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GS

Goldman Sachs Group, Inc. (The)Close $982.12EOD only

Max Pain

$930.00

Next expiry May 22, 2026

Expected Move

±$21.40

2.2% from close

Price Gap

-52.12

Distance to max pain

IV Rank

Low premium

P/C OI

1.10

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

GS Theta Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

6 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.1% from MP; -1.5 liquidity constraint

IV Environment

IV Regime

Normal

IV vs VIX

IV 41.9% — no VIX provided for comparison

Favorable?

Yes

Term structure: Humped at 4/17 (47.3%), 5.5 vol-points above 4/10 (41.8%) — inversion favors reverse calendars

💰IV 41.9% provides attractive premium

📊IV term structure inversion: 4/10 IV 41.8% vs 4/17 IV 47.3% (5.5-point differential)

Pin Risk Assessment

Spot vs MP: Above by 3.1%

GEX regime: Pinning (GEX +$5.7M)

Gamma flip: ~$740.00 — Below $740, dealers amplify moves

OI concentrations: Call wall $925 (2,195 OI), put floor $740 (2,105 OI)

Verdict: Favorable — positive GEX and OI clusters create strong pinning magnets

Premium Opportunities

reverse calendar spread

Buy $870 call 4/17, sell $870 call 4/10

IV term structure inversion: 4/10 IV 41.8% vs 4/17 IV 47.3% (5.5-point differential). Strike near spot ($866.05) and GEX pin magnet ($870). Capitalizes on volatility mispricing.

Debit: $-1.50-$-2.00

Max loss: $2.00

BE: Requires modeling; profit if near-term IV rises or term structure normalizes

Mgmt: Close if IV differential narrows to <2 points or at 50% max profit; exit if spot moves >±3% from strike

put spread

Sell $800/$795 put spread 4/10 (4 DTE)

High IV (51.4% at $800 put), spot well above strike, near max pain $840. Weekly defined risk in pinning regime.

Credit: $0.35-$0.45

Max loss: $4.55

BE: $799.55

Mgmt: Close at 70% profit; exit if spot closes below $810

put spread

Sell $825/$820 put spread 4/17 (11 DTE)

11 DTE captures IV hump (47.3%), strike below max pain $850 and near-term support. Positive GEX at $865/$870 provides buffer.

Credit: $0.80-$1.20

Max loss: $4.20

BE: $824.20

Mgmt: Close at 60% profit; roll down/out if spot breaches $840

iron condor

Sell $825/$820P x $900/$905C 4/17 (11 DTE)

Range bound by expected move ($812.40-$919.70) and OI clusters. Call side uses $900 call wall (2,388 OI), put side uses $825 support.

Credit: $1.50-$2.00

Max loss: $3.50

BE: 818.50/906.50

Mgmt: Close at 50% profit; adjust if either short strike tested

Risk Alerts

!Earnings 4/13 — close all short premium positions before announcement

!Gamma flip $740 — breach would trigger dealer selling acceleration

!Moderate liquidity — multi-leg strategies face slippage; use limit orders

!Unusual put flow at $830-$840 (4/10) suggests near-term bearish pressure

!VIX not provided — monitor for broad market vol spikes

!Reverse calendar spread is sensitive to IV changes and theta decay mismatch — manage closely

How to Use These Reports

This theta reflects the market close on April 6, 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.