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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
4
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 Earnings Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 6, 2026. A newer earnings report is available for May 14, 2026.

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Earnings Verdict

Earnings expected around 2026-05-13 (37 days out). IV elevated (ATM 93.2% for 4/10), but term structure shows no sharp kink, suggesting earnings not imminent. Best strategy: sell premium via iron condor given high IV and pinning regime, but risk of gap beyond EM due to high volatility.

Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.2% from MP
Most important: No IV term structure kink indicates earnings not priced into near-term expirations; use 4/24 or 5/01 for earnings plays.
📅Earnings expected 2026-05-13 (37 days out)
⚠️No IV term structure kink—earnings not priced into near-term expirations
📊Historical EPS beat rate only 25%, surprises volatile

Regime Classification

Vol Regime
High (IV 88.7%)
Gamma Regime
Pinning (GEX +$7.2M)
Flow Regime
Mixed (net prem -$15.7M, P/C 1.18)
Spot vs MP
Above max pain $80
Gamma flip: ~$70.00 — Below $70, dealers amplify moves due to put OI concentration

Earnings Overview

Next earnings: 2026-05-13 (37 days)explicit

Expected moves:

  • 4/24 (18d): ±$12.45 (15.4%)
  • 5/01 (25d): ±$14.88 (18.4%)

IV Setup

Term structure: Steeply downward-sloping (93.2% for 4/10 to 86.8% for 4/17), no sharp kink near earnings date

Crush estimate: ~5-10 vol pts post-earnings if IV spikes into event

Skew: Puts richer than calls (P/C vol ratio 1.18)

Historical Context

Beat rate: 25% (1/4 quarters)

Avg move vs expected: Insufficient data for move vs EM; EPS surprises volatile (-5.38 to +0.54)

Directional bias: Mixed (2 down, 1 up, 1 miss)

Key Levels

1$70.00
2$75.00
3$80.00
4$85.00
5$90.00
6$105.00

Flow Highlights

Heavy $83C 4/10 buying (2,920 vol vs 1,496 OI)

Near-term upside bet, possibly gamma hedging

Large $75P 5/01 unusual activity (Vol=1,868, OI=147, 12.7x)

Earnings downside protection or speculative put buying

Strategies

Iron condor
Sell $70/$75P x $90/$95C 4/24
Credit: $2.50-$3.50
Max loss: $9.50
Max gain: $2.50
BE: $72.50
Trigger: Enter 1-2 weeks before earnings if IV > 85%
High IV (86.9% for 4/24) and pinning regime favor premium selling; support at $70/$75 and resistance at $90 provide guardrails.
Outperforms: Stock stays within $75-$90 range (within EM bounds)
Underperforms: Gap exceeds EM by >50% or breaks $70/$95
Long straddle
Buy $80 straddle 5/01
Max loss: $14.88
Max gain: Unlimited
BE: $65.12
Trigger: Enter 1-2 days before earnings if IV hasn't spiked >20%
Historical EPS surprises volatile; high IV (88.2% for 5/01) but crush risk manageable if timed well.
Outperforms: Actual move exceeds 18.4% EM (e.g., >$14.88 move)
Underperforms: Stock pins near $80 and IV crushes post-earnings
Put credit spread
Sell $70/$75P 4/17
Credit: $1.20-$1.80
Max loss: $3.80
Max gain: $1.20
BE: $73.80
Trigger: Enter now for theta decay, close before earnings
Pinning GEX (+$7.2M) and put OI clusters at $70/$75 provide strong support; high put skew (P/C 1.18) offers rich premium.
Outperforms: Stock stays above $75 (support at $70/$75 holds)
Underperforms: Stock breaks below $70 (gamma flip at $70 accelerates losses)

Risk Assessment

!Gap risk: EM ±15.4% for 4/24, but historical surprises volatile; could exceed if guidance shifts.
!IV crush: Estimated 5-10 vol pts post-earnings; long straddle at risk if IV drops sharply.
!Liquidity: Moderate (total OI 1.6M, volume 91K); stick to strikes with high OI (e.g., $70, $85, $90).
!Sizing: Reduce position sizes due to high volatility and gap risk; use spreads to limit loss.

What to Watch

?IV trajectory into May for earnings kink
?Unusual put activity at $75P 5/01
?Spot vs max pain pins ($80, $82, $83)
How to Use These Reports
This earnings reflects the market close on April 6, 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.