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DIS

Walt Disney Company (The)Close $104.08EOD only

Max Pain

$104.00

Next expiry May 22, 2026

Expected Move

±$1.91

1.8% from close

Price Gap

-0.08

Distance to max pain

IV Rank

Low premium

P/C OI

0.78

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects DIS options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

DIS Theta Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

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.

How to Use These Reports

This theta reflects the market close on March 31, 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.