Term structure: Short-dated snap (2d ATM 38.2%) then 9-16d ATM ~27.4-27.7%; 30d ATM 31.1% — slight front-month skew useful for selling weeklies/short 30-45 DTE
Spot vs MP: Spot $36.35 is above max pain; nearest MPs $35 (4/10) and $36 (4/17) with 4/24 at $37 — spot is ~3.9% above MP trend
GEX regime: Trending (total GEX -$17.7M) — dealers net short gamma which can accelerate moves
Gamma flip: ~$32.00 — Gamma flip at ~$32 — below this dealers flip to long gamma; above it dealers are short gamma (can accelerate directional moves)
OI concentrations: Large put OI: $37 PUT 152,578; $32 PUT 117,511; $36 PUT 114,787. Large call OI: $40 CALL 117,196; $37 CALL 97,274 — $37 area is a near-term magnet (GEX +$84.2M at $37)
#1call credit spread
Sell 2026-05-08 38/40 call credit spread (30 DTE)
30d ATM IV 31.1% and call OI shows resistance above (40 call wall). Selling 38/40 keeps short strike above current spot (~1.65 pts) while collecting decent premium; defined risk protects vs trending GEX.
Mgmt: Take profits at 50-65% of credit; roll out and up if underlying tests 38 with less than 10d to expiry; cut losses if price closes >40 or if spread reaches 50% of max loss (~$0.70) intraday.
#2put spread (CSP alternative)
Sell 2026-05-08 34/32 put spread (30 DTE)
Support exists around $35 (max pain) and put clusters at $34/$32; this defined-risk put spread buys protection at 32 while collecting premium in a Normal vol, slightly bullish spot-above-MP regime.
Mgmt: Take profits at 60% credit; roll down and out if price approaches 34 and DTE >10; cut losses if price closes below 32 or spread cost exceeds 50% of max loss.
#3iron condor
Sell 2026-05-15 34/32P and 40/42C iron condor (37 DTE)
Wider 37‑day wings capture term premium (May 15 ATM 27.6%/30d ATM ~31.1%) and uses defined wings to limit risk against negative GEX; leverages put support and call resistance at $40.
Mgmt: Close at 50% of max profit; if either short strike is tested (within ~0.50-1.00), consider rolling that side 1-2 strikes away and out one expiry; cut losses if underlying closes beyond inner wings or position reaches 50% of max loss.
#4calendar (buy longer, sell front-week)
Buy 2026-05-08 36 CALL, sell 2026-04-10 36 CALL (buy-month/sell-week at ATM)
2d weekly ATM IV 38.2% is elevated — selling the 4/10 weekly call against a May long call captures front-week premium while keeping long exposure; useful when you expect range and not directional breakout.
Mgmt: Close short leg before weekly expiry if price moves >$0.50 from 36; take profits on debit spread at 50% of max theoretical gain; if front-week IV collapses, consider re-establishing a new weekly short for next expiry.
!Gamma flip ~$32 — large directional acceleration risk below here; avoid naked short puts inside that zone.
!Total GEX negative (-$17.7M) — dealers short gamma = trending regime; breakouts can accelerate and blow through wings.
!Near-term max pain sequence: $35 (4/10) then $36 (4/17) then $37 (4/24) — price movement toward $37 could press short-call positions.
!Unusual premium flow: heavy net put premium at $32 (net -$2,259,270) — institutional activity concentrated low; asymmetric tail risk to downside exists.
!Do not sell uncovered premium through earnings or corporate events — no earnings data provided (assume none in next 2 weeks).