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CRWV

CoreWeave, Inc.Close $99.81EOD only

Max Pain

$110.00

Next expiry May 22, 2026

Expected Move

±$8.03

8.0% from close

Price Gap

+10.19

Distance to max pain

IV Rank

Low premium

P/C OI

0.90

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: May 19, 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 19, 2026 close

CRWV Theta Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer theta report is available for May 14, 2026.

View latest report

Theta Verdict

Confidence:

7 / 10

base 5; +2 extremely high IV; +1 defined-risk opportunity; -1 trending GEX; -0.5 bearish flow

IV Environment

IV Regime

Extremely High

IV vs VIX

IV 92.2% — Extremely elevated

Favorable?

Yes

Term structure: Backwardated near-term (88% 2d), hump at 45 DTE (92.5%)

💰IV >90% offers exceptional premium for sellers

⚠️High IV implies high risk — use defined risk only

Pin Risk Assessment

Spot vs MP: Below by 6.7% (spot $77.47 vs MP $83)

GEX regime: Trending (GEX -$0.3M — pro-cyclical)

Gamma flip: ~$35.00 — Far below spot; dealers amplify moves in both directions

OI concentrations: Massive put wall at $35 (67,689 OI), $70 (45,446 OI), $62 (40,621 OI). Call wall at $100 (45,613 OI).

Verdict: Unfavorable for pinning — trending GEX suggests price can move freely. OI walls provide magnetic support/resistance.

Premium Opportunities

put spread

Sell $70/$65 put spread 2026-04-17 (17 DTE)

High IV (84.2%) provides rich credit. Short strike aligns with major OI support at $70 (45,446 OI). Below expected move lower bound ($66.22). Defined risk caps loss in trending regime.

Credit: $1.50-$1.80

Max loss: $3.50

BE: $68.50

Mgmt: Close at 65% profit (~$1.00 credit retained). Exit if price closes below $68 (breakeven). Do not roll.

iron condor

Sell $70/$65P x $90/$95C 2026-05-01 (31 DTE)

Captures high IV (86.8%) across both sides. Wide $25 range between short strikes, well within expected move ($61.87-$93.07). Puts below OI support, calls below OI resistance at $100.

Credit: $2.20-$2.60

Max loss: $2.80

BE: 67.40/97.60

Mgmt: Close at 50% profit. Roll untested side if tested side reaches 21 DTE. Exit entire position if price breaches either short strike.

cash-secured put

Sell $62 put 2026-04-24 (24 DTE)

Extremely high IV (85.6%) at major OI support wall (40,621 OI). Strike is $15.47 below spot, providing a 20% buffer. Premium represents ~7.3% of strike in 24 days.

Credit: $4.50-$5.50

Max loss: $57.50

BE: $57.50

Mgmt: Close at 75% profit. Roll down/out only if strike is breached and IV remains elevated (>70%). Be prepared to take assignment at $62.

put spread

Sell $75/$70 put spread 2026-04-10 (10 DTE)

Weekly expiration for faster theta decay in high IV (83.6%). Short strike just below current price, targeting quick premium capture. Defined risk for trending environment.

Credit: $1.10-$1.30

Max loss: $3.90

BE: $73.90

Mgmt: Close at 80% profit. Exit if price closes below $74. No rolling due to short duration.

Risk Alerts

!Trending GEX (-$0.3M) — Dealers amplify price moves, increasing risk of breaching strikes.

!Extremely bearish flow (Net prem -$16.0M, P/C 1.70) indicates institutional put buying.

!Earnings estimated 2026-05-13 (~6 weeks) — Close or roll all positions before 5/1 to avoid earnings vol crush.

!Massive OI at $35 put (67,689) is a potential long-term magnet but far below current price.

!Unusual activity in 4/10 $64 puts (20,976 vol vs 224 OI) suggests bearish bets near-term.

!Gamma flip ~$35 is far below, indicating no dealer support near current price levels.

How to Use These Reports

This theta reflects the market close on March 31, 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.