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DIA

SPDR Dow Jones Industrial Average ETFClose $517.08EOD only
Max Pain
$514.00
Next expiry Jun 26, 2026
Expected Move
±$6.41
1.2% from close
Price Gap
-3.08
Distance to max pain
IV Rank
33
Middle-high premium
P/C OI
1.93
Slightly put-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Jun 22, 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 22, 2026 close
DIA Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Premium Selling
Invalidation: Break below $510 support or VIX above 22
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.3% from MP; +0.5 VIX 19

IV Environment

IV Regime
Low
IV vs VIX
Avg IV (18.7%) slightly below VIX (19.5%)
Favorable?
Yes

Term structure: Short-dated puts very expensive (IV up to 63% at 7DTE) vs calls cheap; skew steep. Backwardation in front months.

⚠️Put IV extreme at 7DTE (62.8%) vs 15% ATM; high premium for short put sellers but pin risk elevated.
📊GEX positive (+$10.6M) and net premium collected; dealer long gamma supports spot pinning.
🔀Mixed flow (P/C volume 1.13, OI 1.90) suggests hedging demand, not directional conviction.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+10.6M)

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

OI concentrations: Max pain $515->$510->$516. Call wall $545-675, put floor $380-460. Heavy put OI at $510 and below. Gamma flip at $400.

Verdict: Moderate: spot near max pain and dealers long gamma, but mixed flow and wide guardrails reduce acute risk.

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $510.00/$505.00 put wing and $525.00/$530.00 call wing
Sells puts at 510/505 and calls at 525/530 to profit from range-bound price action.
Credit: $2.70-$3.31
Max loss: $1.69
BE: 506.69 / 528.31
Mgmt: Exit if break below 510 or above 523; manage at 50% max gain.
#2
Put credit spread
Sell 2026-07-17 $510.00/$505.00 put spread
Sells 510/505 put spread to collect premium while limiting downside risk.
Credit: $1.15-$1.40
Max loss: $3.60
BE: $508.60
Mgmt: Close if DIA drops to 515 or below; take profit at 50% of max gain.

Risk Alerts

!Short-dated put skew extreme; avoid selling naked puts without hedging.
!Spot pinning near max pain could trap sellers; monitor $510 support and $523 resistance.
How to Use These Reports
This theta reflects the market close on June 23, 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.