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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
21
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 Earnings Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

IREN 65d from earnings; 40% beat rate, vol high. Spot below MP, gamma pinning near $60. Unusual $42 put (50k vol) suggests hedging. Term structure steep.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 8.8% from MP; +0.5 VIX 19
Most important: Massive $42 put opening signals bearish positioning 65d out, while call wall at $65 caps upside.
🛡️Massive $42 put (50k vol) signals bearish hedging 65d out.
🔍Call OI wall $65-$65 caps upside; put floor $30-$45.
⚠️Spot 8.8% below max pain $60; near-term pinning risk.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$40.00 — Approx — based on put OI concentration of 40,849 (26.9% below spot)

Earnings Overview

Next earnings: 2026-08-27 (65 days)explicit

Expected moves:

  • 2026-06-26 (3d): ±$4.82 (8.8%)
  • 2026-07-02 (9d): ±$7.30 (13.3%)
  • 2026-07-10 (17d): ±$9.68 (17.7%)

IV Setup

Term structure: Steep: 3d iv ~100%, 9d ~130%, 17d ~177%. Pre-earnings term structure elevated.

Crush estimate: Large crush post-earnings, but 65d out; near-term IV will decay.

Skew: Put/call OI ratio 0.90; put skew elevated at $42 (IV 132%) vs calls.

Historical Context

Beat rate: 40% (2/5 quarters)

Avg move vs expected: N/A - insufficient data for avg move vs expected.

Directional bias: Bearish bias: low beat rate (40%) and heavy put flow.

Key Levels

1$40.00 gamma flip
2EM guardrails: 2d $49.90/$59.54; 1w $47.42/$62.02
3Max pain pins: $60 (2026-06-26); $56 (2026-07-02); $59 (2026-07-10)

Flow Highlights

50k vol $42 put opening (OI 571) with IV 132%.

Large bearish hedge or speculative put buying well below spot.

$67 call (9.9k vol, OI 2.2k) with IV 108%.

Small OTM call buying, possible upside speculation but capped by OI wall.

Strategies

Put Diagonal
Sell 2026-06-26 $52.00 put / buy 2026-08-21 $48.00 put
Debit: $3.98-$4.86
Max loss: $4.86
Max gain: Variable
BE: Path-dependent
Trigger: Roll if front-month put challenged; adjust strikes if trend reverses
Best captures steep term structure and bearish flow risk/reward
Outperforms: Short front-month put, long back-month put to benefit from vol decay while hedging downside
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Bear Put Spread
Buy 2026-09-18 $60.00/$55.00 put spread
Debit: $2.52-$3.08
Max loss: $3.08
Max gain: $1.92
BE: $56.92
Trigger: Exit if spot holds above $60; consider rolling down if breakdown
Direct bearish play with defined risk; low beat rate and put flow confirm
Outperforms: Buy put spread to profit from price drop below $60
Underperforms: Trade above resistance weakens downside thesis.
Short Strangle
Sell 2026-06-26 $52.00 put + sell $58.00 call
Credit: $2.16-$2.65
Max loss: Unlimited
Max gain: $2.65
BE: 49.35 / 60.65
Trigger: Widen if spot approaches strikes; close early if trend develops
Leverages high IV and range bound expectations near support/resistance
Outperforms: Sell OTM put and call to collect premium in high IV
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!VIX 19.5 signals high vol environment.
!Spot 8.8% below max pain $60; pinning risk near $60.
!Steep term structure increases decay for long options.
!Low historical beat rate (40%).

What to Watch

?$42 put activity for further hedging.
?EM guardrails $49.90/$59.54 for near-term range.
?Vol decay over next weeks.
?Call walls at $60/$65 for resistance.
How to Use These Reports
This earnings 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.