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COIN

Coinbase Global, Inc.Close $201.05EOD only
Max Pain
$180.00
Next expiry Sep 25, 2026
Expected Move
±$12.68
6.3% from close
Price Gap
-21.05
Distance to max pain
IV Rank
4
Low premium
P/C OI
0.87
Slightly call-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 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
Sep 21, 2026 close
COIN Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Bear put spreads
Invalidation: Spot breaks below $140 support or gamma flip $125
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 5.6% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 80.87% vs VIX 19.5 – extreme stock-specific fear
Favorable?
No

Term structure: Short-term put IV (135-110%) far exceeds call IV, strong downside skew; term structure dips to 65% at 4w then rises to 72%+

⚠️Put skew extreme near term – hedging pressure
📉Dealer short gamma $5.5M amplifies moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-5.5M)

Gamma flip: ~$125.00 — Approx — based on put OI concentration of 15,509 (21.0% below spot)

OI concentrations: Max pain $168 (3d), $165 (9d, 17d); heavy call OI $175-$200, put floor $90-$125

Verdict: Moderate pin risk – spot below MP, dealer short gamma could drive price toward $165-$168

Premium Opportunities

Risk Alerts

!Elevated put skew near term signals downside hedging
!Dealer short gamma ($5.5M) may exacerbate volatility
!Spot 5.6% below max pain – potential gamma pinning toward $165-$168
How to Use These Reports
This theta reflects the market close on June 23, 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.