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COIN

Coinbase Global, Inc.Close $169.27EOD only
Max Pain
$167.50
Next expiry Jun 18, 2026
Expected Move
±$8.20
4.8% from close
Price Gap
-1.77
Distance to max pain
IV Rank
58
Middle-high premium
P/C OI
0.74
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: Jun 16, 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
Jun 16, 2026 close
COIN Theta Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Premium selling on elevated IV with pinning support
Invalidation: Spot breaks below $150 or above $170.
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.5% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV ~92% vs VIX 18.4; ratio ~5x, extreme premium.
Favorable?
Yes

Term structure: Term structure normal contango; front 1d 58%, back 365d 74%.

🟡Short-dated call IV (258%) > put IV (167%) indicates upside skew, not fear.
🟡Dealer gamma long (+$25.7M) near expiry favors pinning to $168.
🟢VIX 18 not extreme; IV premium offers theta decay opportunity.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+25.7M)

Gamma flip: ~$125.00 — Approx — based on put OI concentration of 15,515 (24.2% below spot)

OI concentrations: Put OI 15.5k at $125 (24% below spot); call wall $190-$240. Max pain $168 (1d), $175 (9d), $165 (15d).

Verdict: Pinning bias near weekly $168; gamma flip at $125 on put wall; spot below max pain adds downside pin risk.

Premium Opportunities

#1
Iron condor
Sell 2026-08-21 $150.00/$145.00 put wing and $180.00/$185.00 call wing
Sell 150/145 put and 180/185 call wings; benefits from IV contraction and time decay.
Credit: $3.19-$3.90
Max loss: $1.10
BE: 146.10 / 183.90
Mgmt: Close at 50% max gain or before earnings; adjust wings if spot breaches strike.
#2
Put credit spread
Sell 2026-07-24 $150.00/$145.00 put spread
Sell 150/145 put spread; collects premium with $5 cushion.
Credit: $1.73-$2.12
Max loss: $2.88
BE: $147.88
Mgmt: Exit if spot falls below $147.3 invalidation; take profit at 50% max gain.

Risk Alerts

!High IV implies possible large moves despite pinning.
!Net dealer premium -$255M, indicating net short premium (sold).
!Spot below both max pain and gamma flip level $125.
How to Use These Reports
This theta reflects the market close on June 17, 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.