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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 March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer theta report is available for April 6, 2026.

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Theta Verdict

Confidence:

5 / 10

base 4; +1 pinning regime; +1 normal IV; -1 liquidity constraints

IV Environment

IV Regime

Normal

IV vs VIX

IV 42% — Normal for GS, favorable for premium selling

Favorable?

Yes

Term structure: Humped at 4/17 (44%), then declining to ~36% by year-end

💰IV 42% provides decent premium for defined-risk spreads

📊Term structure hump at 4/17 offers best theta/volatility ratio

Pin Risk Assessment

Spot vs MP: Above by 3.8% (spot $845.99 vs MP $815)

GEX regime: Pinning (GEX +$6.1M — mean-reverting)

Gamma flip: ~$800.00 — Below $800, dealers amplify moves; current spot well above

OI concentrations: Put wall $800 (2,038 OI), Call wall $900 (2,275 OI), Distant Call walls at $1360/$1280

Verdict: Favorable — positive GEX and spot above max pain supports range-bound behavior

Premium Opportunities

put spread

Sell $800/$785 put spread 4/17 (17 DTE)

Targets major OI support at $800 (2,038 OI) which aligns with max pain ($815). Positive GEX supports pinning. 17 DTE captures humped IV at 44%.

Credit: $1.80-$2.20

Max loss: $13.00

BE: $798.20

Mgmt: Close at 65% profit (~$1.30 credit remaining). Exit if GS closes below $815 (breaches max pain). Roll down/out if $800 tested but not breached.

iron condor

Sell $800/$785P x $900/$915C 4/17 (17 DTE)

Plays the range between major OI concentrations ($800P, $900C). Positive GEX favors pinning. Expected move is ±$63.58, giving ~$40 buffer on each side from current price.

Credit: $2.50-$3.50

Max loss: $11.50

BE: 797.50/917.50

Mgmt: Close at 50% profit. Manage wings independently: roll tested side out in time. Close entire position if spot breaches $830 or $875.

cash-secured put

Sell $800 put 5/15 (45 DTE)

For those willing to own GS. Collects high premium at strong OI support. 45 DTE allows time for recovery if tested. IV of 40.4% at this expiry provides good premium.

Credit: $18.00-$22.00

Max loss: $782.00

BE: $782.00

Mgmt: Roll down/out at 21 DTE if put is ATM. Close at 70% profit. Accept assignment below $800 if comfortable with cost basis ~$782.

call credit spread

Sell $900/$915 call spread 4/24 (24 DTE)

Defined-risk bearish play against the $900 call wall (2,275 OI). Current spot $846 provides $54 buffer. IV of 43.5% at this expiry provides decent credit.

Credit: $1.40-$1.80

Max loss: $13.60

BE: $901.40

Mgmt: Close at 65% profit. Exit if GS closes above $885. Do not hold through earnings on 4/13.

Risk Alerts

!Earnings estimated 4/13 — CLOSE ALL SHORT OPTIONS POSITIONS BEFORE THIS DATE. Never sell naked through earnings.

!Gamma flip at ~$800 — a close below this level could trigger accelerated selling.

!Moderate liquidity — multi-leg strategies will face slippage. Use limit orders.

!Unusual put flow at $830 for 4/2 expiry — watch for near-term support break.

!Distant call OI at $1360/$1280 suggests long-term bullish sentiment but no near-term threat.

!Max pain rises to $850 by 4/17 — could create upward pinning pressure toward that level.

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.