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DELL

Dell Technologies Inc.Close $242.93EOD only
Max Pain
$227.50
Next expiry May 22, 2026
Expected Move
±$11.68
4.8% from close
Price Gap
-15.43
Distance to max pain
IV Rank
50
Middle-high premium
P/C OI
1.22
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 20, 2026 close
End-of-day snapshot

This page reflects DELL options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 20, 2026 close
DELL Earnings Report
Analysis based on market close March 31, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Earnings Verdict

Earnings in ~58 days. IV is high (59%) and term structure shows elevated premium for the May 28th period. The stock is pinned near max pain with strong gamma support. Best strategy is a short premium play targeting IV crush, with a directional long call bias as a hedge given bullish flow.

Confidence:
6 / 10
base 5; +1 strong pinning gamma; +0.5 clear EM; -0.5 limited historical data
Most important: Strong pinning gamma (+$5.3M GEX) at $165 max pain suggests limited immediate downside. Earnings IV is already elevated in the May/June expiries, setting up for a crush.
📅Earnings confirmed for 5/28 (~58 days out). IV already elevated in May/June.
⚖️Conflicting signals: Bullish net premium & call volume vs massive put hedging at $170.
📊Strong pinning gamma at $165 supports range-bound price action into the event.

Regime Classification

Vol Regime
High (IV 59%)
Gamma Regime
Pinning (GEX +$5.3M — mean-reverting)
Flow Regime
Bullish (net prem +$1.4M, P/C 0.68)
Spot vs MP
At max pain $165 (spot $164.13)
Gamma flip: ~$145.00 — Below $145, dealers amplify moves (based on put OI concentration).

Earnings Overview

Next earnings: 2026-05-28 (58 days)explicit

Expected moves:

  • 5/28 (~58d): ±$19.60-$24.15 (11.9%-14.7%)

IV Setup

Term structure: Elevated and flat from May through July (51-54%). Sharp drop in EM for 5/08 expiry suggests that's post-earnings. Kink at May/June expiries confirms earnings pricing.

Crush estimate: ~15-20 vol pts post-earnings, back to ~35-40% range.

Skew: P/C OI ratio of 1.24 shows more put open interest, but P/C volume of 0.68 and bullish net premium indicate recent call buying pressure.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Insufficient price history data to calculate.

Directional bias: 3/4 quarters positive EPS surprise.

Key Levels

1$165 max pain (spot)
2$145 gamma flip / major put OI
3$160 & $170 key strikes (high OI/flow)
4EM Range (May): ~$144-$188

Flow Highlights

Massive net negative premium at $170 strike (-$5.96M), driven by put flow.

Institutional hedging or positioning for a move below $170. Contradicts bullish net premium overall, warrants caution.

Unusual call buying in 4/02 $170C & $172.5C (Vol/OI > 3.5x).

Near-term bullish bets ahead of earnings, possibly a run-up play.

Strategies

Short Strangle (Post-Earnings IV Crush)
Sell $140 PUT x $190 CALL 6/18
Credit: $9.50-$11.50
Max loss: Unlimited
Max gain: $10.50
BE: Below $129.50, Above $200.50
Trigger: Enter 2-3 weeks before earnings (early May) if IV remains >50%.
Sells elevated IV (54.9% for Jun) with wide breakevens (~±20% from spot). High gamma pinning supports range-bound thesis. Use 6/18 expiry to capture full crush and allow time for recovery.
Outperforms: Stock stays within wide range ($140-$190), IV crushes post-earnings.
Underperforms: Gap exceeds breakevens, IV expands further into event.
Bull Call Spread (Directional Upside)
Buy $165 CALL / Sell $180 CALL 6/18
Max loss: Debit paid
Max gain: $15.00
BE: $165 + Debit
Trigger: On any pullback toward $160 gamma support.
Leverages bullish flow (P/C 0.68, net prem +$1.4M) and positive EPS surprise history. Targets $180 high OI call wall. Defined risk vs long call.
Outperforms: Stock rallies toward $180 OI wall post-earnings.
Underperforms: Stock stays flat or falls, suffers theta decay.
Iron Condor (Tighter Range, Higher Probability)
Sell $150 PUT / Buy $145 PUT x Sell $180 CALL / Buy $185 CALL 5/15
Credit: $2.50-$3.50
Max loss: $1.50
Max gain: $3.50
BE: $146.50 to $183.50
Trigger: Enter 10-14 days before earnings if IV >50%.
Tighter range aligned with expected move ($144-$188). High IV (51.7%) provides attractive premium. Wings protect against tail risk. Max pain at $160-$165 for nearby expiries supports pinning.
Outperforms: Stock stays between $150 and $180 through earnings.
Underperforms: Move exceeds breakevens.

Risk Assessment

!Gap Risk: Expected move is wide (up to ±14.7%). A guidance miss or beat could cause a gap beyond condor/strangle wings.
!IV Crush Impact: If VIX remains elevated, post-earnings IV crush may be less severe, hurting short premium strategies.
!Liquidity: Good (474k OI, 98 active strikes). Focus on strikes with high OI ($145P, $160P, $185C).
!Sizing: Size short premium positions small (1-2% risk) due to high IV and potential for large gaps.

What to Watch

?Spot price action relative to $165 max pain and $145 gamma flip.
?IV trajectory in May/June expiries as earnings approaches.
?Unusual flow at $170 strike (large put premium) for directional clues.
How to Use These Reports
This earnings 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.