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DIA

SPDR Dow Jones Industrial Average ETFClose $521.44EOD only
Max Pain
$495.00
Next expiry Jun 18, 2026
Expected Move
±$5.40
1.0% from close
Price Gap
-26.44
Distance to max pain
IV Rank
100
High premium
P/C OI
1.88
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 16, 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
Jun 16, 2026 close
DIA Theta Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short Put Vertical
Invalidation: Spot breaks $500 or $521.72
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.3% from MP; +0.5 VIX 18

IV Environment

IV Regime
Low
IV vs VIX
Avg IV 18.6% vs VIX 18.44, slightly elevated
Favorable?
Yes

Term structure: Near-term put IV spikes >80% (1d 81.8%, 13d 50.4%) indicating hedging; longer-term IV flat ~15-18%

📉Put IV skew extreme near-term, selling premium risky but rich

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+64.8M)

Gamma flip: ~$420.00 — Approx — based on put OI concentration of 6,723 (18.7% below spot)

OI concentrations: Put OI heavy below $500; call OI wall at $545+

Verdict: Pinning near max pain $500/$514/$495; dealer long gamma ($64.8M) supports pin

Premium Opportunities

#1
Iron condor
Sell 2026-07-24 $510.00/$508.00 put wing and $520.00/$524.00 call wing
Sell $510/$508 put and $520/$524 call wings for net credit.
Credit: $2.23-$2.72
Max loss: $1.28
BE: 507.28 / 522.72
Mgmt: Close at 50% max gain or near expiry. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Open interest below 25.; long_call: Volume below 5.
#2
Put credit spread
Sell 2026-07-24 $510.00/$508.00 put spread
Sell $510/$508 put spread for credit.
Credit: $0.56-$0.69
Max loss: $1.31
BE: $509.31
Mgmt: Exit if spot breaks $510.87. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Open interest below 25.
#3
Short strangle
Sell 2026-07-24 $508.00 put + sell $524.00 call
Sell $508 put and $524 call for wide range.
Credit: $11.07-$13.53
Max loss: Unlimited
BE: 494.47 / 537.53
Mgmt: Monitor closely; adjust if IV spikes. Liquidity warning: Liquidity constraints: short_call: Volume below 5.; short_put: Open interest below 25.

Risk Alerts

!Extreme near-term put IV (>80%) signals hedging; avoid naked short puts
!Max pain zones $500/$514/$495; maintain strikes outside these
!Positive GEX but mixed flow; monitor for reversal
How to Use These Reports
This theta reflects the market close on June 17, 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.