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COIN

Coinbase Global, Inc.Close $192.70EOD only
Max Pain
$177.50
Next expiry Sep 4, 2026
Expected Move
±$7.28
3.8% from close
Price Gap
-15.20
Distance to max pain
IV Rank
16
Low premium
P/C OI
0.70
Slightly call-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 3, 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
Sep 3, 2026 close
COIN Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 5, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Long Straddle
Invalidation: Spot fails to break 135 or 170
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 10.4% from MP; +0.5 VIX 22

IV Environment

IV Regime
High
IV vs VIX
IV 94% vs VIX 22, elevated
Favorable?
No

Term structure: Term structure upward, backmonths ~78% contango

📈IV extremely high relative to VIX
⚠️Negative dealer gamma boosts swing risk
📉Spot below max pain $170, potential upward drift

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-18.7M)

Gamma flip: ~$125.00 — Approx — based on put OI concentration of 15,509 (18.0% below spot)

OI concentrations: Call OI 168-190, Put OI 90-125, Max pain $170

Verdict: Elevated pin risk at $170 and nearby strikes for next expirations

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $140.00/$120.00 put spread
Sell 140/120 put spread, capturing elevated IV with defined risk.
Credit: $4.59-$5.61
Max loss: $14.39
BE: $134.39
Mgmt: Exit if spot breaches $135.37.
#2
Call credit spread
Sell 2026-07-10 $175.00/$200.00 call spread
Sell 175/200 call spread to collect premium on limited upside.
Credit: $2.79-$3.41
Max loss: $21.59
BE: $178.41
Mgmt: Close early near $167.5; adjust if needed.

Risk Alerts

!Negative dealer gamma amplifies moves
!Gamma flip at $125 can trigger sharp reversals
!0DTE put IV 138% indicates extreme pricing
!Spot below max pain suggests potential pinning higher
How to Use These Reports
This theta reflects the market close on June 5, 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.