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DIA

SPDR Dow Jones Industrial Average ETFClose $519.26EOD only
Max Pain
$515.00
Next expiry Jun 26, 2026
Expected Move
±$3.80
0.7% from close
Price Gap
-4.26
Distance to max pain
IV Rank
46
Middle-high premium
P/C OI
1.76
Slightly put-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Jun 25, 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 25, 2026 close
DIA Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness9 / 10
Sizing: Moderate
Primary: Theta-Selling
Invalidation: Spot breaks below $506.27 support or above $529.23 resistance
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.1% from MP; +0.5 VIX 18

IV Environment

IV Regime
Low
IV vs VIX
Avg IV 19.05% vs VIX 18.41, slight premium
Favorable?
Yes

Term structure: Front-month put IV at 32.85% vs call 18.1%; steep put skew, rest relatively flat

⚠️Front-month put IV extremely elevated (32.85%), indicating high demand for downside protection near expiry
💚GEX +$18M positive, dealer gamma long supports pinning near max pain $517

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+18.0M)

Gamma flip: ~$400.00 — Approx — based on put OI concentration of 5,467 (22.7% below spot)

OI concentrations: Put OI heavy below spot ($400-$460); call wall at $545-$675; largest OI at $520 and $500 strikes

Verdict: Spot at $517.35 near max pain $517; pinning likely, but front-month put skew suggests downside anxiety

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $515.00/$510.00 put wing and $520.00/$525.00 call wing
Sell put and call wings near spot to collect premium in a low-volatility, pinning environment.
Credit: $3.55-$4.34
Max loss: $0.66
BE: 510.66 / 524.34
Mgmt: Close if spot breaks $515 or $520; adjust wings to maintain delta neutrality.
#2
Put credit spread
Sell 2026-07-17 $515.00/$510.00 put spread
Sell put spread at $515/$510 to collect premium while limiting downside risk.
Credit: $1.33-$1.62
Max loss: $3.38
BE: $513.38
Mgmt: Roll down or close if spot approaches $517 invalidation level to avoid max loss.

Risk Alerts

!Near-dated put IV spike (32.85%) signals short-term downside fear
!Gamma flip deep at $400 - wide buffer but watch if spot drifts
How to Use These Reports
This theta reflects the market close on June 26, 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.