Home Options DIAReports

DIA

SPDR Dow Jones Industrial Average ETFClose $516.62EOD only

Max Pain

$515.00

Next expiry Jun 26, 2026

Expected Move

±$6.50

1.3% from close

Price Gap

-1.62

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.90

Slightly put-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 23, 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 23, 2026 close

DIA Theta Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.7% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

IV (22.7%) above VIX (18.6%), favorable for premium selling

Favorable?

Yes

Term structure: Near-term put IV elevated vs call, indicating hedging; term structure flatter further out.

💹Put/Call OI ratio 1.88 suggests heavy put open interest, potential support at pin levels.

📌Max pain pins at $515/$510/$516; spot near MP, gamma pinning likely for next expirations.

⚡Positive dealer gamma ($+17M) indicates dealers hedge by buying dips, adding support.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+17.0M)

Gamma flip: ~$400.00 — Approx — based on put OI concentration of 5,466 (22.9% below spot)

OI concentrations: Put OI heavy below spot ($380-$460 floor); Call OI wall $545-$675. Near-term max pain at $515, $510, $516.

Verdict: Moderate pin risk; spot near max pain but bullish flow and positive GEX support. Gamma flip far at $400.

Premium Opportunities

Put credit spread

Sell 2026-07-17 $505.00/$495.00 put spread

Sell $505/$495 put spread for max gain of 1.26.

Credit: $1.03-$1.26

Max loss: $8.74

BE: $503.74

Mgmt: Close if DIA breaks below $504.55 support or IV expands. Liquidity warning: Liquidity constraints: long_put: Wide spread (96%).

Iron condor

Sell 2026-07-17 $505.00/$495.00 put wing and $535.00/$545.00 call wing

Sell $505/$495 put wing and $535/$545 call wing for max gain of 2.91.

Credit: $2.38-$2.91

Max loss: $7.09

BE: 502.09 / 537.91

Mgmt: Adjust wings if spot approaches $515 or $530. Liquidity warning: Liquidity constraints: long_put: Wide spread (96%).; short_call: Wide spread (145%).

Short strangle

Sell 2026-07-17 $500.00 put + sell $540.00 call

Sell $500 put and $540 call for max gain of 4.92.

Credit: $4.03-$4.92

Max loss: Unlimited

BE: 495.08 / 544.92

Mgmt: Monitor closely; hedge if spot approaches strikes. Liquidity warning: Liquidity constraints: short_call: Wide spread (173%).

Risk Alerts

!Front-week pin risk heightened due to max pain and put-heavy OI.

!Watch for IV expansion if spot breaks key support $504.55.

How to Use These Reports

This theta reflects the market close on June 24, 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.