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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 April 2, 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 April 2, 2026. A newer theta report is available for May 14, 2026.

View latest report

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 extremely high IV; +1 pinning GEX; +0.5 spot at max pain; -1 bearish flow

IV Environment

IV Regime

Extremely High

IV vs VIX

IV 84.5% — Extremely elevated

Favorable?

Yes

Term structure: Humped at 36-43 DTE (~91%), elevated across all expirations

💰IV >80% offers exceptional premium for sellers

⚠️High IV implies high risk — use defined risk only

Pin Risk Assessment

Spot vs MP: At max pain (spot $82.24 vs MP $83)

GEX regime: Pinning (GEX +$10.2M — mean-reverting)

Gamma flip: ~$35.00 — Far below spot; dealers suppress volatility near current price

OI concentrations: Massive put wall at $35 (67,703 OI), $70 (45,677 OI). Call wall at $100 (45,539 OI).

Verdict: Favorable — strong pinning regime supports credit positions near current price

Premium Opportunities

put spread

Sell $70/$65 put spread 2026-05-01 (29 DTE)

High IV (86.4%) provides rich credit. Short strike aligns with major OI support at $70 (45,677 OI). Strike is $12.24 below spot, providing a 15% buffer. Pinning GEX supports price staying above support.

Credit: $1.65-$2.00

Max loss: $3.35

BE: $68.35

Mgmt: Close at 65% profit. Exit if price closes below $69. Do not roll.

iron condor

Sell $70/$65P x $95/$100C 2026-05-08 (36 DTE)

Captures peak IV (90.2%) across both sides. Wide $25 range between short strikes, well within expected move ($63.74-$100.74). Puts below OI support, calls below major OI resistance at $100. Pinning GEX favors range-bound action.

Credit: $2.40-$2.90

Max loss: $2.60

BE: 67.60/97.40

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 $75 put 2026-04-24 (22 DTE)

Extremely high IV (85.0%) at a strike $7.24 below spot (8.8% buffer). Premium represents ~9-11% of strike in 22 days. Pinning regime reduces likelihood of assignment. Major OI support at $70 provides a backstop.

Credit: $6.50-$8.00

Max loss: $69.00

BE: $69.00

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

put spread

Sell $75/$70 put spread 2026-04-10 (8 DTE)

Weekly expiration for faster theta decay in high IV (79.4%). Short strike $7.24 below spot, targeting quick premium capture. Defined risk suitable for near-term pinning environment.

Credit: $1.20-$1.50

Max loss: $3.80

BE: $73.80

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

Risk Alerts

!Bearish flow (Net prem -$7.1M, P/C 1.26) indicates institutional put buying pressure.

!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 (67,703) is a potential long-term magnet but far below current price.

!Unusual activity in 4/10 $65-$68 puts (high volume vs OI) suggests concentrated bearish bets near-term.

!Gamma flip ~$35 is far below, indicating no dealer support if price breaks below $70.

!Max pain trend is falling ($83 → $75 over 16 expirations), suggesting a gradual downward bias in options positioning.

How to Use These Reports

This theta reflects the market close on April 2, 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.