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IREN

IREN LIMITEDClose $56.87EOD only

Max Pain

$60.00

Next expiry Jun 26, 2026

Expected Move

±$5.67

10.0% from close

Price Gap

+3.13

Distance to max pain

IV Rank

Low premium

P/C OI

0.91

Balanced positioning

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 22, 2026 close

End-of-day snapshot

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

Published Snapshot

Jun 22, 2026 close

IREN Directional Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias near-term: dealer gamma ($4.5M) pins to $60 max pain. Spot $55.90, 7.3% below MP. High vol (VIX 19.5) supports. Resistance at $59-60 caps upside.

Confidence:

7.5 / 10

Base 5; +2 GEX/flow; +1 pinning; -1 spot 7.3% below MP; +0.5 VIX support.

Supports: Positive GEX, dealer long gamma, pinning to $60, high vol.
Conflicts: Spot below MP, mixed flow, resistance $60-64.4.

🟢Gamma pinning $60 attracts price from $55.90.

⚠️Spot 7.3% below MP gap may not fill before expiry.

📊Gamma flip at $40 if support breaks.

Regime Classification

Vol Regime

High

High IV (VIX 19.5), elevated vs recent range.

Gamma Regime

Pinning

Gamma pinning active, $4.5M GEX near $60; flip at $40.

Flow Regime

Mixed

Mixed net premium, but DEX strongly positive delta.

Spot vs Max Pain

Below

Spot $55.90, 7.3% below max pain $60; upward drift pressure near expiry.

Thesis duration: Event-specific — Max pain pinning dominates weekly expiry (06/26) and next week (07/02).

Price Range Forecast

Next 2 days

$49.90$59.54

Gamma pinning to $60 pushes toward $59-60.

Next 1 week

$47.42$62.02

Post-expiry pin fades; range $47.4-62.

Next 2 weeks

$45.05$64.40

Resistance $60-64.4; delta decay favors downside drift.

Key Levels

Max pain pins: $60 (2026-06-26); $56 (2026-07-02); $59 (2026-07-10)

EM guardrails: 2d $49.90/$59.54; 1w $47.42/$62.02

Support: $45.05

Resistance: $60.00 · $64.40

Gamma flip: ~$40.00 — Approx — based on put OI concentration of 40,849 (26.9% below spot)

Structural: Support $45.05, $49.90. Resistance $60, $64.40. Gamma flip at $40.

Dealer Positioning (GEX/DEX)

GEX: $+4.5M

DEX: +60.5M shares

Gamma flip: ~$40 (Approx — based on put OI concentration of 40,849 (26.9% below spot))

NTM gamma: GEX +$4.5M, DEX +60.5M shares. Gamma flip at ~$40.

IV Analysis

IV vs VIX: Implied vol rich vs VIX 19.5; needs expansion to stay attractive.

Term structure: Backwardated near expiry; flatter back months.

Skew: Elevated put skew below spot. Opportunity: sell put spreads below $45.

Flow Analysis

Net premium: Net premium $11.9M positive but put/call vol ratio 0.97 masks large bearish put buys (e.g., 50K OTM puts). Overall mixed bias.

Directional prints: 132.2 put 42 OTM 2026-07-02 — Vol 50000 vs OI 571 (87.6x), likely bought puts. Bearish speculation. 103.8 call 57 OTM 2026-06-26 — Vol 4855 vs OI 529 (9.2x), likely bought calls. Bullish. 122 call 31 ITM 2026-09-18 — Vol 1000 vs OI 259 (3.9x), deep ITM call, likely bought. Bullish.

Unusual: 132.2 put 42 OTM 2026-07-02 — Vol 50000 vs OI 571 (87.6x), extreme relative volume, likely bought puts. Bearish. 103.8 call 57 OTM 2026-06-26 — Vol 4855 vs OI 529 (9.2x), high relative volume, likely bought calls. Bullish. 97.7 put 57 ITM 2026-07-10 — Vol 1049 vs OI 137 (7.7x), likely bought puts. Bearish.

Risks & Catalysts

!Break above $64.4 triggers short squeeze.

!Break below $49.9 leads to gamma flip to $40.

!Max pain failure to reach $60 by expiry causes selloff.

!High IV compression hurts long vol positions.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-09-18 $55.00/$60.00 call spread Why now: High IV inflates debit; bullish bias near-term; resistance at $60 caps upside.	Upside capped at $60; break-even requires move above net cost.
Put credit spread	Moderate	Sell 2026-09-18 $50.00/$47.00 put spread Why now: Mixed flow but net positive premium; high IV inflates credit; support at $48-50.	Break below $50 causes losses; defined risk protects tail. Substitutions: long_put: resolved contract 2026-09-18 $47.50 missing; used 2026-09-18 $47.00.
Call diagonal	Moderate	Sell 2026-07-10 $60.00 call / buy 2026-09-18 $55.00 call Why now: Term structure steep; front-month vol high; long-dated captures earnings drift.	Short call caps upside if stock surges before expiration.

Top Plays

Bull Call Spread

Buy 2026-09-18 $55.00/$60.00 call spread

Captures upside to max pain while capping loss at $2.12.

Why this play: Directly targets $60 resistance with limited risk; aligns with bullish near-term bias.

Debit: $1.73-$2.12

Max loss: $2.12

BE: $57.12

Mgmt: Exit if spot breaks below $49.9 or gamma flips bearish.

Traders with bullish view and risk tolerance up to $2.12.

Put Credit Spread

Sell 2026-09-18 $50.00/$47.00 put spread

Sells put spread to collect premium with defined risk.

Why this play: Profits from support at $48-50 and high IV credit; hedges against bearish flow.

Credit: $1.35-$1.65

Max loss: $1.35

BE: $48.35

Mgmt: Monitor $48 support; roll if broken.

Traders seeking income with neutral-to-bullish stance.

Call Diagonal

Sell 2026-07-10 $60.00 call / buy 2026-09-18 $55.00 call

Short front-month premium, long back-month call for upside.

Why this play: Exploits steep term structure and earnings drift; long-dated captures event.

Debit: $7.79-$9.52

Max loss: $9.52

BE: Path-dependent

Mgmt: Adjust if front-month strike is breached.

Experienced traders comfortable with variable P&L.

Watchlist Triggers

Entry Triggers

IFSpot holds above $55.5 with volume >500k and RSI>50. → Enter IREN_BULL_CALL_001 (Buy Sep18 $55/$60 call spread) at $1.73-$2.12 debit.

IFSpot drops to $48-$50 range but holds above $48 support. → Enter IREN_PUT_CREDIT_001 (Sell Sep18 $50/$47 put spread) at $1.35-$1.65 credit.

Exit Triggers

EXITSpot breaks below $49.9 support or above $64.4 resistance. → Close IREN_BULL_CALL_001 immediately to cap losses.

EXITSpot closes below $45.05 invalidation level. → Close IREN_PUT_CREDIT_001 and any long theta positions.

Tactical Summary

Bullish bias with max pain at $60; enter bull call spread near support or put credit spread on dips; exit if key support/resistance breaks. Monitor gamma flip at $40.

How to Use These Reports

This directional reflects the market close on June 23, 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.