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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

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 Theta Report

Analysis based on market close April 6, 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 6, 2026. A newer theta report is available for May 14, 2026.

View latest report

Theta Verdict

Confidence:

6 / 10

base 5.5; +1 high IV; -0.5 mixed flow/contradiction

IV Environment

IV Regime

High

IV vs VIX

Avg IV 88.7% — extremely elevated

Favorable?

Yes

Term structure: Humped at 2026-05-22 (95.5%), elevated across all expirations

💰Extreme IV (88.7%) provides rich premium for sellers

⚠️IV >80% indicates high volatility expectations — size positions accordingly

Pin Risk Assessment

Spot vs MP: Above by 1.2% (spot $80.94 vs 4/10 MP $80.00)

GEX regime: Pinning (GEX +$7.2M)

Gamma flip: ~$70.00 — Below $70, negative gamma from massive $70 put OI (43,976) would accelerate downward moves

OI concentrations: Put wall $70 (43,976 OI), call wall $100 (45,595 OI), GEX pin magnets at $85 (+$3.6M), $90 (+$1.8M)

Verdict: Favorable — strong positive GEX and OI concentrations create multiple pinning zones that support credit positions

Premium Opportunities

put spread

Sell $70/$65 put spread 2026-04-24 (18 DTE)

Structural put floor at $64-$70 provides strong support. Massive $70 put OI (43,976) acts as magnet. High IV (86.9% ATM) yields premium. 18 DTE balances theta decay with risk management.

Credit: $1.40-$1.77

Max loss: $3.60

BE: $68.60

Mgmt: Close at 65% profit. Exit if price closes below $70 gamma flip. Roll only if credit >50% of original.

iron condor

Sell $75/$70P x $90/$95C 2026-04-24 (18 DTE)

Price range bounded by expected move ($68.49-$93.39). Put side anchored near $70 OI wall, call side below $90 GEX pin magnet (+$1.8M). High IV provides premium. Defined risk with positive GEX pinning regime.

Credit: $2.10-$2.60

Max loss: $2.90

BE: 72.40/92.60

Mgmt: Close at 50% profit. Adjust if price tests either short strike. Exit entire position if price breaches $70 or $95.

cash-secured put

Sell $75 put 2026-04-24 (18 DTE)

For capital-secure sellers willing to own stock. $75 is 7.3% below spot, within expected move lower bound. High IV (91.4%) yields 3.3% return on capital in 18 days. Near max pain pins ($80, $82, $83) provide upward bias.

Credit: $2.45-$2.58

Max loss: $72.42

BE: $72.42

Mgmt: Roll down/out if put tested, only for credit. Close at 80% profit. Accept assignment below $75 if comfortable owning at that level.

call credit spread

Sell $90/$95 call spread 2026-04-10 (4 DTE)

Weekly defined-risk play. $90 is strong GEX pin magnet (+$1.8M) and 11.2% above spot — unlikely to breach in 4 days given pinning regime. High near-term IV (93.2% ATM) provides premium despite short duration.

Credit: $0.46-$0.50

Max loss: $4.54

BE: $90.46

Mgmt: Close at 70% profit (quick theta decay). Exit if price closes above $90. Do not hold through weekend.

Risk Alerts

!Earnings 2026-05-13 (5 weeks out) — close all positions before announcement; never sell naked through earnings

!Gamma flip at $70 — breach would trigger negative gamma acceleration from 43,976 put OI

!High IV (88.7%) means vega risk — positions will lose value quickly if IV crashes

!Mixed flow (Net Premium -$15.7M) suggests institutional uncertainty — monitor for directional shifts

!Unusual put activity at $75 (2026-05-01) — large block may indicate bearish positioning

!Max pain trend falling ($80 → $78) suggests gradual downward pressure over next month

How to Use These Reports

This theta 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.