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COIN

Coinbase Global, Inc.Close $158.18EOD only
Max Pain
$167.50
Next expiry Jun 26, 2026
Expected Move
±$8.90
5.6% from close
Price Gap
+9.32
Distance to max pain
IV Rank
4
Low premium
P/C OI
0.88
Slightly call-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Jun 23, 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 23, 2026 close
COIN Theta Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Credit Spreads
Invalidation: Spot break below $125 or above $168
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 10.4% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Avg IV 84.5% vs VIX 18.6 – extremely elevated
Favorable?
Yes

Term structure: Near-term put IV >140% shows severe downside fear; term structure steep with backwardation in puts

⚠️Put skew extreme at front – premium selling attractive but high gamma risk
🛡️Dealer net short gamma (-$15.9M) amplifies spot moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-15.9M)

Gamma flip: ~$125.00 — Approx — based on put OI concentration of 15,507 (16.7% below spot)

OI concentrations: Max pain pins: $168 (2d), $162 (8d), $155 (16d). Call wall $160-$200, put floor $90-$125

Verdict: High pin risk near weeklies – spot at $150.4, below $168 max pain, could drift higher

Premium Opportunities

#1
Put credit spread
Sell 2026-07-31 $130.00/$120.00 put spread
Sell $130/$120 put spread to collect elevated IV while capping downside.
Credit: $1.91-$2.34
Max loss: $7.66
BE: $127.66
Mgmt: Close at 50% max gain or near earnings.
#2
Iron condor
Sell 2026-07-31 $130.00/$120.00 put wing and $185.00/$200.00 call wing
Sell $130/$120 put and $185/$200 call wings to capture theta and IV contraction.
Credit: $3.70-$4.53
Max loss: $10.47
BE: 125.47 / 189.53
Mgmt: Manage if spot approaches either wing; close early for profit.
#3
Call diagonal
Sell 2026-07-31 $175.00 call / buy 2026-09-18 $165.00 call
Sell near-term $175 call, buy later $165 call to exploit IV term structure.
Debit: $9.50-$11.61
Max loss: $11.61
BE: Path-dependent
Mgmt: Roll or close if spot rises above $168; monitor assignment risk.

Risk Alerts

!Spot 10.4% below max pain – upward drift risk
!Negative dealer gamma may accelerate moves
!High IV contraction risk if spot stabilizes
How to Use These Reports
This theta reflects the market close on June 24, 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.