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COIN

Coinbase Global, Inc.Close $193.56EOD only
Max Pain
$192.50
Next expiry May 22, 2026
Expected Move
±$5.59
2.9% from close
Price Gap
-1.06
Distance to max pain
IV Rank
3
Low premium
P/C OI
0.75
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 21, 2026 close
End-of-day snapshot

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

Published Snapshot
May 21, 2026 close
COIN Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: Spot break below $192 support or IV spike above 100%
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV 78.3% far above VIX 16.8, extreme premium
Favorable?
Yes

Term structure: Front-end put skew extreme; term structure upward sloping

⚠️Put IV 141.9% signals intense downside hedging
📌Max pain pins at $192, $195, $185 create pin risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+31.9M)

OI concentrations: Max pain $192, $195, $185; call wall $210-$250; put floor $125

Verdict: Elevated pin risk near $192 and $195 due to OI concentration

Premium Opportunities

#1
Put credit spread
Sell 2026-05-29 $175.00/$170.00 put spread
Sell 175/170 put spread to collect premium with wide safety cushion.
Credit: $0.45-$0.54
Max loss: $4.46
BE: $174.46
Mgmt: Monitor support; exit if COIN breaks below $192.
#2
Iron condor
Sell 2026-05-29 $175.00/$170.00 put wing and $210.00/$215.00 call wing
Sell 175/170 put wing and 210/215 call wing to profit from low volatility.
Credit: $1.00-$1.23
Max loss: $3.77
BE: 173.77 / 211.23
Mgmt: Adjust wings if IV spikes; target 50% max gain.

Risk Alerts

!High put skew near term
!Pinning risk at $192 and $195
!Dealer flow mixed
How to Use These Reports
This theta reflects the market close on May 21, 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.