DIS Theta Gang Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Theta Verdict

Confidence:

7 / 10

base 5; +1 normal IV; +1 at max pain; -1 trending GEX; +2 strong OI support

IV Environment

IV Regime

Normal

IV vs VIX

IV 36% — normal for DIS

Favorable?

Yes

Term structure: Humped at 5/08 (39.5%), elevated for earnings

💰Normal IV provides fair premium

⚠️IV spike at 5/08 due to earnings

Pin Risk Assessment

Spot vs MP: At max pain $97 (spot $96.38)

GEX regime: Trending (GEX -$30.2M)

Gamma flip: ~$95.00 — Below $95, negative GEX accelerates moves

OI concentrations: Massive put wall $95 (14K OI), call wall $110 (13K OI)

Verdict: Mixed — at max pain but trending GEX adds directional risk

Premium Opportunities

put spread

Sell $90/$85 put spread 4/17 (17 DTE)

Plays below massive $95 OI support. 17 DTE avoids earnings. Credit ~16% of width.

Credit: $0.65-$0.85

Max loss: $4.15

BE: $89.35

Mgmt: Close at 65% profit. Exit if price closes below $95 gamma flip.

iron condor

Sell $90/$85P x $105/$110C 4/24 (24 DTE)

Wide range between major OI walls ($95P, $110C). 24 DTE provides buffer. Expected move ±$5.46.

Credit: $1.10-$1.40

Max loss: $3.60

BE: 88.60/106.40

Mgmt: Close at 50% profit. Roll untested side if short strike tested. Close before 5/06 earnings.

cash-secured put

Sell $90 put 5/15 (45 DTE)

High probability (7.5% below spot). Collects elevated IV from earnings cycle (35.7% ATM). Manage before event.

Credit: $2.10-$2.50

Max loss: $87.50

BE: $87.90

Mgmt: Roll down/out if tested. Close at 70% profit. MUST close before 5/06 earnings announcement.

calendar spread

Sell 4/17 $97 call, Buy 5/01 $97 call

Capitalizes on IV term structure: sell lower IV (28.4%) near-dated, buy higher IV (28.6%) farther out. Pin risk at $97 max pain.

Credit: $0.40-$0.60

BE: Complex — profit from IV crush post-4/17 expiry

Mgmt: Close before 4/17 expiry. Exit if price moves decisively away from $97.

Risk Alerts

!Earnings 5/06 — IV already elevated for May expiries. Close all short premium positions before announcement.

!Negative GEX (-$30.2M) indicates trending regime — beware of accelerated moves below $95 gamma flip.

!Massive $95 put OI (14,014) acts as magnet but break could cause sharp drop.

!Unusual put flow at $88 strike (4/10 expiry) suggests institutional downside hedging.

!Net premium flow negative (-$7.4M) indicates more premium paid for puts than calls — bearish sentiment.

!Ex-dividend date not in data — monitor for early assignment on deep ITM short calls.

Read the Theta Gang analysis for DIS. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.