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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 May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

CRWV: high IV, pinning at $105-$106, heavy put flow, low beat rate (20%). Mixed signals.

Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.5% from MP; +1 VIX 17
Most important: Heavy put OI at $89-$90 for 5/29 suggests downside hedging; spot near max pain indicates pinning.
🟡Low historical beat rate (20%) suggests caution
🔴Heavy put flow at $90-$89; OI build indicates downside hedging
🟢Spot near $105 max pain; pinning dynamics in play

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At
Gamma flip: ~$100.00 — Approx — based on put OI concentration of 32,165 (5.2% below spot)

Earnings Overview

Expected moves:

  • 2026-05-29 (7d): ±$9.05 (8.6%)
  • 2026-06-05 (14d): ±$13.40 (12.7%)
  • 2026-06-12 (21d): ±$16.88 (16.0%)

IV Setup

Term structure: Upward sloping: 7d 8.6%, 14d 12.7%, 21d 16.0%

Crush estimate: 7d IV high; post-expiry crush ~8%

Skew: Put skewed; deep OTM puts elevated (IV >85%)

Historical Context

Beat rate: 20% (1/5 quarters)

Avg move vs expected: N/A - no earnings event

Directional bias: Mixed; limited data

Key Levels

1$100.00 gamma flip
2EM guardrails: 1w $96.44/$114.54
3Max pain pins: $105 (2026-05-22); $106 (2026-05-29); $105 (2026-06-05)

Flow Highlights

Massive put buying: 5/29 $90 Put vol 9,146 vs OI 2,050, $89 Put 2,294 vs 253

Institutional hedging or bearish bet on downside through 5/29

Call activity near max pain: 5/22 $105 Call vol 7,504 vs OI 2,738, $108 Call vol 6,477 vs 1,412

Speculation on pinning or upside breakout

Strategies

Bear Put Spread
Buy 2026-05-29 $105.00/$104.00 put spread
Debit: $0.43-$0.52
Max loss: $0.52
Max gain: $0.48
BE: $104.48
Trigger: Exit if spot rises above $118.89; monitor 5/29 expiry.
Directly targets downside from heavy put OI and pinning near max pain. Defined risk, clear catalyst.
Outperforms: Buy $105/$104 put spread to profit from expected drop below $105.
Underperforms: Trade above resistance weakens downside thesis.
Iron Condor
Sell 2026-05-29 $101.00/$97.00 put wing and $112.00/$115.00 call wing
Credit: $1.53-$1.86
Max loss: $2.14
Max gain: $1.86
BE: 99.14 / 113.86
Trigger: Adjust if spot breaks $97 or $115; watch IV expansion.
High IV and term structure favor range-bound play; spot near max pain supports stable price.
Outperforms: Sell $101/$97 put wing and $112/$115 call wing to capture time decay and IV crush.
Underperforms: Move outside short strikes invalidates range thesis.
Short Strangle
Sell 2026-05-29 $99.00 put + sell $113.00 call
Credit: $3.40-$4.15
Max loss: Unlimited
Max gain: $4.15
BE: 94.85 / 117.15
Trigger: Set stop-loss on breach of $97 or $113; roll if stressed.
Elevated IV and upward term structure favor premium selling, but unlimited loss risk given downside bias.
Outperforms: Sell $99 put and $113 call to profit from time decay if spot stays in range.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Call diagonal
Sell 2026-05-29 $112.00 call / buy 2026-06-05 $109.00 call
Debit: $2.94-$3.59
Max loss: $3.59
Max gain: Variable
BE: Path-dependent
IV higher for near-term than later expirations; calendar benefits from time decay of short leg and vol expansion if spot rallies.
Outperforms: Sell near-term call premium and buy back-month call to profit from upward-sloping term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Downside risk from heavy put OI below $100
!Vol expansion if spot breaks from max pain
!Gamma squeeze potential on upside if call buying continues

What to Watch

?Spot reaction to $105 max pain for 5/22
?Put OI buildup at $89-$90 for 5/29
?Net premium flow direction
?VIX stability
How to Use These Reports
This earnings 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.