base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.7% from MP; +1 VIX 15
Term structure: Near-term elevated, declining after 14d, then rising
Spot vs MP: Above
GEX regime: Pinning ($+101.0M)
Gamma flip: ~$75.00 — Approx — based on put OI concentration of 16,926 (15.1% below spot)
OI concentrations: Put OI 16,926 at $82 (1dte); call wall $95-$120
#1Call diagonal
Sell 2026-06-26 $90.00 call / buy 2026-08-21 $95.00 call
Sell front-month call at high IV, buy back-month call for tail hedge
Mgmt: Close if spot approaches $90 or adjust if back-month IV surges
#2Cash-secured put
Sell 2026-06-26 $82.00 cash-secured put
Sell OTM put at elevated IV, collect income with assignment risk at $82
Mgmt: Roll down if spot nears $82, avoid holding through earnings Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#3Iron condor
Sell 2026-06-26 $82.00/$81.00 put wing and $90.00/$95.00 call wing
Sell put spread and call spread around current price, profit from time decay
Mgmt: Close if spot violates $80 or $90, adjust wings early Liquidity warning: Liquidity constraints: short_put: Volume below 5.
!Gamma flip at $75 – sharp drop if broken
!Skew extreme – short premium tail risk
!High IV suggests event risk – verify catalyst