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DIA

SPDR Dow Jones Industrial Average ETFClose $514.30EOD only

Max Pain

$516.00

Next expiry Sep 25, 2026

Expected Move

±$3.97

0.8% from close

Price Gap

+1.70

Distance to max pain

IV Rank

Low premium

P/C OI

1.27

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Sep 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

Sep 23, 2026 close

DIA Theta Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from June 25, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.8% from MP; +0.5 VIX 19

IV Environment

IV Regime

Low

IV vs VIX

IV 19.3 vs VIX 18.9, slight elevation

Favorable?

Yes

Term structure: Relatively flat with slight elevation in near-dated expirations

🟢Dealer long gamma ($+29.3M GEX) supports pinning near max pain $515

⚠️Put IV elevated vs call IV — bearish sentiment priced in, but OI supports pin

ℹ️Term structure flat, no major volatility event anticipated

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+29.3M)

Gamma flip: ~$400.00 — Approx — based on put OI concentration of 5,466 (23.0% below spot)

OI concentrations: Call OI wall $650-$675; Put floor $380-$460; Put OI concentration 5,466 (23% below spot)

Verdict: Strong pinning likelihood near $515 (max pain) due to high put OI and dealer gamma

Premium Opportunities

Put credit spread

Sell 2026-07-31 $515.00/$512.00 put spread

Sell put spread at 515/512, capturing premium near max pain.

Credit: $0.85-$1.04

Max loss: $1.96

BE: $513.96

Mgmt: Close at 50% of max gain or upon break below 515. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Risk Alerts

!Put skew extreme — implied volatility on puts indicates downside fear; risk of gap lower if support breaks

!Gamma flip at 400, far from spot; near-term pinning may not hold if spot moves sharply

!VIX at 19 suggests moderate volatility; sudden spike could impact short premium positions

!Pin failure at $515 invalidates short premium strategy — have exit plan for a break

How to Use These Reports

This theta reflects the market close on June 25, 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.