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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
6
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 Earnings Report
Analysis based on market close April 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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 earnings report is available for May 22, 2026.

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Earnings Verdict

CRWV is in a high-IV, pinning regime with dealers long gamma (GEX +$53.1M) and concentrated call buying. Best tactical play into the near-term is premium selling sized for pin behavior — e.g., a short strangle or iron-condor inside the 1-week EM — or a defined-risk bearish vertical if you want to lean downside given Max Pain and put-floor concentration. Key risk is a directional gap that exceeds the 1-week EM (±$9.28) driven by news or heavy flow that overwhelms dealer pinning.

Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 12.2% from MP
Most important: Watch IV term structure / dealer GEX into the next expirations: ATM IV 107.5% (1d) compresses to ~85% in 8–15d — a large front-end premium to sell against.
📈Front-end IV (1d) 107.5% vs 8d 85.4% = large shortable premium window
📌GEX pin magnet at $90 (+$4.9M) sits -2.2% from spot — expect pin behavior near $90
🧾Upcoming confirmed earnings: 2026-05-13 (34 days) — consider diagonal/calendar to carry through earnings

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$70.00 — Gamma flip ~70 (put OI concentration 42,320, 23.9% below spot) — below this dealers amplify moves.

Earnings Overview

Next earnings: 2026-05-13 (34 days)explicit

Expected moves:

  • 2026-04-10 (1d): 74.13 (107.87?)
  • 2026-04-10 (1d): 1: ±$4.13 (4.5%) [$87.87 - $96.13]
  • 2026-04-17 (8d): ±$9.28 (10.1%) [$82.72 - $101.28]
  • 2026-04-24 (15d): ±$12.55 (13.6%) [$79.45 - $104.55]
  • 2026-05-15 (36d): ±$21.48 (23.3%) [$70.53 - $113.47]

IV Setup

Term structure: Very steep front-end. ATM IV: 2026-04-10 (1d) = 107.5% down to ~85% across the 8–15d expirations (85.4% / 84.5%).

Crush estimate: ~20–25 vol points front-to-mid (1d 107.5% -> 8d 85.4%), implying ~20 vol-point move off ultra-short-dated options after the event that is driving the 1d print.

Skew: Call-heavy premium flow (net call premium on multiple strikes) makes upside OTM calls richer in absolute dollars; puts show concentrated OI at $70 and heavy short-dated put buying on 4/10 unusual activity.

Historical Context

Beat rate: 25% (1/4 quarters beat estimates: 2025-09-30 beat; 2025-12-31, 2025-06-30, 2025-03-31 missed)

Avg move vs expected: N/A (insufficient comparable EM-to-actual move mapping in dataset)

Directional bias: Tends to gap down on earnings misses (3/4 recent quarters resulted in downside EPS surprises)

Key Levels

1$90.00
2$87.87
3$85.00
4$95.00
5$100.00

Flow Highlights

Heavy call premium at $110 (Net $12,989,869 call premium) and concentrated call premium at $90/$95/$100.

Institutional call buying / hedged upside positioning — creates upside OI wall pressure near $100 and leans dealer hedging towards pinning the market below those calls.

Large put OI cluster at $70 (42,320 OI) and put-floor concentration below spot.

Structural downside floor sits well below current price; dealers long gamma above that level are less likely to aggressively push price through $70 without major flow changes.

Unusual high-volume short-dated 2026-04-10 activity in both $92 and $90 puts/calls (many contracts with IV >105%).

Short-dated directional/hedge bets or pinning trades ahead of near-term events — expect heavy front-end IV and potential large compressions.

Strategies

Short strangle (defined entry, short 8-day)
Sell 2026-04-17 88P + 98C (use mid prices: collect ~ $9.50–$10.50 credit)
Credit: $9.50-$10.50
Max loss: Unlimited (naked calls) / large on downside past breakpoints
Max gain: $10.50
BE: 82.50 / 108.50 (Spot 92.00 ± credit)
Trigger: Enter 1–3 days before the 4/17 expiration while front-end IV remains elevated (1d IV 107.5% & 8d IV 85.4%).
High front-end IV and strong GEX pinning make premium collection attractive; the 8d EM closely matches the strangle breakevens.
Outperforms: CRWV remains inside the 8d EM ($82.72 - $101.28) and IV compresses.
Underperforms: Directional gap exceeds either breakeven (~$82.50 or ~$108.50) or a strong single-sided flow overwhelms dealer pinning.
Defined-risk iron condor (sell volatility with limited risk)
Sell 2026-04-17 88/86 put spread and 98/100 call spread (net credit).
Credit: $2.00-$3.00
Max loss: $7.00
Max gain: $3.00
BE: Downside: ~86.00; Upside: ~101.00 (depends on exact executed credit)
Trigger: Deploy into high front-end IV and when you can achieve credit ≥ $2.00. Size assuming pinning (GEX +$53.1M) to tolerate gamma.
Maintains premium-selling edge while capping the open-ended upside risk that naked call sellers face given call OI walls near $100.
Outperforms: Stock stays within the 8d EM and IV falls; offers defined risk vs naked short strangle.
Underperforms: Large gap move outside spreads or liquidity evaporates on a gap day.
Calendar / diagonal into May earnings (long-dated straddle diagonal)
Buy 2026-05-15 92 call + put (or buy 92 straddle) and sell 2026-04-17 92 straddle (or short 92 straddle) to capture front-end IV > mid-term IV.
Debit: $6.00-$10.00
Max loss: Debit paid (~$6–$10)
Max gain: Unlimited above upside breakeven or large below downside breakeven
BE: Depends on net debit; structure profits if post-May13 realized move > net debit after term-structure re-pricing
Trigger: Enter if you can sell the 4/17 straddle for a high mid (near ~ $9–$10) while buying the 5/15 straddle cheaper on a vol term-flattening basis.
Term-structure shows large front-end premium (1d/8d IV >> mid-dates). This converts volatile short-term premium into a longer-dated directional/vol play with limited net debit.
Outperforms: A material move happens around the May earnings (2026-05-13) and front-end IV collapses while mid-dated IV holds more of its level.
Underperforms: Stock pins and IV compresses across the curve (both short- and mid-dated), or the move is muted.

Risk Assessment

!Gap risk: EM (8d) is ±$9.28 (to $82.72 / $101.28). A gap beyond those rails (particularly an upside gap >$101) will blow out naked call sellers.
!IV crush impact: Shorting front-end IV captures a large expected vol compression (1d 107.5% -> 8d ~85%); however, mid-dated IV (May) remains elevated, so calendar/diagonal sizing must account for residual mid IV.
!Liquidity: On-chain liquidity is good (Total OI ~1.7M, volume 374K) but short-dated unusual activity shows very large prints — widen stops and use defined-risk structures if size is meaningful.
!Sizing: Given GEX pinning (GEX +$53.1M) sellers should size assuming dealers hedge into pin behavior which can accelerate moves near concentrated strikes (e.g., $90, $95, $100).
!Flow concentration risk: Large call premium at $90–$110 and massive put floor at $70 create asymmetric dealer hedging that can lead to abrupt delta flows if price approaches those clusters.

What to Watch

?IV trajectory across 4/10→4/17→5/15 (watch ATM IVs 107.5% -> 85% -> 93.2%)
?Unusual activity in 2026-04-10 short-dated $90/$92/$99 strikes (volume spikes with IV >105%)
?Price action vs the 8d EM rails ($82.72 - $101.28) and the $90 pin (GEX +$4.9M)
?Large block fills or sweeps into $100–$110 calls that could shift dealer hedging quickly
How to Use These Reports
This earnings 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.

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.