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JPM

JP Morgan Chase & Co.Close $301.98EOD only

Max Pain

$300.00

Next expiry May 22, 2026

Expected Move

±$4.92

1.6% from close

Price Gap

-1.98

Distance to max pain

IV Rank

Low premium

P/C OI

1.07

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

JPM 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.

Theta Verdict

Confidence:

7 / 10

base 5; +1 strong pinning regime; +1 normal IV; +1 rising max pain trend; -1 mixed flow

IV Environment

IV Regime

Normal

IV vs VIX

IV 28.7% — Normal for large-cap financial

Favorable?

Yes

Term structure: Humped at 4/17 (33.7%), elevated at 5/08 (34.6%)

💰Normal IV provides decent premium without excessive risk

📊Term structure hump at 4/17 offers higher premium for 45 DTE

Pin Risk Assessment

Spot vs MP: Above max pain by 1.4% (spot $294.16 vs MP $290)

GEX regime: Strong Pinning (GEX +$26.9M — mean-reverting)

Gamma flip: ~$200.00 — Gamma flip far below at ~$200, current regime strongly pinning

OI concentrations: Major put walls: $200 (14.5K), $250 (13.9K), $230 (9.2K). Call wall: $320 (11.2K)

Verdict: Highly favorable — strong positive GEX and major OI concentrations support pinning near current levels

Premium Opportunities

put spread

Sell $280/$275 put spread 4/17 (17 DTE)

Strong pinning regime with positive GEX. $280 has 5,537 OI providing support. Current price well above. 17 DTE captures elevated IV (33.7%) at term structure hump.

Credit: $0.85-$1.10

Max loss: $4.15

BE: $279.15

Mgmt: Close at 65% profit. Exit if price closes below $282.50 (below short strike). Roll down/out if tested but pinning holds.

iron condor

Sell $280/$275P x $310/$315C 4/17 (17 DTE)

Capitalizes on strong pinning between major OI levels ($280P, $310C). Expected move ±$16.77 provides buffer. Positive GEX supports range-bound price action.

Credit: $1.20-$1.50

Max loss: $3.50

BE: 278.80/311.20

Mgmt: Close at 50% profit. Manage wings independently: roll tested side out in time. Exit if price breaches either short strike by more than $2.

cash-secured put

Sell $280 put 5/15 (45 DTE)

Longer DTE captures time decay with solid support at $280 OI. 45 DTE IV (30.9%) reasonable. Willing to own at $280 in pinning regime.

Credit: $3.50-$4.50

Max loss: $275.50

BE: $276.50

Mgmt: Close at 50% profit. Roll down/out if price approaches $282. Monitor for early assignment risk if deep ITM.

call credit spread

Sell $310/$315 call spread 4/24 (24 DTE)

Call side of iron condor isolated. $310 is major call OI (5,819) creating resistance. Current price $294 provides $16 buffer to short strike.

Credit: $0.90-$1.20

Max loss: $4.10

BE: $310.90

Mgmt: Close at 65% profit. Exit if price closes above $308. Roll up/out if tested but resistance holds.

Risk Alerts

!Earnings estimated 4/14/2026 (~2 weeks) — close or roll all short premium positions before announcement

!Mixed flow regime (net prem $27.2M, P/C 0.81) suggests some directional uncertainty

!Unusual put activity at $250 (4/10) and $230 (5/8) with high IV (>49%) — monitor for downward pressure

!Max pain rising trend ($290 → $310) suggests upward bias over time, but near-term pinning at $290

!Ex-dividend dates not provided — check for upcoming dividends to avoid early assignment on short calls

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.