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CRWV

CoreWeave, Inc.Close $107.58EOD only

Max Pain

$105.00

Next expiry May 22, 2026

Expected Move

±$4.02

3.7% from close

Price Gap

-2.58

Distance to max pain

IV Rank

Low premium

P/C OI

0.94

Balanced positioning

Consensus

7.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

CRWV Directional Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral to slightly bullish bias within range. High vol and pinning gamma at $105 support mean-reversion toward max pain. Spot at MP indicates low directional urgency. Resistance at $118.89, support at $100 and $92.09. Mixed flow and dealer positive GEX (+$22.1M) provide cushion but no strong catalyst. Favor range-bound trading with a lean toward the midpoint.

Confidence:

7 / 10

Base 7.0: +1 from GEX positive (pinning), +1 from spot near MP, +1 from low VIX (17), offset by -1 from GEX/flow contradict. Overall 7.0.

Supports: Gamma pinning at $105, positive dealer GEX, spot at max pain, low VIX.
Conflicts: Mixed flow, high vol regime, resistance at $118.89.

📌Max pain at $105 - spot dead center, strong pinning expected.

🛡️Dealer GEX +$22.1M supports $105 as anchor.

⚠️High vol but no breakout catalyst - range likely holds.

Regime Classification

Vol Regime

High

High vol - IV above typical range, elevated uncertainty.

Gamma Regime

Pinning

Pinning - strong GEX at $105, dealer hedging supports stability.

Flow Regime

Mixed

Mixed - net premium context is balanced, with put/call ratio neutral.

Spot vs Max Pain

Spot at $105 max pain - pinning expected, low directional urgency.

Thesis duration: Event-specific — Strong gamma pin at $105 across weekly expirations, with high vol and mixed flow, suggests near-term directional uncertainty.

Price Range Forecast

Next 1 week

$96.44$114.54

Pinning at $105 with support $96.44 and resistance $114.54.

Next 2 weeks

$92.09$118.89

Expansion possible but gamma flips at $100 and $106 create barriers.

Key Levels

Max pain pins: $105 (2026-05-22); $106 (2026-05-29); $105 (2026-06-05)

EM guardrails: 1w $96.44/$114.54

Support: $105.00 · $100.00 · $92.09

Resistance: $118.89

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 32,165 (5.2% below spot)

Structural: Key structural levels: support at $105 (max pain), $100 (gamma flip), $92.09 (2w low); resistance at $118.89 (1w high).

Dealer Positioning (GEX/DEX)

GEX: $+22.1M

DEX: +42.6M shares

Gamma flip: ~$100 (Approx — based on put OI concentration of 32,165 (5.2% below spot))

NTM gamma: Dealer gamma positive at +$22.1M with flip at ~$100. Large put OI concentration below spot signals dealer hedging adding stability.

IV Analysis

IV vs VIX: Ticker IV is elevated relative to VIX 17, indicating event premium for weekly expiries.

Term structure: Term structure likely steep with kink at weekly expiries; front-week volatility higher.

Skew: Skew is flat to slightly put-heavy. Opportunity: sell strangles around $105 for theta decay if expecting pinning.

Flow Analysis

Net premium: Net put premium of -$4.7M with P/C vol ratio 1.13 indicates bearish bias, OI ratio 0.93 mixed.

Directional prints: 88.4 put 90 OTM 2026-05-29 — Vol/OI 4.5 on 9,146 vol. Aggressive put buying, bearish bet on downside. 16 call 105 ITM 2026-05-22 — Vol/OI 2.7 on 7,504 vol. Aggressive call buying, bullish bet on upside.

Unusual: 91.5 put 89 OTM 2026-05-29 — Vol/OI 9.1, 2,294 vol. Aggressive put buying, bearish. 69.8 call 112 OTM 2026-05-29 — Vol/OI 6.9, 1,957 vol. Aggressive call buying, bullish. 86.6 put 91 OTM 2026-05-29 — Vol/OI 5.8, 1,692 vol. Aggressive put buying, bearish.

Risks & Catalysts

!Gap beyond gamma flip zones ($100 or $106)

!Catalyst-driven breakout above $118.89 or below $92.09

!Flow turns one-sided

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-05 $111.00/$118.00 call spread Why now: Positive dealer gamma and spot near max pain support a modest bullish defined-risk play.	Breakout above resistance or gap below support.
Iron condor	Moderate	Sell 2026-06-05 $100.00/$99.00 put wing and $110.00/$115.00 call wing Why now: Spot at max pain $105, high vol and positive GEX cushion; iron condor captures theta decay without directional bet.	Breakout beyond $100 or $115 causes loss; defined wings limit damage.
Bull call spread	Moderate-Weak	Buy 2026-06-12 $113.00/$127.00 call spread Why now: Spot at support $105, positive GEX and slightly bullish lean in two-week outlook; cheaper than long call.	If stock drops below $105, spread loses value; defined risk equals debit paid.

Top Plays

Range-bound Iron Condor

Sell 2026-06-05 $100.00/$99.00 put wing and $110.00/$115.00 call wing

Sells wings outside expected range to profit from stability and time decay.

Why this play: Best aligns with neutral thesis, high vol, and positive gamma cushion; captures theta decay without directional bet.

Credit: $1.85-$2.26

Max loss: $2.74

BE: 97.74 / 112.26

Mgmt: Close if spot breaches $100 or $115; adjust wings as support/resistance shifts.

Neutral traders seeking theta income in range-bound conditions.

Cautious Bull Call Spread

Buy 2026-06-05 $111.00/$118.00 call spread

Buys call spread with invalidation at key support to express a modest upside view.

Why this play: Moderate bullish play with defined risk and invalidation at $105 support; leverages positive dealer gamma.

Debit: $1.84-$2.25

Max loss: $2.25

BE: $113.25

Mgmt: Exit if spot falls below $105; take profit near resistance $118.89.

Slightly bullish traders wanting capped risk and reward.

Aggressive Bull Call Spread

Buy 2026-06-12 $113.00/$127.00 call spread

Higher strike call spread for a stronger upside bet with wider invalidation.

Why this play: More bullish and longer-dated, less aligned with near-term neutrality but offers higher reward.

Debit: $2.98-$3.65

Max loss: $3.65

BE: $116.65

Mgmt: Close at 50% gain or if spot loses $105; adjust if trend shifts.

Aggressive bullish traders expecting a breakout above resistance.

Watchlist Triggers

Entry Triggers

IFIF spot holds between $100 (gamma flip) and $115 (below resistance) → THEN sell iron condor: 2026-06-05 $100/$99 put wing & $110/$115 call wing for credit 1.85-2.26

IFIF spot stays above $105 support → THEN buy cautious bull call spread: 2026-06-05 $111/$118 call spread for 1.84-2.25

Exit Triggers

EXITIF spot breaches $105 support → THEN exit both bull call spreads (ID 1 & 3)

Tactical Summary

Neutral to slightly bullish bias. Range $100-$115 key. Favor iron condor for theta decay, or cautious bull call if support holds. Exit bull spreads below $105.

How to Use These Reports

This directional reflects the market close on May 22, 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.