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DIA

SPDR Dow Jones Industrial Average ETFClose $525.79EOD only

Max Pain

$520.00

Next expiry Sep 18, 2026

Expected Move

±$7.58

1.4% from close

Price Gap

-5.79

Distance to max pain

IV Rank

Low premium

P/C OI

1.47

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Sep 11, 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

Sep 11, 2026 close

DIA Theta Report

Analysis based on market close June 15, 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 June 15, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.8% from MP; +1 VIX 16

IV Environment

IV Regime

Normal

IV vs VIX

IV 20.1% elevated vs VIX 16.2; front-end put skew extreme (3dte put IV 75% vs call 17%)

Favorable?

Yes

Term structure: Front-end inverted on puts; backend normal contango

⚠️Front-end put spike suggests tail hedge demand; premium selling attractive but high gamma risk into OPEX

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+53.7M)

Gamma flip: ~$420.00 — Approx — based on put OI concentration of 6,723 (19.0% below spot)

OI concentrations: Put OI concentrated at $490 (max pain, 3dte); call wall at $545-$675; put/call OI ratio 1.91

Verdict: Neutral: spot below call wall with put support; selling calls benefits from time decay

Premium Opportunities

Call credit spread

Sell 2026-07-10 $535.00/$545.00 call spread

Sell 2026-07-10 $535/$545 call spread for defined-risk income.

Credit: $2.16-$2.64

Max loss: $7.36

BE: $537.64

Mgmt: Monitor spot; exit if DIA breaches $545 or IV drops sharply. Liquidity warning: Liquidity constraints: short_call: Wide spread (154%).

Risk Alerts

!Front-end put skew extreme; avoid short puts at 3dte

!Approaching 2026-06-18 OPEX: increased gamma risk

!Mixed flow regime; monitor GEX and spot proximity to MP

How to Use These Reports

This theta reflects the market close on June 15, 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.