close at 50% profit (~$1.00 credit). Manage legs independently if one side tested. Exit entire position if BX breaches $103 or $132.

covered call

Own shares, sell $125 call 4/24 (24 DTE)

For existing shareholders. $125 strike is 8.7% above spot, above expected move upper bound ($125.86). High IV (48.6%) provides attractive premium. Call wall at $125 provides resistance.

Credit: $1.90-$2.30

Mgmt: Close at 70% profit. Roll up/out if $125 tested. Allow assignment above $125 for capital gain + premium.

Risk Alerts

!Earnings estimated 4/23/26 — close all short premium positions before announcement (IV crush risk)

!Gamma flip ~$100 — breach could lead to accelerated selling

!Moderate liquidity — use limit orders; expect wider bid-ask spreads on multi-leg strategies

!Net premium flow negative (-$7.2M) suggests institutional put buying for protection

!Term structure hump at 5/08 (55.4% IV) indicates uncertainty around that timeframe

!Unusual call activity at $135 Jul-26 — monitor for breakout above $130

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.