Term structure: Front-week (2d) ATM 20.6% is low vs the 9–37d band (25–29%); mid-term 25–29% offers the best theta carry for 30–60 DTE; long-dated pockets reach 31.3% (Mar-27).
Spot vs MP: Above
GEX regime: Pinning ($+101.8M)
Gamma flip: ~$32.00 — Approx — based on put OI concentration of 124,262 (13.2% below spot)
OI concentrations: Heavy put OI at $37.00 PUT (164,192 OI) and $36.00 PUT (117,509 OI); GEX concentration +$147.8M at $37.00 and +$29.1M at $36.00; max pain near $36.00–$37.00.
#1Put credit spread
Sell 2026-05-15 $36.00/$33.00 put spread
Sell a 25–45 DTE put credit spread sized to account risk with the short put near the $36–$37 put walls and the long put ~3 points lower; benefits from dealer pinning and elevated mid-term IV.
Mgmt: Close at 60–70% of max credit; tighten or close on sustained close below $35.85 (1-week EM lower) or strong bearish flow
#2Cash-secured put
Sell 2026-05-15 $35.00 cash-secured put
Sell a 25–45 DTE cash-secured put targeting ~delta 0.22 around $35 support; collect premium with plan to own shares if assigned.
Mgmt: Avoid selling through Apr-17 earnings; if assigned, consider selling covered calls or rolling down
#3Iron condor
Sell 2026-05-15 $35.00/$31.00 put wing and $42.00/$46.00 call wing
Sell an iron-condor with short strikes inside expected range but wings outside 1-week EM ($35.85–$37.92); favors neutral market and benefits from mid-term IV.
Mgmt: Trim or close if price breaches short wing; widen wings if IV compresses and position becomes mispriced Liquidity warning: Liquidity constraints: short_call: Wide spread (192%).; long_call: Volume below 5.
!Earnings 2026-04-17 (in 2d) ±$0.41 (1.1%) — do not sell naked through this event; prefer defined-risk structures or wait for post-event reprice.
!Pin/GEX regime: large positive GEX (+$101.8M) and concentrated put walls at $36–$37 — supportive now but can flip to accelerated moves if dealers rapidly unwind.
!Net premium flow is bearish (Net premium -$2.9M, P/C vol 1.21) — increased tail risk to the downside despite pinning; tighten risk management below $35.85.
!Gamma flip near ~$32.00 — a breach toward the flip could accelerate downside; avoid oversized naked puts that assume mean reversion below $34.
!Front-week IV skew: 2d ATM IV 20.6% is lower than 9–16d IV — selling the very shortest options may leave premium on the table or expose you to post-earnings re-pricing.