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COIN

Coinbase Global, Inc.Close $198.13EOD only
Max Pain
$185.00
Next expiry Sep 25, 2026
Expected Move
±$8.30
4.2% from close
Price Gap
-13.13
Distance to max pain
IV Rank
1
Low premium
P/C OI
0.85
Slightly call-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 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
Sep 23, 2026 close
COIN Theta Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 25, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness3 / 10
Sizing: Conservative
Primary: Avoid
Invalidation: Spot breaks above $155 resistance
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 14.9% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 87.6% vs VIX 18.9; ~4.6x multiple
Favorable?
No

Term structure: Near-term ATM IV 56-65%; slight contango; put IV>call IV front

⚠️IV extremely elevated relative to VIX; bearish dealer gamma

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-17.3M)

Gamma flip: ~$125.00 — Approx — based on put OI concentration of 15,507 (12.3% below spot)

OI concentrations: Put OI cluster near $125 (15k); call wall $155-$200

Verdict: Spot at $144, below max pain $168-$155; pin risk elevated if spot stays

Premium Opportunities

#1
Call diagonal
Sell 2026-07-17 $160.00 call / buy 2026-08-21 $190.00 call
Sell Jul 17 $160 call, buy Aug 21 $190 call to profit from time decay and IV contraction if COIN stays below $160.
Debit: $0.52-$0.63
Max loss: $0.63
BE: Path-dependent
Mgmt: Close or roll if spot nears $160 before expiry; maintain upside protection via long call.
#2
Put credit spread
Sell 2026-07-17 $135.00/$130.00 put spread
Sell Jul 17 $135/$130 put spread to collect premium with support near $133.
Credit: $1.51-$1.84
Max loss: $3.16
BE: $133.16
Mgmt: Close if spot breaks below $133 or IV collapses; invalidation at $126.97.

Risk Alerts

!High IV crush risk on reversal
!Bearish dealer gamma amplifies downside
How to Use These Reports
This theta reflects the market close on June 25, 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.