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DIA

SPDR Dow Jones Industrial Average ETFClose $515.52EOD only
Max Pain
$515.00
Next expiry Jun 26, 2026
Expected Move
±$7.15
1.4% from close
Price Gap
-0.52
Distance to max pain
IV Rank
99
High premium
P/C OI
2.05
Slightly put-heavy
Consensus
8.0/10
Neutral tilt
Published snapshot: Jun 18, 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 18, 2026 close
DIA Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness9 / 10
Sizing: Moderate
Primary: Short Put Vertical
Invalidation: Spot breaks below $500 or above $522.67
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.5% from MP; +1 VIX 16

IV Environment

IV Regime
Low
IV vs VIX
IV 18.15% elevated vs VIX 16.4
Favorable?
Yes

Term structure: Steep put skew on 0DTE; term structure backwardated near term

⚠️0DTE put IV 103% signals extreme fear

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+67.6M)

Gamma flip: ~$420.00 — Approx — based on put OI concentration of 6,723 (18.5% below spot)

OI concentrations: Put/Call OI ratio 2.05, max pain $518

Verdict: High pin risk; spot pinned near $518 with heavy put OI

Premium Opportunities

#1
Covered call
Buy shares + sell 2026-07-10 $525.00 call
Sell call against stock to collect premium near resistance.
Credit: $2.72-$3.32
Max loss: Stock downside to $0 less call premium
BE: $512.20
Mgmt: Monitor $525 call; roll if challenged.
#2
Put credit spread
Sell 2026-07-10 $506.00/$499.00 put spread
Sell put spread below support to collect elevated IV premium.
Credit: $1.01-$1.24
Max loss: $5.76
BE: $504.76
Mgmt: Exit if spot breaks $510.82; take profit at 50% max gain. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.
#3
Iron condor
Sell 2026-07-10 $509.00/$503.00 put wing and $525.00/$530.00 call wing
Non-directional premium sale using wings around $518 pin.
Credit: $2.30-$2.82
Max loss: $3.18
BE: 506.18 / 527.82
Mgmt: Close early if IV spikes or spot approaches wings. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.

Risk Alerts

!Expiration day gamma effects
!Gamma flip level at $420
How to Use These Reports
This theta reflects the market close on June 18, 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.