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CRWV

CoreWeave, Inc.Close $105.49EOD only

Max Pain

$106.00

Next expiry May 29, 2026

Expected Move

±$9.05

8.6% from close

Price Gap

+0.51

Distance to max pain

IV Rank

Low premium

P/C OI

0.93

Balanced positioning

Consensus

6.0/10

Range bias

Published snapshot: May 22, 2026 close

End-of-day snapshot

This page reflects CRWV options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 22, 2026 close

CRWV Directional Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 9, 2026. A newer directional report is available for May 22, 2026.

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Outlook

Neutral-to-bullish with a short-term pin toward the $82 max-pain ladder but spot currently above MP at $92; Confidence: 7.0/10. Primary supports: large positive GEX (+$53.1M) concentrated at $90/$95 and heavy bullish net premium (+$63.0M) with P/C vol 0.37; conflict: spot is 12.2% above MP and IV is very high (ATM 92.9%) making sharp mean reversion risky.

Confidence:

7 / 10

Base 7.0 from pre-computed: +GEX/flow alignment, large GEX pin magnets at $90/$95, offset by spot 12.2% above MP and elevated IV which increases tail risk.

Supports: GEX +$4.9M at $90 and +$3.5M at $95 (near-term pinning), net premium +$63.0M, heavy call premium flow at $90/$95/$110.
Conflicts: Spot $92 > short-dated max pain $82–$84 (downside target), ATM IV 92.9% (rich), structural call OI wall $100–$130 can cap upside.

📌GEX pinning concentrated at $90 (+$4.9M) and $95 (+$3.5M) — range sell opportunities between $87.9–$96.1

📈Net premium +$63.0M and P/C vol 0.37 indicate institutional call buying; skew to upside but max pain trend is lower — tension favors selling short-dated premium into call flow

⚠️Avg IV 92.9% with 1d ATM 107.5% (4/10) — expect fast IV compression after pin/expiry; selling premium has vol edge

Regime Classification

Vol Regime

High

High IV regime: ATM IV 92.9% with front-week 107.5% (4/10) — elevated across term structure, favors selling premium where gamma supports.

Gamma Regime

Pinning

Pinning: GEX +$53.1M overall and concentrated near $90/$95 creating a magnet and dealer short-delta hedging that buys into weakness within those bands.

Flow Regime

Bullish

Bullish flow: net premium +$63.0M with heavy call premium at $90/$95/$110; institutions bias upside, increasing tail call interest.

Spot vs Max Pain

Above

Spot $92 sits above near-dated max pain ($82 on 4/10 & 4/17, $84 on 4/24) — price currently resisted by MP but dealers are pinning below via concentrated put OI at $70 and call OI wall $100–$130.

Thesis duration: Multi-week — Pinning and GEX concentrations persist across the next 2–4 expirations ($90/$95/$105 magnets) with consistent bullish flow; prefer 30–45 DTE for primary trades and weeklies for tactical overlays.

Price Range Forecast

Next 2 days

$87.87$96.13

Stay above $87.87 keeps dealers buying dips into the $90 pin; break below $87.87 accelerates toward the $82 weekly MP.

Next 1 week

$82.72$101.28

Sustained dealer pinning at $90/$95 and heavy call buying vs MP $82; move above $101.28 exposes call OI wall $100–$130 as next cap.

Next 2 weeks

$79.45$104.55

If spot holds >$90 dealers must sell delta into rallies; dip below $79.45 would trigger large put floor support at $70 gamma flip.

Key Levels

Max pain pins: $82 (2026-04-10); $82 (2026-04-17); $84 (2026-04-24)

EM guardrails: 2d $87.87/$96.13; 1w $82.72/$101.28

Support: $90.00 · $87.50 · $85.00

Resistance: $95.00 · $100.00 · $105.00

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 42,320 (23.9% below spot)

Structural: Structural layers: call OI wall $100–$130 caps sustained rallies; deep put floor concentrated at $70 creates asymmetry for long-dated bulls (crash protection area).

Dealer Positioning (GEX/DEX)

GEX: $+53.1M

DEX: +41.4M shares

Gamma flip: ~$70 (Approx — based on put OI concentration of 42,320 (23.9% below spot))

NTM gamma: Positive near-term gamma: concentrated positive GEX at $90 (+$4.9M), $95 (+$3.5M) and $105 (+$4.3M) — dealers will buy dips toward $90 and sell into rallies above $95; a ±2% move (±$1.84) will trigger buying (if down) toward the $90 magnet and selling (if up) into the $95/$100 call walls, reducing realized volatility either way until one magnet breaks.

IV Analysis

IV vs VIX: Avg IV 92.9% — rich vs typical equities (VIX not provided) but consistent with idiosyncratic risk; front-week 107.5% shows immediate event-risk premium.

Term structure: Front-week elevated (107.5% 4/10) then drops to ~85% (4/17–4/24) then re-rises 36–43d (93–94%) — front-week event pricing then elevated multi-week skew.

Skew: Heavy call skew: large call premium at $90/$95/$110; mispriced opportunity: sell near-dated 4/10 straddles/strangles where IV >100% and buy 30–45 DTE protection (calendar) to capture front-week crush: e.g., sell 4/10 ATM (92) IV ~106% / buy 5/15 ATM IV ~93% (vol-pt differential ~13 pts front-week vs 36d).

Flow Analysis

Net premium: + $63.0M bullish (heavy call premium concentrated at $90, $95, $110) ; P/C vol 0.37 indicates call-dominant volume.

Directional prints: 85.3 call 110 OTM 2026-05-08 — CRWV260508C00110000 vol 22,940 vs OI 698 (32.9x) — large fresh call flow; could be directional buy or structured sell; consistent with institutional upside positioning. 117 call 99 OTM 2026-04-10 — CRWV260410C00099000 vol 8,964 vs OI 331 (27.1x) — front-week call activity pushing short-term IV; likely directional buys or dealer sells creating front-week pinning.

Unusual: 106.1 put 90 OTM 2026-04-10 — CRWV260410P00090000 vol 8,040 OI 573 (14.0x) — heavy front-week put activity at $90; could be downside hedging but paired with calls suggests two-way gamma trades.

Risks & Catalysts

!Front-week expiry 4/10 with ATM IV 107.5% — large IV crush risk if pin resolves lower, creating sharp re-pricing.

!Gamma flip at ~$70; a rapid >15% selloff to <$79.45 removes dealer buying and accelerates downside toward $70.

!Large call OI $100–$130 could compress upside if dealers hedge by selling into rallies; unexpected positive catalyst (earnings 5/13) could invalidate short premium near-term.

!Net bullish flow plus high IV means short-premium exposure to sudden directional moves; V-shaped moves around pins possible.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Weak	Buy shares at market $92.00	High IV and MP below spot; large call OI wall may cap gains; downside to $82 possible.
Short stock	Moderate	Short shares if spot fails $90.00 (hold intraday)	Dealer buying into dips near $90 may pin; heavy call flow can squeeze.
Covered call	Moderate-Weak	Buy stock + sell 2026-05-15 95 call	High IV makes calls expensive; upside capped by call OI wall $100–$130.
Cash-secured put / put spread	Moderate-Strong	Sell 2026-04-17 90/87.5 put spread	Gamma flip <$70 and near-week expiry pin risk to $82.
Long calls	Weak	Buy 2026-04-17 100 call	Very high IV; poor value versus buying further-dated protection.
Long puts / bear put spread	Moderate	Buy 2026-04-24 85/80 put spread	Expensive puts front-week; better as protection than pure directional.
Iron condor	Moderate-Strong	Sell 2026-04-24 85/82.5 put spread + sell 95/100 call spread (defined-risk condor)	IV crush helps but an >10% move outside EM bounds ($79.45–$104.55) will stress wings.
Calendar / diagonal (sell high-IV front-week buy 30–45d)	Strong	Sell 2026-04-10 ATM 92 call, buy 2026-05-15 ATM 92 call (sell higher-IV short leg) — vol diff ≈ +13 pts	Front-week gap risk and pin; requires managing if spot moves >2% pre-expiry.
PMCC / LEAPS diagonal	Moderate-Strong	Buy long-dated call (2027-01-15) 90, sell 2026-05-15 95 call (diagonal)	Requires margin and exposure to term-structure; call OI wall may cap upside.
Buy-writes / covered collars for income	Moderate	Buy stock + sell 2026-05-15 95 call + buy 2026-05-15 85 put (collar)	Expensive hedges given high IV but defines risk vs MP.

Top Plays

Front-week calendar (sell high-IV short leg)

Sell 2026-04-10 92 call, buy 2026-05-15 92 call

Capture front-week IV (107.5%) vs 36d IV (~93.2%); sellers collect immediate vol premium while owning longer-dated exposure as hedge.

Credit: $1.50-$2.25

Max loss: Variable (offset by long call)

BE: N/A

Mgmt: Take 50–70% profit on short leg decay; close short leg if spot >$96 or IV front-week >+10 pts above entry.

Traders wanting short-term premium with defined long protection

Defined-risk put spread at the $90 magnet

Sell 2026-04-17 90/87.5 put spread

Leverages dealer pin at $90 and positive GEX; high front-week IV cushions premium collected.

Credit: $0.55-$0.90

Max loss: $2.45

BE: $89.45

Mgmt: Take profits at 60% of max credit; cut if spot <$87.50 or VIX spikes above 120%.

Small accounts or defined-risk premium collectors

15‑day iron condor around EM bounds

Sell 2026-04-24 85/82.5 put spread + sell 95/100 call spread

Sell premium between strong dealer magnets ($90/$95) and inside 2‑week EM ($79.45–$104.55); benefits from IV compression and pinning.

Credit: $1.25-$2.00

Max loss: $7.75

BE: Lower: short put strike - credit; Upper: short call strike + credit

Mgmt: Close at 50–70% max profit or if spot closes outside $82.50–$95 for 2 consecutive sessions.

Defined-risk traders with capacity for multi‑leg management

Watchlist Triggers

Entry Triggers

IFIf spot tags $90.00 and holds for 30 minutes → Sell 2026-04-17 90/87.5 put spread

IFIf front-week IV (4/10 ATM) trades above 110% → Sell 2026-04-10 92 call and buy 2026-05-15 92 call (calendar) to capture vol premium

Adjustment Triggers

ADJIf spot rallies above $95.00 intraday → Reduce short call exposure: buy back short call leg of calendars/condors and re-sell further OTM call (100) if liquidity allows

ADJIf spot drops and closes below $87.50 → Roll short 90/87.5 put spread down to 87.5/85 (extend DTE to 4/24) or hedge with long 85/80 put spread

Exit Triggers

EXITIf front-week short leg reaches 60–70% of max profit → Take profits and decide whether to keep long-dated leg (for calendars) or re-establish short leg later

EXITIf spot closes below $82.72 (1‑week EM lower bound) → Exit all short premium and buy protective puts (e.g., 4/24 80/75 put spread)

Tactical Summary

Primary thesis: sell front-week elevated IV into the dealer pin at $90–$95 while sizing for tail risk; invalidation: sustained close below $82.72 (1‑week EM lower bound) which hands control to put floor near $70. Regime favors short premium via calendars/defined-risk put spreads and a 30–45 DTE calendar/diagonal as the core multi-week trade suited for traders seeking premium with protection.

How to Use These Reports

This directional reflects the market close on April 9, 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.

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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.