thetaOwl
HomeOptionsDIAReports

DIA

SPDR Dow Jones Industrial Average ETFClose $514.27EOD only
Max Pain
$526.00
Next expiry Nov 6, 2026
Expected Move
±$5.11
1.0% from close
Price Gap
+11.73
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
1.48
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Nov 5, 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
Nov 5, 2026 close
DIA Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 22, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness5 / 10
Sizing: Moderate
Primary: Bearish Put Spreads
Invalidation: Break above $525.28 or below $500
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.6% from MP; +1 VIX 17

IV Environment

IV Regime
Low
IV vs VIX
Avg IV 18.37% vs VIX 17.28%, slightly elevated
Favorable?
No

Term structure: Near-term put skew extreme; longer-term puts also elevated

📊IV premium ~1.1% over VIX; put skew elevated near-term.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+8.3M)

Gamma flip: ~$400.00 — Approx — based on put OI concentration of 5,466 (22.6% below spot)

OI concentrations: Max pain $514/$505/$515; put OI heavy below $500

Verdict: Moderate pin risk; gamma flip at 400 but spot near MP supports pinning

Premium Opportunities

#1
Call diagonal
Sell 2026-07-24 $525.00 call / buy 2026-09-18 $520.00 call
Sell near-term call, buy longer-dated lower strike call.
Debit: $9.13-$11.17
Max loss: $11.17
BE: Path-dependent
Mgmt: Close if spot nears $525; roll if IV expands. Liquidity warning: Liquidity constraints: short_call: Volume below 5.
#2
Call calendar
Sell 2026-07-24 $525.00 call / buy 2026-08-21 $525.00 call
Sell near-term call, buy same strike back-month call.
Debit: $3.67-$4.48
Max loss: $4.48
BE: Path-dependent
Mgmt: Adjust if spot breaks $514; close near expiration. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Risk Alerts

!Put skew extreme in near-term expirations
!Tail risk from high put OI below $500
How to Use These Reports
This theta reflects the market close on June 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.