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DIA

SPDR Dow Jones Industrial Average ETFClose $503.11EOD only
Max Pain
$496.00
Next expiry May 22, 2026
Expected Move
±$3.48
0.7% from close
Price Gap
-7.11
Distance to max pain
IV Rank
37
Middle-high premium
P/C OI
1.92
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: May 21, 2026 close
End-of-day snapshot

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

Published Snapshot
May 21, 2026 close
DIA Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Short put spreads
Invalidation: Spot breaks below 480 (gamma flip) or above 520 (resistance)
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.8% from MP; +1 VIX 17

IV Environment

IV Regime
Low
IV vs VIX
Avg IV 19.8% vs VIX 16.7% - elevated
Favorable?
Yes

Term structure: Front-end low (5.4% at 0DTE), back-end elevated put IV; slight contango

📊Dealer long gamma (+$64.5M) supports pinning
⚠️Put OI ratio 1.81x bearish tilt, volume mixed

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+64.5M)

Gamma flip: ~$480.00 — Approx — based on put OI concentration of 8,590 (5.2% below spot)

OI concentrations: Put-heavy OI; max pain $497 (today) and $495 next week; gamma flip at $480

Verdict: Low pin risk - dealer gamma long and spot above max pain

Premium Opportunities

#1
Iron condor
Sell 2026-06-12 $500.00/$498.00 put wing and $510.00/$515.00 call wing
Sells put wing at 500/498 and call wing at 510/515, capturing elevated IV and range-bound expectation.
Credit: $1.69-$2.06
Max loss: $2.94
BE: 497.94 / 512.06
Mgmt: Exit if spot breaks 480 (gamma flip) or 520 (resistance); manage early at 50% of max gain. Liquidity warning: Liquidity constraints: short_put: Wide spread (123%).
#2
Put credit spread
Sell 2026-06-12 $500.00/$498.00 put spread
Sells put spread 500/498, betting spot stays above 498, pocketing small premium (0.09-0.11).
Debit: $0.09-$0.11
Max loss: $2.00
BE: $500.00
Mgmt: Exit if spot drops below 497 invalidation level; consider rolling down if tested. Liquidity warning: Liquidity constraints: short_put: Wide spread (123%).

Risk Alerts

!0 DTE: Monitor gamma flip at $480
How to Use These Reports
This theta 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.