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EFA

iShares MSCI EAFE ETFClose $102.63EOD only
Max Pain
$105.00
Next expiry Oct 30, 2026
Expected Move
±$1.86
1.8% from close
Price Gap
+2.37
Distance to max pain
IV Rank
35
Middle-high premium
P/C OI
2.79
Slightly put-heavy
Consensus
6.0/10
Neutral tilt
Published snapshot: Oct 23, 2026 close
End-of-day snapshot

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

Published Snapshot
Oct 23, 2026 close
EFA Theta Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 12, 2026. A newer theta report is available for June 18, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Bull Put Spread
Invalidation: Spot closes below $95 (gamma flip) or below support at $100
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.0% from MP; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV (34.8%) well above VIX (17.7%) — premium rich.
Favorable?
Yes

Term structure: Front-end elevated (58% at 0DTE) due to pinning; normalizes by 6DTE; put skew persists.

📈IV (34.8%) vs VIX (17.7%) — options overpriced, favorable for selling
📌Max pain $100 with OI concentration — pin risk elevated near 100
🛡️Dealer long gamma ($159M) supports pinning but can amplify moves on break

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+159.1M)

Gamma flip: ~$95.00 — Approx — based on put OI concentration of 42,710 (9.5% below spot)

OI concentrations: Max pain pins: $100 (today), $102 (6/18), $99 (6/26); gamma flip $95

Verdict: High pin risk near OI clusters; dealer long gamma supports pinning but break below $95 risks sharp drop.

Premium Opportunities

#1
Cash-secured put
Sell 2026-07-17 $102.00 cash-secured put
Sell $102 put Jul '26 for elevated premium and defined risk.
Credit: $0.82-$1.00
Max loss: $101.00
BE: $101.00
Mgmt: Roll if spot nears $102; exit on IV drop. Liquidity warning: Liquidity constraints: short_put: Wide spread (123%).

Risk Alerts

!Gamma flip at $95 — if triggered, expect increased volatility.
!Opex pin risk today at $100; monitor spot close.
!Put skew suggests downside hedging — break below $102 could accelerate.
How to Use These Reports
This theta reflects the market close on June 12, 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.