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CRWV

CoreWeave, Inc.Close $114.21EOD only
Max Pain
$109.00
Next expiry May 15, 2026
Expected Move
±$4.89
4.3% from close
Price Gap
-5.21
Distance to max pain
IV Rank
75
High premium
P/C OI
0.95
Balanced positioning
Consensus
7.5/10
Bullish tilt
Published snapshot: May 14, 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 14, 2026 close
CRWV Directional Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish bias driven by bullish flow, pinning gamma at $109–$114, and spot above max pain. High vol and VIX 17 amplify directional opportunity, but spot 2.2% above MP poses downside risk if vol collapses. Multi-week thesis targets $120–$130.

Confidence:
8.5 / 10
Base 5; GEX/flow strongly aligned (+2); GEX positive pinning (+1); spot 2.2% from MP (-0.5); VIX 17 supportive (+1).
Supports: Bullish flow, positive gamma pinning, spot above MP, high vol.
Conflicts: Spot far from gamma flip ($100), potential vol crush.
📈Bullish flow and $68.9M GEX support upward drift to $115–$120.
⚠️Spot 2.2% above MP risks reversal toward $109 if vol subsides.
📊Max pain $109 5/15, $111 5/22, $114 5/29 – pinning layers.

Regime Classification

Vol Regime
High
High vol regime – ticker IV elevated relative to VIX, indicating event premium and wider ranges.
Gamma Regime
Pinning
Pinning regime – positive gamma of +$68.9M with flip ~$100; spot above max pain creates resistance below and support above.
Flow Regime
Bullish
Bullish flow – net premium buying favors upside, confirmed by positive GEX and put OI below spot.
Spot vs Max Pain
Above
Spot $111.4 is 2.2% above 5/15 max pain $109; above MP suggests bullish bias but risk of pin.
Thesis duration: Multi-week — Price ranges extend two weeks, gamma profile spans multiple expiries, and flow is sustained bullish.

Price Range Forecast

Next 2 days
$109.32$119.10
Pin to $109 MP, upside to $115 resistance.
Next 1 week
$101.16$127.26
Expansion possible; hold above $109 for $120.
Next 2 weeks
$97.71$130.71
Trend higher if $120 cleared; gamma flip $100 key support.

Key Levels

Max pain pins: $109 (2026-05-15); $111 (2026-05-22); $114 (2026-05-29)
EM guardrails: 2d $109.32/$119.10; 1w $101.16/$127.26
Support: $109.00 · $105.00 · $97.71
Resistance: $115.00 · $120.00 · $130.71
Gamma flip: ~$100.00 — Approx — based on put OI concentration of 31,464 (12.4% below spot)
Structural: Max pain: $109 (5/15), $111 (5/22), $114 (5/29). Gamma flip ~$100. Support: $109, $105, $97.71. Resistance: $115, $120, $130.71.

Dealer Positioning (GEX/DEX)

GEX: $+68.9M

DEX: +49.9M shares

Gamma flip: ~$100 (Approx — based on put OI concentration of 31,464 (12.4% below spot))

NTM gamma: Dealers long gamma (+$68.9M, DEX +49.9M shares). Flip at ~$100. Positive gamma smooths moves.

IV Analysis

IV vs VIX: CRWV IV is elevated relative to VIX (17.3), reflecting event risk premium and high vol regime. Supports bullish gamma positioning.

Term structure: Likely backwardated near-term due to weekly events; slight contango further out. Monitor 5/15 expiry pin.

Skew: Put skew elevated, indicating hedging demand. Consider short put spreads below $100 to capture premium.

Flow Analysis

Net premium: Net premium $65.1M positive, P/C vol ratio 0.71 (call-heavy) and OI ratio 0.95, reflecting strong bullish flow.

Directional prints: 75.6 call 117 OTM 2026-05-15 — Vol 3336 vs OI 791 (4.2x); likely bought (bullish) or closed (bearish) ahead of expiry. Preferred read: bullish opening. 112.2 put 90 OTM 2026-05-22 — Vol 10441 vs OI 4223 (2.5x); bought for hedging or bearish bet, sold for profit. Preferred: protective put buying. 90.8 call 126 OTM 2026-05-22 — Vol 598 vs OI 100 (6x); small but high ratio, likely opened bullish. Preferred: bullish opening.

Unusual: 109 put 92 OTM 2026-05-22 — Vol/OI 29.2x (5407 vol vs 185 OI), extreme ratio; likely bought for downside protection or bearish speculation. Preferred: bearish put buying. 99.6 call 175 OTM 2026-05-29 — Vol/OI 12.9x (3822 vs 297); far OTM call buying for upside lottery. Preferred: bullish opening. 114.6 put 88 OTM 2026-05-22 — Vol/OI 11.9x (5087 vs 426); similar to $92 put, bearish positioning. Preferred: bearish put buying.

Risks & Catalysts

!Vol crush after event reduces gamma benefit.
!Spot fails to hold above MP $109, reverting to gamma flip $100.
!Broader market reversal (SPY/QQQ) drags CRWV lower despite bullish flow.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadStrong
Buy 2026-06-18 $120.00/$135.00 call spread
Why now: Bullish flow, call dominance, and gamma support justify defined-risk upside.
If spot falls below long strike, max loss is debit paid.
Bullish risk reversalStrong
Buy 2026-06-18 $125.00 call / sell 2026-06-18 $100.00 put
Why now: High IV makes short put premium attractive; call delta captures upside.
Unlimited downside risk if spot drops below short put strike.
Put credit spreadModerate
Sell 2026-06-05 $97.00/$87.00 put spread
Why now: Call-heavy flow and gamma pin support; premium harvest with tail hedge.
Max loss if spot drops below short put strike at expiration. Liquidity constraints: long_put: Volume below 5.

Top Plays

#1
Bull Call Spread
Buy 2026-06-18 $120.00/$135.00 call spread
Buy 120/135 call spread to leverage upside gamma and call dominance.
Why this play: Directly captures bullish flow with defined risk.
Debit: $4.07-$4.98
Max loss: $4.98
BE: $124.98
Mgmt: Exit at 50% of max gain or at invalidation below $109.
Traders seeking capped risk with high reward potential.
#2
Bullish Risk Reversal
Buy 2026-06-18 $125.00 call / sell 2026-06-18 $100.00 put
Buy call, sell put to replicate leveraged long with finite downside.
Why this play: Leverages high IV to collect put premium while gaining upside exposure.
Debit: $2.09-$2.56
Max loss: $100.00
BE: $100.00
Mgmt: Adjust if spot drops below $109; roll put up to reduce risk.
Aggressive traders comfortable with naked put risk.
#3
Put Credit Spread
Sell 2026-06-05 $97.00/$87.00 put spread
Sell 97/87 put spread to collect time decay with tail protection.
Why this play: Harvests premium in bullish environment with limited risk.
Credit: $1.65-$2.01
Max loss: $7.99
BE: $94.99
Mgmt: Close at 50% of max profit or at invalidation below $109. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
Income-focused traders with neutral-bullish view.

Watchlist Triggers

Entry Triggers
IFIf spot holds above $109 and approaches $115 resistance with bullish flow → Buy 2026-06-18 $120/$135 call spread for $4.07-$4.98
IFIf spot is above $109 and implied volatility remains high → Execute bullish risk reversal: buy $125 call / sell $100 put for $2.09-$2.56 credit
IFIf spot stabilizes above $109 and bullish momentum continues → Sell 2026-06-05 $97/$87 put spread for $1.65-$2.01 credit
Adjustment Triggers
ADJIf spot drops below $109 → Roll short put up on risk reversal to reduce risk
Exit Triggers
EXITIf spot fails to hold above $109 or reaches 50% of max gain → Close bull call spread
EXITIf spot breaks below $109 without recovery → Close risk reversal
EXITIf spot approaches $97 or 50% max profit achieved → Close put credit spread

Tactical Summary

Bullish bias driven by flow and gamma pin at $109-$114. Multi-week thesis targets $120-$130. Key support $109, resistance $115/$120. High vol favors defined-risk upside and premium harvest. Invalidation below $109.
How to Use These Reports
This directional reflects the market close on May 14, 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.